OCR Text |
Show NEW YORK, Feb. 24. Tho shippers' ship-pers' victory over eastern and western west-ern railroads in yestci day's decision of tho Interstate Commerce commission, commis-sion, enjoining Increased freight rates, was the axis about which the financial world swung today, both hero nd abroad and was responsible for period of demoralization on the New York stock exchange. Railroad heads continued to express (Pessimistic views of the situation, both here and in Chicago, railroad officers, of-ficers, together wth their bankers and counsel, discussed the situation and decided to hold a conference Monday. Mon-day. At theBe meetings 5t is understood plans will be made for an appeal to the now commerce court. Because of the difference in time the market here had ample warning from London of the effeqt of the decision de-cision There prices of American securities se-curities declined fibm two to eight points before the opening in New York and during thCjiday in London it Is estimated that the selling movement move-ment of Americans reached 400,000 shares, the greater parlor which was for tho New York "account. The tmdlng is said." to be the heaviest heav-iest ot any session in London sinc the so-called Venezulnn'pnnic of 1S9." and according to private cable advices such issues as Reading, Union Pacific and United States Steel were almost without takers cvcn'3l marked concessions con-cessions In this city the opening features were United States Steel. Reading and Union Pacific, which came out in blocks of 30,000. 10;fr)0 and 5.000 share lots, respectively at declines that ranged from G'E-S in RendiDg to 4 1-4 in Steel. Many other issues suffered greater losses. j The early slump, was followed by concerted suppor"whIch appeared to come' from the most powerful financial finan-cial factors, and the market then be came dull and partly stronger It was not until tlieV final hour, however, how-ever, that the list made its greatest headway toward t improemont, and closing prices wre from 1 to 3 points above tho low level 'of the day. Various expressions of opinion on the decision weie uttered .by the heads of railroads,,; most of whom sought to place a most unfavorable and discouraging Interpretation on the outcome There is authority for the state ment that the proposed extension and new construction on the Harriman linos, as recently announced, will not be abandoned. What effect, if ony, the decision may havr upon proposed runway unancing did not develop In the course of the day. Ponding Monday's meeting no official offi-cial action will bo taken by the railroads rail-roads It Is pointed out that the commission com-mission has not yet Issued any order upon which an appeil can be taken and it is understood the fight will be opened with an attack on that part of the Mann-Elklns bill which gives tho commission power to suspend rateB. |