The herald., 1897-11-14
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK. Nov. 1S.-The bears exer-
cised no influence in today's market for Sc
curities. and made no apparent attempt to
| 10 so. The bear element was in fact en-
gagged In buying stocks to cover short con-
tracts over Sunday, the general firmness
IN the tone of the market admonisbing
them to protect themselves Thus relieved
from bear pressure and helped by the COW
ering of shorts, prices moved quite uni
formly upward. There was no great ami
nation to the trading, but some of the
puying was called of a substantial sort
me coalers continued to display strength
on reports of a pending agreement to re-
strict the output and on the more seasona-
bic weather that has come to prevail. New
Jersey Central and Delaware and Hudson
each rose point at one time but both re-
acted. the latter losing all its gains. The
Changers also showed gains, Rock Island
being especially strong. Buying of these
stocks was partly in anticipation of
possible decision by the supreme court on
Monday in the Nebraska freight cases. The
opinion is almost universal in Wall street
that when the decision does come it will
be In favor of the railways. The days
gains in this group of stocks are near n
point. Sugar made further progress toward
recovery. and rose at one time 2ss above
last nights close. its ner gain being "a
This stock again absorbed about one-third
of the days total transactions. with sales
or over $4,000 shares. The bank statement
created little impression, as it indicated
no change in the condition of the money
market, and the increase in loans and de-
posts had still left a substantial increase
In the surplus reserve. Notwithstanding
sharp reactions on Monday and again on
Thursday the level of prices for stocks
is substantially higher than it was week
ago, and net gains are over points in a
large number of the leading railway shares.
me Industrial shares, notably Consol-
dated Gas and Sugar, have not done as
well and the former is 81 points lower.
Sugar shows net decline of 51s. which is a
recovery of 3ss from the lowest of the
week. This stock has been far in the lead
IN point of activity all through the week,
and its depression has strongly influenced
the whole list at times by sympathy The
recoveries shown in the general list are
the more noteworthy in view of the activ-
ity and weakness Of Sugar. The coalers
were also quite conspicuous features.
breaking heavily on Monday on reports
of over-production and price-cutting, and
the continued mild weather. with small
demand. On Wednesday, came the decis
ion of the appellate division of New Yorks
supreme court. affirming the decision of
the lower court that the attorney generals
opinion was not sufficient to warrant an
order for the presidents of the coal compa-
ing under the antitrust law of the state
The impression prevailed in Wall street
throughout Wednesday that the courts
decision had beer that the antitrust law
was unconstitutional. This law was di-
rected not only against the coal compa-
nles. but also against the industrial aggre-
cations of capital, and the stocks of all
these corporations mounted strongly up4
ward in price on news of the decision
Much stress has also been laid upon the
decision of the supreme court of the Unit
ed States delivered last Monday, which
denies the right of the interstate commerce
commission to enforce rates absolutely
under the long and short haul clause of
which the water rates are in competition
Dealers In railway securities regard the
decision as of great Importance in that 1t
tends to enforce the rights of railways to
fix their own rates. AS 1t restricts the au-
thority of the interstate commerce COM
mission, 1t is also looked to to stimulate
the advocacy by that body of a railway
pooling bill, which railway owners and
are inclined to regard as pa
nacea for their financial ills. These ju-
dicial decisions were coupled with reliable
information from Washington that the
president and members of the cabinet re-
garded Spain's reply to United State> Min
lister Woodford's note friendly and that
confidence was felt that there would be no
occasion for rupture with Spain over the |
Cuban question.
The strong and aggressive tone impaired
to the speculation by these factors gave
hope that sustained upward movement |
OF prices had begun. But Thursdays reac-