The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-11
GAINS IN STOCK LIST
HEAVY DECLINES of LAST WEEK
ALMOST WIPED OUT ON 'CHANGE.
COaIers BENEFITED by a False Interpre-
tation of a Supreme Court Decis-
iOn-LOcal Markets Active

At New York yesterday money on call
was steady at 11492 per cent; last loan, 2
per cent. closed. 119Q2 per cent.
Prime mercantile paper, 31s(D41z per cent.
Sterling exchange was rather firmer, with
actual business in bankers bills at $4S5140
ASS for demand and at $4.S215Q4S224 for
sixty days. posted rates, $4.S312 "A. S619; COM
merciaI bills $4s1A.
Silver certificates, 5715@59c; bar silver,
57$sc; Mexican dollars, 4494c. At London
bar silver was uncertain, closing at z69sd an
ounce.
Total sales of stocks were S97, 800 shares,
including: Atchison preferred, 5,17S; Chesa-
peake & Ohio, 6O15; Burlington, 27,72O;
Louisville & Nashville, 1904; Manhattan L,
1910; Missouri Pacific 10,O44 New Jersey
Central, 1850; New York Central, 4473;
Northern Pacific preferred, 1856; North
western. 1856; Reading, S,57s; Rock Island,
25,O45; st. Paul, 80 410; Southern Railway
preferred, 1856; Union Pacific, 1876; Wa
bash preferred 1923; American Tobacco, g.
$50; Bay State Gas, IL, zoo; Chicago Cas- H.
200; Sugar, $780, Western Union, 1902; Chi
cago Great Western, $3.50.
Prices of stocks on the New York Stock
Exchange yesterday made very substantial
recoveries toward the level which prevailed
before the heavy declines of last Monday
and Friday. The buying was strong and
confident and the upward course of prices.
except in a few cases, was practically unin-
terrupted all day until some profit taking
at the close brought recessions. The factor
of greatest influence was the decision of
the appellate division of the Supreme Court
at Albany in the matter of the coal trust
inquiry Reports of this decision had il
that the decree of the lower court in re-
Voklng its own order, compelling the coal
trust presidents to appear before a referee
nau Deen afnrned- AS the lower court in
reVoking the order had distinctly expressed
It's opinion that the so-called antitrust law
was unconstitutional, it was inferred that
yesterdays decision had also denied the
tonsutuuonality OF the law. Apparently
this inference was maintained in rne stock
market until the close of trading, although
the court distinctly disclaims that il is
passing on the Constitutonality of the law
as IL Is not necessary Tor the absolute de-
termination or the question before it. How
ever the Wall street Interpretation of the
decision gave very strong upward impetus
10 all STOCKS ailected by the law. The coal
ers were most markedly affected as being
the subject of the special suit under tria.
ana they showed gains extending to $40
points in the case of Delaware ~ Hudsoa
Every industrial stock Oh the list was also
sharply affected by this report, in view of
the TACT that the statute was understood to
De directed against these great comblna-
tions of capital Cotton Oil pre- erred was
benetlted to the extent of points, Tobacco
80 sugar nearly two points and others to
the extent OF point or over. But the
strength of the market was by no means
confined to these stocks, though the general
strength was in part due TO the sympathy
with them. Much made of the declara-
ton by the Spanish prime minister as to
the friendly intentions of his government
towards this and of the report from Wash
iagton of the satisfaction which seemed to
DC 1elt by the President and members of
Lhe Cabinet over the Spanish reply to
limited States Minister Woodford's note
me returns of railroad earnings for the
hrst week of November showed a contin-
uance OF heavy traffic, where the cotton
movement is augmented by release from
quarantine. but also in the West where the
railing Oft in the grain movement might
cause declines in earnings. There were
quite extensive purchases in this market
Tor LONDON account of several international
SOCKS, ST. Paul, however being sold for
that account. The whole spirit of the trad
ing was distinctly bulish and gains of q
point or over are frequent throughout the
list. Norfolk Il Western preferred shows a
gam OF "a and Lake Shore of 2 points. The
t0tal sales Tor the day were under 100000
snares. and over one-fourth OF these were
or sugar, burlington and St. Paul
In the bond market there was consider
aDle activity, and prices advanced in syln-
Pathy with stocks. Total sales, 81 100000.
United states new fours. coupon, were adj
vanced 4 bid.
The following table, prepared bv I, w
Louis, Room II, Board of Trade, shows the
range or quotations: