Omaha daily bee., 1911-02-25

RATE DECISION CENTRAL TOPIC
Financial Interests Accept Result
with Great Equanimity.
RAILROAD MEETING MONDAY
Heads of systems Express Pessimistic
views ss to Future and Expect
to Appeal to New Com
meree Court.

NEW YORK, Feb. 2i.-The shippers vic
tory over eastern and western railroads in
yesterdays decision OF the Interstate Com
rnerce commission enjoining increased
freight rates was the axis about which the
financial world swung today both here and
abroad, and was responsible for period OF
demoraiization on the New York exchange.
Railroad heads continued to express pessi-
mistlc Views Of the situation and both here
and In Chicago railroad officers. together
with their bankers and counsel discussed
IN esltuation and decided to hold a confer
snee on Monday
At these meetings Il is understood, plans
will be made for an appeal to the new com
merce court
Because Of the difference in time the mar
ket here had ample warning from London
OF the effect Of the decision. Prices in Lon
sdon for American securities declined from
two to eight points before the opening in
New York and during the day in London
It IL estimated that the selling movement
OF Americans reached 100000 shares the
greater part OF which was for the New
York account
Trading Heaviest In Years.
The trading is said to be the heaviest OF
panic OF 1885 and according to private cable
Rdvices such issues as Reading Union Pa
clifo and United states steel were almost
without takers even at marked recesslons.
In this city the opening features we're
United States Steel, Reading and Union
Pacific which came out in initial blocks OF
$1,000. i0oOo and 300 shares. respectively.
and the prices ranged from Us IN Reading
10 ~ IN United States Steel.
Many other Issues suffered greater losses.
among them some standard dividend payers.
The carly slump was followed by con-
certed support which appeared TO come
from the most powerful factors and the
market then became dull and partly
stronger Il was not until the final hour
however, that the list made It's greatest
headwaY toward Improvement and the clos
ing prices were firm from one to three
points above the days low level.
Various expressions OF opinion on the de-
cision we're uttered by the heads Of rail-
roads most OF whom sought to place
most unfavOrable and discouraging inter-
probation on the outcome. This sentiment
was not altogether shared, outwardly at
least BY financial interests, which seemed
to take the result with great equanImity
Decision Defines status.
II was pointed out in SINE banking quar-
ters that the decision more clearly defines
the financial status and responsibility OF
the transportation companies and throws
light on certain legal questions which have
heretofore been more or less obscure. II
Is possible that some of the smaller rail-
roads may deem IL necessary TO enter on
a program OF retrenchment and economy,
but this, It Is believed VIII not apply to
the more important lines.
There is authority for the statement that
the proposed extensions and new contracts
on the Hartman lines as recently an
nounced. VIII not be abandoned. What ef-
feet, II any the decision may have on pro-
posed railway financing did not develop
In the course OF the day.
Pending Mondays meeting no official ac~
ton win be taken by the railroads and
even then the plans Laid viii be OF a pre-
iimlnary nsture. II is pointed ont that the
commission has not yet issued an order
upon which an appeal can be taken and
Il is understood the fight will be opened
with an attack on that part OF the Mann
ElkiRs law which gives the commission
power to suspend rates.