The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-11-14
referee for a hearing under the anti
trust law of the state.
ANTITRUST LAW.

ANTITRUST LAW.
The impression prevailed in Wall
street throughout Wednesday that the
courts decision that the antitrust
law was unconstitutional, thus over
throwing the law as q whole. This
law was directed not only against the
coal companies, but also against the
industrial aggregations of capital, and
the stocks of all these corporate insti-
tutions mounted strongly upward in
price on news or the decision. Much
stress has been laid also upon the de-
ciSiOn Of the supreme court of the
United States delivered last Monday
which denies the right of the inter-
state commerce commission to enforce
rates absolutely under the long and
short haul clause where water rates
are in competition. Dealers in railway
securities regard the decision as Of
great Importance in that it tends to
enforce the rights of railways to fix
their own rates. AS 1t restricts the
authority of the Interstate commerce
commission, it is looked also to stimu-
late the advocacy by that body Of
railway pooling bill, which railway
owners and managers are inclined to
regard as a panacea for their financial
ills.
SPANS REPLY.
These judicial decisions were coupled
with reliable information from Wash
ington that the president and members
OF the cabinet regarded SPANS reply
to United States Minister Woodford's
note friendly and confidence was felt
that there would not be an occasion
for rupture with Spain over the Gu
ban situation. The strong and aggres-
sive tone impaired to the speculation
by these factors gave hope that a sus-
. 7.Si n
begun. But Thursdays reaction, due
to a better comprehension of the AL
bany decision on the antitrust law,
and to realizing sales, dashed these
hopes.
BUSINESS OUTLOOK.
The market continued firm on the
generally favorable outlook for bust
ness as reflected in the journals of the
iron. boot and shoe and dry goods trade
and on the continued high average of
railroad earnings.
The heavy decreases in November of
last year led TO some apprehension of
similar results this year. But traffic
returns for the first week in Novem-
Der relieved apprehension on this score.
Fifty roads report an increase in earn
ings of 22.5 per cent over. but with one
business day this year than last. This
is in part due to the coming forward
or the cotton JrdT1c delayed Dy yeIlOW
fever guarantees, to an INC d
grain movement, induced by higher
prices for wheat and to the heavy
movement of soft coal. The increases
in earnings of the bitumin0us coal
roads for the first week in November
run from 50 to 100 per cent and over
Confidence is felt in the outlook in the
money market, which continues easy
Z. P. PAYMENTS.
The payments to the government by
/ the Union Pacific reorganization COM
mittee. which have alreadv amounted
to s.. 364,575, have created no ripple in
the money market owing to the ar
rangements for depositing the pay
ments in national banks, which deposit
government bonds in correspOr oiGg
/ amounts at Washington as security.
The same measure, it is felt, will prove
| equally efficacious in preventing any
/ furry at the time of the payments of
! the remaining amounts due.
Trading in low priced railroad bonds
has been active and prices have ad-
vanced from 1 to points in many
cases. Total sales S. 900.
MONEY MARKET