New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-14

but u IL correct, 90 regard It. - far - IL
goes Beyond that do not care to say any
thing at present
John r. Dos Passos said; THE opinion OF
judge Chester has been anticipated by men,
bers of the bar who have studied the question.
All of these so-callcd Antitrust laws are. In
nv opinion, unconstitutional. and will be so
declared one after the other. when presented
TO the regular judicial tribunals. II the courts
should sustain the Antitrust laws. the effect
would be to declare illegal all the labor unions
and examinations which have existed for years.
and Hhey would inevitably be dissolved. Tine
lawSof supply and demand 10 the criterion by
which to test these combinations. All the peo-
pie have to do Il to await the influence OF this
memorable law for their remedy. and whenever
this law Is violated the combination Is doomed
The history Of commercial combinations shows
that only about one out of every ten has been
successful. One after the other they tumble to
pieces without the interference Of the courts
In the course Of a few years the laws against
combinations will be regarded as dead letters
because they will prove inefficacious'
The improvement in the financial situation IN
the last two weeks has been amazing. Particu-
larly is this true Of Wall Street. In two months
the market value of the capital stocks OF tw sG
railroads has increased, In round numbers Sou-
100000. There has been a corresponding en-
hancement in the stocks Of some Of the leading
industrial companies. Especially noteworthy IN.
stances have been the advances In Standard Oh
Trust certificates and the common stock OF the
American Sugar Refining Company. otherwise
the Sugar Trust. Standard Oil certificates are
not listed on the New-York Stock Exchange. but
they are extensively dealt in by outside brok-
ers. director OF the Sugar Trust said:
Sugar stock might sell at 15O and even higher
simply on the ability Of the company as a divi-
dend-earner. No one in Congress or out OF Con-
gress will do anything to harm this great Ameri-
can industry. and It will be treated fairly to say
the least. At present the sugar trade fs bright
ening under the general revival In business. Peo-
pie have been expecting to buy sugar at lower
price. and have held off until their supplies are
too low. They have now begun to buy, and this
is lowering the stocks Of the refineries and hard
ening the sugar market. The Sugar Company
is in an excellent position TO meet any sudden
activity in the trade. and Is at present doing
very large business"
There has been a fifteen-point rise In Chicago
Gas certificates. based chiefly on the measure
passed at the last session Of the Illinois Legis.
ature permitting the consolidation OF the several
companies in the old Chicago Gas Trust into one
corporation. 1t may not be generally known
that the Chicago Gas concern controls the acety-
lene patents for the city Of Chicago. Acetylene
gas is to be used to enrich the gas now fur
nished. and It is asserted that II will give to Chi
cago the highest candle-pOwer gas OF any city
In the Union.
CONSPICUOUS FOR THEIR ACTIVITY.
The stocks Of the so-called Granger railroads.
the great grain-carryng lines Of the West, have
been and are likely to continue to be conspicuous
for their activity and gain In value. by reason or
the large export movement OF grain. one OF
these stocks however has been an exception. 1t
is that of the Chicago Great Western Railroad
Within a few days this stock has come into
prominence and has had substantial rise. ac-
companied by a report that the road was likely
IN he ACQUIRED by one Of the large railroad sys-
TENS with which II connects. The STOCK or the
road is largely owned in England This road oc-
cupies a unique position. 1t has no bonded DEBT
an assessment Of SO share on the common
stock The stock is still selling below that ng-
ure but as the road has been put In excellent
physical condition. earnings will not hereafter
have to be devoted TO that purpose but instead
will 20 TO the stockholders. The chicago Great
Western Is sometimes called the Stickney road
fter it's president, A. B. Stckney. The earnings
~ tho road the last three days of last week in
creased 50 200 over the corresponding perioo IN
1896. .
The feature Of the bond market at the moment
IL the turning Of commission-house buying INTO
second grade bonds. Firstgrade bonds are at
such high prices as not to invite new orders.
one house the other day received an order to in
vest 5000 900 in Atchison 4s. Northern racine
As Reading As and Susquehanna and western
IS The investor in question had not put an!
money in this class Of bonds for years. Inc low
rates for money. for one thing, are raising the
bids for bonds .s
There was a tvo-cent rise in wheat yesterday
The visible supply Of wheat is 3o"nVo pusne .
less than Il was in this country a year ago Inc
amount afioat for Europe is 14WWWu bushels
less stocks the world over are light. The WIN.
Ter wheat crop is Of excellent quality, ana VIII
meet a good demand when offered for sale