The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-11-11
GAINS OF A POINT OR OVER FIRE.
QUENT THROUGHOUT THE
ACTIVE LIST.
THE COAL TRUST DECISION.
GREAT IMPORTANCE ATTACHED
TO 1T BY THE WALL STREET
TRADERS.
EARNINGS
RAILWAY
AIDED.
of the Spanish Minister-BOnd
Market Active.

NEW YORK, Nov. 10.-Prices OF stocks
today made very substantial recoveries to-
wards the level which prevailed before the
heavy declines Of last Monday and Friday.
The buying was strong and confident, and
the upward tendency of prices, except in
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 the coal
trust inquiry. Reports of this decision had
1t that the decree Of the lower court, in re-
voking its order, compelling the coal trust
presidents to appear before a referee, had
been affirmed. AS the lower court, in re-
Yoking this order, had distinctly expressed its
opinion that the so-called antitrust law was
unconstitutional, 1t was inferred that to-
days decision had also denied the constitu-
tionality Of the law. Apparently this in
ference was maintained in the stock market
until the close of trading, although the court
distinctly disclaims that 1t is passing on
necessary for the absolute determination of
the unconstitutionality of the law, as 1t is not
the question before it. However, the Wall
street Interpretation of the decision gave
very strong upward impetus to all stocks
affected by the law. The coalers were most
markedly affected as being the subject of the
special suit under trial and they showed
gains, extending to 31a points in the Gaze of
Delaware & Hudson. Every industrial stock
ON the list was also sharply affected by this
report in view of the fact that the statute
was understood to be directed against these
great combinations of capital. Cotton Oil
pfd was benefited to the extent of 4 points;
Tobacco, 31s; Sugar nearly points, and
others to the extent Of point or over.
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 to-
wards this, and Of the report from Washington
Of the satisfaction which seemed to be felt
by the president and members of the cabi-
net over the Spanish reply to United States
Minister Woodfords note. The returns Of
railroad earnings for the first week of Novem-
Der showed a continuance of heavy traffic,
not only South, where the cotton movement
is augmented by release from quarantine, but
also in the West, where the falling off in the
grain movement might cause declines in
earnings There were quite extensive pur-
chases in this market for London account of
several international stocks st. Paul how
ever, being sold for that account. The whole
VI IA0 IldullIS was QlStlnctly DulllSh
and gains Of a point or over were frequent
throughout the list. Norfolk & Western
pfd shows net gain of "a, and Lake Shore
OF points. The total sales for the day were
under 100000 shares, and over one-fourth Of
these were OF Sugar, Burlington and st.
Paul.
In the bond market there was considerable
activity and prices advanced in sympathy
with stocks Total sales, $1,90O, 600. U. s. new
As coup were advanced Il bid.
Total sales Of stocks today were $4,000
peake & Ohio, 6,O15; Burlington q, 72G; L.
d ~ u SS4; Manhattan, 7,1S9; Missouri Pa
trail, 4,473; Northern Pacific pfd, 16, 5s5; North
W western yats 1865; Reading, S,579; Rock Island
q, 90; st: Paul, IS, 40; Southern Railway pfd
1886; Union Pacific, 1886; Wabash pfd. 3024
Tobacco, $50; Bay State Gas, IS, 700; Chicago
Gas, i, 25O; Sugar, 5S,240; W. u, 1902; Chi
cago G. W., S,155.
The following were the fluctuations of the
leading railway and industrial shares, fur
Eished by c. H. F. Smith & Co., members
New York stock exchange and Chicago board
of trade: