The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-11-11
Buying Was Strong in Wall Street
Stocks Yesterday.
ONE PROMOTING FACTOR
BULL INTERPRETATION OF A
COURT DECISION.
Although Misleading it Proved Fffec-
tive in Strengthening the Price
on Coalers and Every Industrial
Stock Friendly Intentions of
Spain Contributed to Confidence
Grain and Live Stock.

New York, Nov. 1O-Prices of stocks
today made very substantial recover
les towards the level which prevailed
before the heavy declines OF last Mon
day and Friday. The buying was
strong and confident and the upward
course of prices, except in a few cases,
was practically uninterrupted all day
until some proft-taking. at the close
brought recessions from the best prices.
The factor of greatest influence was
the decision of the appellate division
of the supreme court at Albany in the
matter of coal trust inquiry. Reports
of this decision had it that the decree
of the lower court in revoling its own
order compelling the coal trust presi-
dents to appear before a referee had
been affirmed. AS the lower court in
revoking this order had distinctly Elk
pressed it's opinion that the so-called
antitrust law was unconstitutional, II
was inferred that today's decision had
also denied the constitutionality of the
law. Apparently this inference was
maintained in the stock market until
the close of trading, although the court
distinctly disclaims that it is passing
on the constitutionality of the law. as
it is not necessary for the absolute
determination of the question before it.
MISLEADING BUT EFFECTIVE.
However, the Wall street interpreta-
ton of tho decision gave very dis
tinctively upward tendency by all
stocks affected by the law. The coal
erS were most markedly effected, and
they showed gains extending to S1s
points in the case of Delaware & Hud
son. Every industrial stock on the list
was also sharply affected by this re-
port in view of the fact that the stat
ute was understood to be directed
against these great combinations of
capital. Cotton Oil preferred was ben
Gifted to the extent of points, To-
bacco 31s, Sugar nearly , points and
others to the extent of a point or over.
OTHER ELEMENTS OF STRENGTH.
But the strength of the market was
by no means confined to these stocks,
though the general strength was in
part due to sympathy with them.
Much was made of the declaration by
the Spanish prime minister as to the
friendly intentions of his government
towards this and Of the report from
Washington to the satisfaction which
seemed to be felt by the president and
members of the cabinet over the Span
ish reply to United States Minister
Wcodford's note.
The returns of railroad earnings for
the first week of November showed a
continuance of heavy traffic, where the
cotton movement is augmented by re-
lease from quarantine, but also in the
west, where the falling off in the grain
movement might cause declines in
earnings. There were quite extensive
purchases in this market for London
account of several international stocks,
hat
account.
BULLISH TRADING.
The whole spirit of the trading was
distinctly bullish and gains of a point
or over are frequent throughout the
list. The total sales for the day were
under 100000 shares and over one
fourth of these were in Sugar, Burling-
ton and st. Paul.
In the bond market there was con-
siderable activity and prices advanced
in sympathy with stocks. Total sales
S1,900000. United States new As coupon
were advanced Il bid.
MONEY MARKET.
Money on call easy at 1902 per
cent; last loan per cent; closed 11a@
2 per cent. Prime mercantile paper
31b041a per cent. Sterling exchange
bankers bills at 4S5A @4S5$s for de-
mand, and 4.S215@4S3A for sixty days
Posted rates, 4.S3A@4.S619. Commercial
bills, 4S1M.
Silver certificates, 5711@59. Bar silver
573s. Mexican dollars, 44a4.
Government bonds firm; state bonds
dull; railroad bonds strong.
SALES OF STOCK.
Total sales of stocks today were S97,-
500 shares, including: Atchison pre-
ferred, 5,17S; c. & o., $50: Burling-
ton, 27,720; Louisville & Nashville, 10,
SO4 Manhattan, 1910; Missouri Pa
cific, 1904; N. j. c., 12,5O7: n. Y. c..
4,47S; Northern Pacific preferred, is,
$50; Northwestern, $3.50; Reading, 1879;
Rock Island, 25,O45; ST. Paul, 39,410;
Southern Railway preferred, 1896;
Union Pacific, 1876; Wabash preferred
1902; American Tobacco, 6,150; Bay
State Gas, 5000; Chicago Gas, 1850;
Sugar 5S,340; Western Union, 4,402;
Chicago, G.. W., S,755.
BOND QUOTATIONS.
.. $. n. As r.-..127 y. Y. Cent Is 11sH
L. S. n. is c....127K n. ]. c. 5s. old .112%
I. S. As reg. ....11212 Nor. Pac. Isl. .1l5