The San Francisco call., 1897-11-14
THE COMMERCIAL WORLD

treight rae cases The opinion is almost universe
IN Wall stree. that when the decision doe, IN e
1t vii be in favor of the railways The day s
5a'hs IN thls group OF STOCKS are point
Su2ar N ade further progress TO ward lecoyery and
rose at one time 23s above l. nights close It's
het sam oe hg 1$4. This stock again absorbed
aoout a thlTd nf the day S total transactions wi b
sales OF over $4,000 shares
ne oank statement created little impression as
Il indicated no Change in he condition OF the
money market, and the increase in loans and de-
posi- had sill left substantial increase in me
surpu' reserve Notwithsandn; sharp reactions
on Monday and again \ thursday the level us
PIces tor STOCK IS substantially higher than it
4 week ago ana net gains are over two points IN a
large numb OF the leading railway shares The
lhHustrisl shares notably Consolidated Gas and
Sl4 points lower
sugar shows net decline of els, which is a re
CoNeIg OF 99s from the Low OF the week The
s'OCN mas oesh lar in the lea Joiut OF activity
a through the week and its depression has
strongly influenced the whole IisI at times by
sEmpa ny. he recoVarieS shown in the general
St are he most noteworthy in view of the activ.tf
ana weakness of sugar The coiler are also quite
SSonSpicGoas features, breaking heavily on Mon
uaN on reports of Overproduction and price cut
sIig and The coL;inued Dbl weather with small
Gema d. On Wednesday came The decisiou OF the
api e.. ale cIVlS:on OF New York 5 Supreme tourt
alhrniig ! the decis on Of "a lower court that the
aAetofhey -Geherai 5 pc i-ioa not sufficient to
~"nrr'ut ~ an order for he presidents OF The coal
coInpai les To appear for :, referee for hearing
zee. Tie antIt usu law OF The state
11t I'M tressIon prevail I'd in " all street through
W , tuheSGa that the courts decision had been
that he antitrust law WAS uncons itutiOnal. thus
oNTFthroWlns the law as whole. This law was
olreeieG not only against the coal compauies but
asO aga nSt the industrial aggregatious OF capita
ana the stocks of all these Operations mounted
Strongly upward In price news of the deci ion
Much stress has been laid alSl upon the d. cIsion
or he supreme Court OF the United states de-
IVered last N onday, which denies he right the
interstate Commerce commission TO enforce rates
aDSoLute Ghuer the long and short haul Cause Of
winch the water rates in competition
dealers In railway securities Iegard the decision
as % great importance III that II tends to enforce
the nights OF r-ilwa to fix their rates AS
lL-res'Ec the authority Of the Interstate COM
mtrce Commission II is also looked stimulate
tre advocacy by that body a railway pooling
tlli, which railway owners and managers are in
! cained 10 regard panacea Tor their nnancia.
ms. lEese judicial decisions were coupled with
reliable Information from Washington thas the
fresluenl and members OF the Cabinet regarded
SPANS reply 10 United States Minister Wood
iords note niendly, and that confidence fe t
that there Won. be no occasion for rupture with
Span over the Cuban question.
The strong and aggressive to1e impaired to the
speculation by these factors gave hope that sus-
talnrd upward movement OF prices had begun.
But iAuIsuay reaction, due 10 better compre-
heuson OF th9 scope OF the Albany decision on The
Anttrust law and TO real zng sa es, dasned tn ese
hopes.
The market continued firm on the generally
favorable GU look for business reflected IN The
journals OF the iron, booj AM shoe and dry goods
trades aud on the continued high average OF rail-
road earnings.
! The heavy decreases in November of last year
led to some prehenS on OF similar results This
year Iut traffic returns for the first week In No-
Vember relieved apprenensloas on this score.
f1fty rOaGS report an increase IN earnings OF
%. per cent but with one more business day ihis
year than last. his is in part ne 10 he coming
forward of the cotton traffic d tlayed by yellow
fever quaranrInes and to increased grain move
ment, induced by higher prices Tor wheat and 10
the heavy movemen- OF SOFT Goa. Tie increases
in earnings OF The bituminOus coal roads Tor the
first week in November from so to 100 per
cent or over. Confidence Is felt in the outlooN in
the money market, which continues easy. The
payments TO the Government by the Union Paci tic
reorganization commit tee. whtcn have already
amounted to s., 364, 515. created ripple
in the money market owing to the arIangs mentS
Tor deposting the yments in national banks,
which deposit Government bonds CORES pond
ing amounts al Washington security. ! he
same It is felt will prove equally Fiji
caCious preventing any Hurry at the time Cf the
pavmeu OF the remaining amounts due.
Tradi z In lOw-priee railroad bonds has been
active during he week. md prices have advance ed
from l 10 poin.s in many cases. 1oial safes
s., $50, 600.
fol owing Burlington $500 L. and b. zS35,
Northern Pacific prefer. ed 1910, heading 345O,
Rock S and 5, 603. St Pau. 1860. Bay STATE Gas
34S5. Peoples Gas 500, sugar 81 $40.