The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-14

Wednesday came the decision of the appel
late DIVISION or New York'S Supreme Court
afarming the decision of a lower court that
lne attorney generals petition was insuffi-
cIent TO warrant an order for the president
OF the coal companies to appear before
IeIeree Tor a hearing under the antitrust
ANTITRUST LAW DECISION.
The impression prevailed in Wall street
throughout Wednesday that the courts de-
cision had been that the antitrust law was
unconstitutional, thus overthrowing the law
as whole. This law was directed not only
against the coal companies, but also against
the great industrial aggregations of capital
and the stocks of all these corporate insti-
tutions mounted strongly upwards in price
on news of the decision. Much stress has
neen laid also on the decision of the Su-
preme Court of the United States, delivered
last Monday which denies the right of the
interstate Commission to enforce rates alb
solutely under the long-and-short-haul
cause, where water rates are in competi-
tioh. DealerS in railroad securities regard
the decision Of great Importance in that it
tends to enforce the rights of railroads to
nix their own rates. AS it restricts the au-
thority of the Interstate Commission, it is
also looked to to stimulate the advocacy by
mat oody or railroad pooling bill, which
TdiIroad owners and managers are inclined
10 regard as a panacea for their financial
HIS These two judicial decisions were
coupled with reliable information from
Washington that the President and men,
DerS of the Cabinet regarded Spain's reply
70 united States Minister Woodfords note
1rlendly and that confidence was felt
tIldI tnere would be no occasion for a rup-
lure with Spain over the Cuban question
Inc strong ard aggressive tone impaired
70 the speculation by these factors gave
nope that a sustained upward movement
Oh prices had begun. But Thursdays re-
action, due to a better comprehension Of
the scope of the Albany decision on the
los ia
IneSe hopes. The market has continued
urn urn ON the generally favorable outlook for
business as reflected in the journals of the
IRON, boot and shoe and dry goods trades,
ana on the continued high average of rail-
road earnings. The heavy decreases in No
VemDer OF last year led to some apprehen-
son of similar results this year. But traf-
nc returns for the first week in November
renewed apprehension on this score. Fifty
roduS report an increase in earnings of 22.5
per cent, but with one more business day
tEls year than last This is in part due to the
GolnlnS forward OF the cotton trafhc de-
layed by yellow fever guarantees, to an in
creased grain movement induced by higher
prices for wheat and to the heavy move
ment of soft coal. The increases in earnings
or the bituminous coal roads for the first
week in November run from 80 to 100 per
cent. and over
money market which continues easy. The
payments to the government by the Unoh
PacIac reorganization committee, which al
ready has amounted to $,354, 525, have Gre
ated no ripple in the money market owing
to the arrangements for depositing the pay
ments in national banks. which deposit gov
eminent bonds in corresponding amounts
at Washington as security. The same
measures, it is felt, will prove equally eff
cacious in preventing any furry at the time
of the payments of the remaining amounts
due. Trading in low-priced railroad bonds
has been active during the week and prices
have advanced from 1 to points in many
cases. Total sales, IS, $3.50, 0O00.
The following table, prepared by L. w.
Louis, Room II, Board of Trade. shows the
range of quotations: