The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-11-15
FINANcE AND rRApE
Fh' Features % ms llansy and stock
AIarksts,

'N'''''aA ht Ais&- Yer cent PRIME IllI-
iantile paper 3NGfs per cent; sterling
Exchange arm with actual business in
bankers bills at 81 S5isq4 S5R for de-
mand and at 81 s21l for 60 days posted
rates a sllAai s5i4 commercial bills
SEGA S2%; bar silver 5IAci Mexican
dollars 45Hc
The bears exercised no Influence In
to-day's market for securities and made
no apparent attempt to do so, The bear
element was. IN fact engaged In buying
stocks TO cover short contracts over
sunday, the general frmness In the tone
az the market admeRishing them 80
protect themselves. Thus relieved from
bear pressure and helped by the cover
Ing Of shorts, prices moved quite uni
tormly upward. There was no great an
imation to the trading but some OF the
buying was called OF a substantial sort,
The coalers continued 10 display
strength on reports of pending agree
ment to restrict the output and on the
more seasonable weather that has como
10 prevail. New Jersey Central and
Delaware e. Hudson each rose points
at one time but both reacted, the latter
losing all of its gain, The graugers also
showed gains, Rock Island being es-
pecially strong The buying OF these
stocks was partly in anticipation OF o
possible decision by the supreme court
pn Monday In the Nebraska freight rate
case, The opinion Ia almost universal
in wall street that when that decision
does come II viii be in favor OF the rail-
roads. The days gains In this group OF
stocks are near a point, Sugar made
further progress towards recovery and
rose at one time 2K above last nlght'a
close, Its net gain being lA. This stock
again absorbed about third of tho
days total transactions, with sales of
over $4,000 shares. Rock Island was the
only other stock on the list to show
sales of over 10000 shares, and Burling-
ton and st, Paul added TO this with
showing OF 5000 shares each,
The bank statement created little i'm
preston as II Indicated no change in
the condition OF the money market, and
the Increase In loans and deposits had
still LETT substantial Increase In the
surplus reserve, Notwithstanding sharn
reactions on Monday and again on
the level Of prices for stocks
Is substantially higher than IL was a
week ago. and net gains are over
points in large number Of the leading
railroad shares. The Industrial shares,
Consolidated Gas and Sugar
have not done so well and the former Ia
81 points lower. Sugar shows n ne,
decline Of rs, which Is recovery OF 3A
from the lowest of the week. The stock
has been far in the lead In point of ac-
tivity all through the week and Its de.
preston has strongly influenced the
whole list at times by sympathy. Tho
recovery shown In the general list is
the more noteworthy In view OF the ac-
tiVity and weakness of Sugar. The
cohlers were also quite conspicuous fea.
lures, breaking heavily on Monday on
reports Of production and price,
cutting and the continued mild weather
with small demand. on Wednesday
came the decision of the appellate
division of New York's supreme
court, affirming the decision OF
a lower court that Attorney Gen.
eral Sheldon's order was insufficient
to warrant an order for the presidents
of the coal companies to appear before
a referee for u hearing under the anti.
trust law OF the state The Impression
prevailed in Wall street throughout
Wednesday that the courts decision
had been that the antitrust law was
unconstitutional thus overthrowing
the law as whole, This law was dI.
rected not only against local companies
but also against the great Industrial!
Of capital. and blocks OF
all these corporate institutions mount
cd strongly upward In price on news OF
the decision. Much stress has been laid
ha %
court of the United States delivered
last Monday, which denies the right OF
the Interstate commission to enforce
rates absolutely under the long and
short haul clause where water rates are
In competition. Dealers In railroad Sc.
euFsties regard the decision as of great
Importance In that It tends to enforce
the rights OF railroads TO TX their own
rates. AS It restricts the authority Of
the Interstate commission. II IL also
looked to to stimulate the advocacy by
that body OF railroad pooling bill
which railroad owners and manageri
are inclined 10 regard as a panacea TOT
their financial HIS These two judicial
decisions were coupled with reliable in
formation from Washington that the
President and members Of the cabinet
regarded Spain's reply to United States
Minister WOodford'a note friendly. and
that confidence was felt that there
would be no occasion for a rupture with
Spain over the Cuban question. TbG
strong and aggressive tone impaired 10
the speculation by these factors gave
hope that sustained upward move.
ment of prices had begun. But Thurs
days reaction. due TO a better compre.
henslon Of the scope OF the Albany de-
cision on the antitrust law and TO real
tzinE sales. dashed these hopes, Tht
market has continued firm on the gen
orally favorable outlook FOR business 40
in the Journals Of the iron. boot
and shoe and dry goods trades. and on
the continued high average Of railroad
earnings. The heavy decreases In Mo-
vcmber of last year led 20 some apprc'
hcRsien Of similar results this year
But the traffic returns for the first weel
In November relieved apprehension or
this score. Fifty roads report an In.
crease in earnings Of 22,5 per cent, but
with one more business day this ycai
than last. This * IN part due TO tho
coming forward Of the cotton traffic dc.
layed by yellow fever guarantees, to
an Increased grain movement induced
by higher prices for wheat, and to thu
heavy movement Of soft coal The In
crcaacs in earnings OF the bltumlnoui
coal roads for the first week IN Novcm
her run from 80 to 100 per cent. and over
Confidence II felt In the outlook In the
money market. which continues easy
The payments to the government by the
Union Pacific reorganization commS-
tee. which already has amounted 10
1894, 525, have created no ripple In the
money market. owing 10 the arrange
mcnts for dcposlting the payments In
national banks, which deposit govern
mcnt bonds IN corresponding amounts
8t Washington as security, The same
measures, It 10 felt. VIII prove equally
In preventing any furry nj
the time Of the payments OF the remain