The Sentinel=record., 1911-02-25
STOCKS ARE
 DEMORAL|zED
WALL STREET AND FOREIGN FI- NANclAL cENTERs WORRIED
 OVER DECISION.
Conference to Be Held at Which the Matter of an Appeal to the u. s. Supreme Court Will be Dis.
 cussed.

New York, Feb. 24.-The shippers victory over eastern and western rail roads in yesterdays decision of the Interstate Commerce Commission en- joining increased freight rates was the axis about w1ich the financial world swung today. both here and abroad and was responsible for a period of demoralization 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, it is understood, plans will be made looking to an ap- peal to the new commerce court.
 Because of the difference in time, he local market had ample warning rom London of the effect of the decis- ion. There prices of American securi- ties declined from to points be- fore the opening in New York and during the day in London it is esti- mated the selling movement of Amer jeans reached 100000 shares, the greater part of which was for the New York account. The trading is said to be the heaviest of any session ir London since the so-called Venezue- lean panic of 1895, and according to private cable advices such issues as Reading. Union Pacific and United States Steel were almost without talk ers even at marked recessions.
 In this city the opening features were Steel, Reading and Union Pacific, which came out in initial blocks of 30,OOO, 10000 and 5000 share lots, es- pecially and the losses ranged from U o-o III ieSouihb CO IT III OpStt Many other issues suffered greater losses, among them some Standard di- vidend payers. The early slump was followed by concerted support which appeared to come from the most pow erful financial factors and the market then became dull and partly stronger It was not until the final hour, how ever, that the list made it's greatest Iheadway toward improvement and closing prices were from l to points above the days low level.
 Various expressions of opinion on the decision were uttered by the heads of railroads, most of whom sought to place most unfavorable and dis. eouraging interpretation on the out. come. This sentiment was not alto. gether shared, outwardly at least by financial interests, which seemed to take the result with greater equan- unity,
 It was pointed out in some banking quarters that the decision more clear ly defines the financial status and re- sponsibility of transportation com panies and throws light on certain legal questions which have heretofore been more or less obscure It is pos sible that some of the smaller rail roads may deem it necessary to enter upon a 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 rail- way financing did not develop in the course of the day.
 Pending Mondays meeting no off cial action was taken by the railroads, and even then the plans laid will be of a preliminary nature.
 It is pointed out that the commis- sion has not as yet issued any order upon which an appeal can be taken, and it is understood. the fight will be opened with an attack on that part of the Ellins law, which gives the com mission power to suspend rates.