The Wichita daily eagle., 1897-11-14
STOCKS AND BONDS
BEARS DO NOT UNDERTAKE ANY
THING IN STOCKS.
Bears Absence and short Covering Put the
Market Moving CniformeIy Upward
No Great Animation But Some Sub
stentiai Buying Coalers Continue
Strong and the Changers Show Gains
Shadow of the Nebraska Freight Rate
Case Projected Upon the Mariset-Bank
Statement Produces Little Effect

| statement Produces Little Eject.
New York, Nov. 13.-The bears exercised
no influence in today's market for securi-
ties and made no apparent attempt to do
so. The bear element was, fact, engag-
ed IN buying stocks to cover short con-
| tracts over Sunday, the general frrnness
| in the tone of the market admon;shing
them 70 protect themselves. Thus reIiev-
ed from bear pressure and helped by the
covering Of shorts, prices moved quite UNI
formiy upward. There was no great an
ination to the trading. but some of the
| buying was called Of a substantial sort
The coalers continued 10 display strength
on reports Of pending agreement 20 re-
| strict the output and on the more seasona-
| bic weather that has come 10 prevail. New
Jersey Central and Delaware and Hudson
| each rose points at one time but got
weaker, the latter losing all OF its gains.
| The grangers also showed gains, Rock Is
| alnd being especially strong. Buying of
| these stocks was partly in anticipation OF
a possible decision by the supreme court
on Monday in the Nebraska freight rate
case. The opinson is almost universal N
| 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 a point. Sugar made a further
progress towards recovery. and rose at one
| time 23s points above last nights close.
It's net gain being IA points This stock
again absorbed about one-third of the
! days total transactions, with sales of over
$500 shares. Rock Island was the only
other stock on the list to show sales OF
over 10000 shares and Burlington and St.
Paul added to this would comprise all
! showing over 5000 shares each.
The bank statement created little i'm
| preston, as it indicated no change in the
condition of the money market and the
| increase in loans and deposits had still left
| substantial increase in the surplus re-
serve
The total sales Of stocks today were H.
| 800 shares.
THE WEEK REVIEWED.
Notwith standing sharp reactions on
| Monday and again on Thursday, the level
CT 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 railway shares. The industrial
shares, notably Consolidated Gas and Su-
gar, have not done so well, and the for
mer IS 81 points lower. Sugar shows a
net decline of rs points. which is a recov-
cry Of 33s points from the lowest of the
week, and its depression has strongly in
quenced the whole list at times by sym
pathy. The recoveries shown in the gen.
eral list are the more noteworthy in view
of the activity and weakness of Sugar. The
coalers were also quite conspicuous feat
ures, breaking heavily on Monday on re-
ports of over-production and pr:ce-cuttins
and the continued mild weather. with small
demand On Wednesday came the decision
of the appellate division of New York's
supreme court, affirming the decision of
lower court that the attorney generals
petition was not sufficient to warrant an
order before a referee for hearing under
the antitrust law of the state. The impress
sion prevailed in Wall street throughout
Wednesday that the courts decision had
been that the antitrust law was unconst:-
tutional, thus overthrowing the law as a
whole. This law was directed not only
against the coal companies, but also
against the industrial aggregatons of cap
itaI and the stocks of all these corporate
institutions mounted strongly upwards m
price on news of the decision. Much stress
has been laid also upon the decision of the
supreme court of the United States deliv-
cred last Monday, which denies the right
OF the interstate commerce commission TO
enforce rates absolutely under the long
and short haul clauses where water rates
are in competition. Dealers N railway Sc
curities regard the decision as of great i'm
portance, in that Ii tends to enforce the
rights of railways to fix their own rates
AS Il restricts the authority of the inter
state commission, il is also looked to TO
stimulate the advocacy by that body of
railway pooling bill, which railway owners
and managers are inclined to regrd as
panacea for their financial Ills. These two
judicial decisions We're coupled with relia-
bic information from Washington that the
president and members of the cabinet re-
garded SPANS reply to United States Min
ister Woo1ford's note friendly and that
confidence was felt that there would be no
occasion for a rupture with Spain over the
Cuban question. The strong and aggress-
i've tone impaired 10 the speculation by
these factors gave hope that a sustained
upward movement of prices had begun.
But Thursdays reaction, due 20 bitter
comprehension Of the scope of the Albany
decision on the antitrust law and 10 real
izinc sales, dashed these hopes. The mar
ket continued firm on the generally favor
able outlook for business as reflected N the
journals of the iron, boot and shoe and dry
goods trades and on the continued high
average Of railway earnings. The heavy
decreases in November OF last year led TO
some apprehension of similar results tn.s
year. But traffic returns for the first week
in November relieved apprehension on this
score. Fifty roads report an increase il
earnings OF 22.5 per cent but with one more
business day this year than last. This is
IN PAR. due 10 the coming forward OF the
cotton traffic delayed by yellow fever
qrarantines, 20 an incvreased grain move
meat induced by higher prices for wheat
and to the heavy movement OF soft coal.
The increases IN earnings OF the b.tum.-
nous coal roads for the first week IN No
vember run from 50 70 100 per cent and
over. Confidence is felt IN the outlook il
the money market, which continues easy.
The payments 10 the government BY the
Union Pacific reorganization committee
which have already amounted % s7,S6t.57s.
have created 70 ripple n TIE money MAJ
kec. owingvto the arra2 seue1tS for depOs-
;;ing the payments in national banks,
which deposit government bonis IL core
spending amounts al Washington a. Sc
cur.ty. The same measures. Il is fcit. VII
prove equally efficac.ous IN preventing any
furry AZ the time Of The payments OK the
remaining amounts due.
BONDS
Trading in low-prsced railroad bonds has
been active during the week. and prices
have advanced from 20 points in many
cases. Total sales. $SSocca
Bonds today: United States fol.rs. reg
istered. and coupon. iz-s.; fours. lIz7s:
coupon. 1854: twos. 2Sls: fves. registered. I
IIg7s: coupon, 49,; Pacific SKIES OF IS
los.
E>op ErGN STOCK MARKETS