Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1911-02-24
Some Securities Drop 6
Points on Refusal of
Increase.
RULING is SWEEPING
Companies East and West Over
ruled in Proposed Move
ment for Revenue.

NEW 1Orkp FeO- Z4.-The STOCK
market today reflected its opinion of
the Interstate commerce commits
sion's decision against increased
freight rates by heavy sales of stock
at sharply declining prices from TO
4 points from the close OF last night
Securities OF some western railroads
average losses Of 4 points from yes
terday. Southern Pacific was of
3-4 at the opening; Northern Pa
cific 4; st. Paul ": Union Pacific
az and Atchison AZ Reading was
one OF the weakest stocks on the list
showing decline of 6 SIS points and
Great Northern preferred ~.
INDU sTRIALs GO DOWN.
IndustriaIs we're also affected on
the allegation the railroads are not
the very heavy purchasers of mater
iaI. Steel common was off 3 z points.
Amalgamated copper . is.
SHOWN AT CHICAGO.
Chicago, Feb. 24.-The interstate
commerce commission decision in
the railway rate cases was reflected
here today in lower range of prices
on the stock exchange. Declines
ranged to y points. The volume
of business was small
SLUMP IN LONDON
London, Feb. 24-The decision of
he interstate commerce commission
against the proposed raising of freight
rates caused a shock in the American
section of the stock exchange today
The rush of selling orders from Wall
street aasetbs sizsRa}z1azazsa1uA1szssaSs
Wild slump in prices from two 70 eight
80 C1n I-oT
lowing a covering movement prices
picked up one TO three points. At
noon the tone was steader.
FELT AT PARIS, TOO.
Paris, Feb. 24.-The bourse open
ed agitated today on weakness OF
American railroad shares in London
which followed the adverse decision
of the Interstate commerce commits
sion. AS the day progressed prices
here steadied.
WEAKER IN BERLIN.
Berlin, Feb. 24.-American secur-
tiles were weaker today as a result
OF the freight rate decision of the
interstate commerce commission
SHIPPERS WIN.
Washington. Feb. 24.-The ship
pers won their fight against the rail-
roads in both the so-called eastern"
and western rate cases when the
interstate commerce commission de- /
cided yesterday that no advance in /.
freight rates would be permitted.
The commission ruled adversely on 4
the proposed advance in class freight 4
rates in official classification territory .
aggregating among all the railways .
affected $27.O0O,OOO a year The (
proposed increase in commodity
rates by the roads in the western .
trunk line territory were also disap- .
proved.
CANCEL. BY MARCH I.
In both cases the carriers are re-
quired TO cancel on or before March .
10 their advanced tariffs and restore
their former rates, whichi are those
.ov in effect II this requirement
not complied with the commission
Z issue a formal order suspending
proposed advances and putting
TO effect the existing rates for at
least two years.
In the case Of the railroad COM
mission of Texas against the Atchi-
son. Topeka and Santa Fe railway
and other carriers, known popularity
Is the southwestern" rate case. the
commission declined to disturb the
commodity rates of the irst-class
rates complained OF.
The defendants are ordered. how
ever. 10 reduce 10 $l.25 the second
class rates. which were increased
from SI21 to sI2e. On the re-
naming classes the defendants are
required TO restore the rates N ef-
feet before the increased rates were
published.
MOST IMPORTANT CASE.
This. in brief. is the disposition
made by the commission of the most
important cases ever brought 10 its
attention. cases which were bitterly
contested by both carriers and the ,
shippers. In a sense the decisions
were a surprise TO railroad officials
and other experts who had followed
the proceedings closely. a majority
Of them having believed the com
mission would grant some increase
TO the western lines II not 70 the
eastern
After considering exhausuively the
whole subject. however. from every
viewpoint, the commission could not !
see its way clear 10 grant an ad-
vance in rates, although II conceded