The times., 1898-10-27

The market was irregular yesterday and
business dull during most OF the day. The
larger part of the days business was
usual in Tobacco and Sugar, whose move
ments We're of no consequence to the re-
mainder of the market. The grangers
and some of the low priced stocks were
traded in to considerable extent and
there were advances in rnem all. Other
stocks were left alone or put down in
the little business done in them. The
Flower stocks were not as active as they
have been in recent days, especially on
Tuesday. Governor Flower IS still quot
ed as being bullish on his stocks, howev
er. He is said to have asserted recently
that he expects good advances in a short
time in Chicago Gas, 3. r. T., Rock ISL
and, and Atchison preferred. There is
nothing in the market to suggest any
large advance in prices, or any
large interest in the market by the pub
lie for some days to come.
The street has paid almost no attention
to the Supreme Court decision in the
Joint Traffic case. This ts one of the
things that outsiders, and some well-in-
formed people of the street also, have not
been able to understand. Prices have not
dropped in the stocks of the railroads af-
fected by the decision. They have even
been a trifle better on the whole than be-
fore the decision. The action of the Su-
preme Court nevertheless, is supposed to
make all association of the railroads ille-
gal and impossible. Ostensibly the path
is opened for indiscriminate rate-cutting
which means in every case loss of profits
and the liability of loss of dividends
The probable reason for this Indifference
lies in the belief of the street that ,Ae
roads will find other ways to hoodwink
the courts as well as the people. IT is
not to be supposed that there will not be
attempts TO make substitutes for the
Joint Traffic Association. There is TO be
a meeting in Omaha today for instance,
by all the roads west of the Missouri Riv-
er, to devise some plan for the revival of
the defunct Trans-Missouri Passenger
Association. Already, too, there has been
a meeting of the managers of the Joint
Traffic Association for an informal dis
cussion of the supreme Court decision
Other meetings will doubtless follow
Whether there will be devised any pool
ing ~ interests that can successfully
evade the law and at the same time pre-
vent rate-cutting remains to be seen. AS
matter of fact the old association has
not been a success during recent months
Traffic over the Louisville and Nash
vile, the Southern. and other roads which
has been badly affected by the yellow fe-
yer scare is now in good condition again.
1t is said that the October report of both
the Southern and Louisville and Nash
vile will be excellent.
The earnings of Louisville and Nash
vile for the week show an excellent in
crease, $4,000. The weekly statement of
the Southern is equally good, an in
crease of $4,000. The stock of both these
roads was strong yesterday, Southern
preferred having an advance of three
fourths and Louisville and Nashville an
advance of one point net
Tobacco and Sugar took different
courses yesterday, the reason as usual
being not very apparent in either case
Sugar had an advance of three points
and closed at lis is. Tobacco, on the
other hand, opened at 100 and closed at
l2s "a Manipulation pure and simple
was generally ascribed as the cause. The
talk of the new Union Tobacco Com
pany," which it is said will be established
in Albany with capital of SIC, 600, 900 had
a good effect on Tuesday and bad one
if any yesterday. Two stories are cir
ulated regarding the company, one that
it will be a revival of the Continental
Company with the trust behind 1t, and
the other that 1t will be in opposition
to the trust. The latter theory was the
one most generally accepted yesterday.
The earnings statements for the third
week of October are nearly all excel
lent Lake Erie and Westerns third
week increase war s., 800; from January
l. $4,000. Baltimore and Ohio Southwest
ern third week increase, 81, 300; from July
!, $l29,o00. Southern Railway, s39.749, and
s9S9.SOO. Louisville and Nashville, $51 900,
and $S225 600. st. Louis and San Francisco,
decrease, $1,000, and $4,000. Chicago
Great Western, three months ending Sep