Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1911-02-28
RAILROADS MAY
MAKE APPEAL
PLANS TO COME UP MONDAY IN
CONFERENCES IN NEW YORK
AND CHICAGO.
&c. c. WATCH RESULTS KEENly
Railroad Heads Express Psss'mlstie
Views 40 to the Rate Decision
Wall Street Shows 0emoral.
lxation, But Receivers.

New York, Feb. 25.-The shippers
victory over eastern and western rail
roads in Thursdays decision OF the
interstate commerce commission en-
Joining increased freight rates was the
axis about which the financial world
swung, both here and abroad. and was
responsible for period of demoraliza'
ton on the New York stock exchange.
Railroad heads continued to express
pessimistic views of the situation and
both here and in Chicago railroad Of
fcers, together with their bankers and
counsel, discussed the situation and
decided to hold conferences on Mon
day. =,
At these meetings 1t is understood
plans will be made looking to an ap.
neal to the new commerce court.
Because of the difference IN time,
the local market had ample warning
from London of the effect of the de-
cisfon. Their prices of American SET
curities declined from two to eight
points before the opening in New York
and during the day in London 1t Is
estimated that the selling movement OF
Americans reached 100000 shares. the
greater part of which was for the New
York account.
Trading In London Heavy.
The trading is said to be the heav'
lest of any session in London since
the so-called Venezuelan panic OF 1895,
and according to private cable advices
such issues as Reading, Union Pacific
and United States Steel were almost
without takers even at marked recess
sions.
In this city the opening features
were Steel, Reading, and Union Pa
cific, which came out in initial blocks
Of 10000, 10000 and 5000 share lots,
respectively, at declines that ranged
from 6M in Reading to AZ in Steel.
Many other issues suffered greater
losses, among them standard dividend
payers.
The early slump was followed by
concerted support which appeared to
come from the most powerful financial
factors, and the market then became
dull and partly stronger. 1t was not
until the final hour. however. that the
list made its greatest Roadway toward
and closing prices we're
from one to three points above the
days low level.
Various expressions Of opinion on
the decision were uttered by the heads
dc Of uyh0
place a most unfavorable and discour-
aging Interpretation on the outcome.
This sentiment was not altogether
shared. outwardly at least, by financial
interests, which seemed to take the 70
suit with great equanimity.
Legal Questions Cleared.
It was pointed out in some banking
quarters that the decision more clear
ly defines the financial status and re-
sponsibility of the transportation COM
panies and throws light on certain
legal questions which have heretofore
been more or less obscure.
It is possible that some of the small.
er railroads may deem it necessary to
enter upon program Of retrenchment
and economies, but this, it is believed,
will not apply to the more important
lines.
There is authority for the statement
that the proposed extensions and new
constructions on the Hartman lines,
as recently announced, will not be
abandoned.
What effect. if any, the decision may
have upon proposed railway financing
did not develop in the course Of the
day.
Pending Mondays meeting no on.
cial action will be taken by the rail-
roads and e1en then the plans laid will
be of a preliminary nature.
It is pointed out that the commits.
sion has not yet issued any order up.
on which an appeal can be taken and
1t is understood that the fight will be
opened with an attack on that part -
the Mann-Elkins law which gives
commission power to suspend rates.