The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-11-14
stock on the list to show sales of over

STOCK OH TIC isst " sAoW safes VI over
10000.
The bank statement created little i'm
preston as il indicnted no substantial
change in the money market. Notwith-
standing sharp reactions on Monday and
again on Thursday. the leven OF prices
for stocks is substantially higher than it
was week ago. and net gains are over
2 points IN a large number Of the leading
railroad shares. The industrial shares.
notably Consolidated Gas and Sugar.
have not done SO well and the former
is 81 points lower. Sugar shows net
decline OF 1K. which is recovery Of
3A from the lowest Of the week. The
recoveries shown in the general list are
the more noteworthy in view Of the ac-
tivity and weakness OF Sugar. The
Coalers were also quite conspicuous fea-
lures, breaking heavily on Monday on
reports of over production and price cut
ting and the continued mild weather
weather with small demand. On We'd
nesday the decision OF the Appellate Di-
vision Of New York's Supreme Court. af-
firming the decision of lower court
that the Attorney Generals position was
insufficient to warrant an order for the
presidents Of the coal companies to APP
pear before referee for a hearing mn
der the antitrust law Of the State. The
impression prevailed in Wall street
throughout Wednesday that the courts
decision mad been that the antitrust
law was unconstitutional, thus over
throwing 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 upward in
price on news OF the decision. Much
strcss has been laid also upon the deci-
sion Of the Supreme Court of the United
STAGES delivered last Monday which de-
MES the right Of the Interstate Com
merec Commission to enforce rates ahso-
uteN under the long and short haul
clause where water rates are in competi-
ton. Dealers i'm railroad securities re-
garied the decision as OF great import
ance in that il tends to enforce the
rights OF railroads to fix their own
rates. AS il restricts the authority OF
the Interstate Commission, t is also
looked To to stimulate the advocacy Ivy
that body OF railroad pooling bill,
which railroad owners and managers
are inclined to regard as a panacea for
their financial ills. These two judicial
decisions were coupled with reliable IN
formation from Washington that the
President and members of the Cabinet
regarded SPANS reply to United States
Minister Woodfnrrl'S note friendly and
that confidence was felt that there would
be no occasion for Il rupture with Spain
over the Cuban question. The strong
and aggressive tone impaired to the
speculation by these factors gave hope
that sustained acknowledgements Of
prices had hegun. Thursdays reaction
due to Il better comprehension OF the
scope of the Albany decision on the an
t:-trust law and TO realizing sales da sll-
ed these hopes.
The market has continued firm on the
generally favorable outlook for business
as reflected in the journals of the iron,
boot and shoe and dry goods trades. AMI
on the continued high average of rail-
road earnings. The heavy decreases I'm
November of last year led TO some apprc-
sion of similar results this year. But
traffic returns for the first week in
November relieved apprehens on on this
score. Fifty roads report an increase in
earnings Of 22.5 per cent. hut with no
more business day this year than last.
This is i'm part due to the coming for
ward OF the cotton traffic delayed hy
yellow fever quarantn 'es to an increased
grain movement induced lily higher
for wheat and to the heavy movement of
! soft coal. The increases in earnings of
the Unanimous coal roads for the first
week i'm November run from so to 100
per cent. and over. Confidence is felt
in the outlook in the money market
which continues easy. The payments to
the government by the Union Pacific re-
organization committee. which already
| amounted to $7.364.525 have created no
ripple in the money market owing Ia the
arrangements for depusiting the pay
ments in national banks, which deposi 8
government bonds in corresponding a.
mounts at ashington as security. The
same measures it is felt will prove equal
~ effcac.ous in preventing any furry
at the time of the payments of the re-
manning amounts due.
Trading in low priced railroad bonds
has leem active during the week and
prices have advanced from one to two
POINTS in many cases. Total sales $S,.
100000.
/ Total sales Of stocks to-day were 49,
800 shares. including Burlington. $3.50;
Rock Island. 13ti0:,: ST. Paul. 1863;
Peoples Gas. 1920: SUGAR. 37.S1O.
New York. Nov. 13.-The Financier
says:
The statement OF the New York clear
ing house banks for the week ending
Novemler l3, viewed in its general re.
suit. is decidedly misleading. The loans
for instance are reported $1,2S1. In,
higher than the week previous. whereas
thc loans o. siNty-four OF the sxty-five
banks I'D the clearing assoc ton. havs
FALLEN oil no less than S5.13I 100. the
decrease having been more than off set
| Ivy tn" Increase of @.41S.200 reported
| by one Inrgp In nk Mhinh nnnn,,in. I a,