The age-herald., 1897-11-11
In W all Street.

LII w Ill obIcct.
 New York, Nov. 10.-Prices of stocks today made very substantial recoveries towards the level which prevailed be- fore the heavy declines of last Monday and Friday. The buying was strong and confident, and the upward course Of prices except in few cases was prac- tlcally uninterrupted all day, until some profit taking at the close brought rec S. sions 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 de- cisfon had it that the decree of the lower court in revoking it's own order compelling the coal trust Presidents to appear before a referee had been con- firmed. As the lower court in reyoking this order had distinctively expressed its opinion that the antitrust law was unconstitutional, it was inferred that to- days decision also denied the constltu- tionality of the law. Apparently this Inference was maintainad in the stock market until the close of trading, al- though the court distinctly disclaims that it is passing upon the constitution alGty of the law, as it is not necessary for the absolute determination of the question before 1t. However, the Wall street interpretation of the decision gave a very strong upward impetus to all stocks affected by the law. The coalers were most markedly affected, as being the subject of the especial suit under trial, and they showed gains extending ito 31s points in the case of Delaware and 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 cap- ltal. Cotton Oil preferred was benefit ted to the extent of points; Tobacco, 31s; Sugar nearly 2 points, and others to he extent or a point or over. But the strength of the market was by no means confined to these stocks, though the gen. i.sral strength was in part due to the E. ympathy 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 of the sat isfaction which seemed to be felt by the prS sident and members of the cabinet oyer the Spanish reply to United States Minister Woodford's note. The re- turns of railway earnings for the first week of November showed a continuance of heavy traffic. where the cotton move- meat is augmented by release from quarantine, and also in the west, where the falling off in the grain movement might cause declines in earnings. There was quite extensive purchases in this market for London account of several international stocks, St. Paul, however, being sold for that account. The whole spirit of the trading was distinctly bull fsh, and gains of a port or over are fIe- quent throughout the ls.t Norfolk and Western preferred shows a net gain of 2A and Lake Shore of 2 points. The total sales for the day were under 400,- 900 shares, and over one-fourth of these were of Sugar. Burlington and St. Paul.
 In the bond market th:re was con- siderable activity and prices advanced in sympathy with steicks.
 Total sales $1,900000.
 United States 4s coupon we're advanc- ed A bid.
 The total sales of stocks today were 397, ,50O shares, including Atchison pre- ferred 9,750; Chesapeake and Ohio 5000; Chicago, Burlington and Quilscy, 27,52O; Louisville and Nashville 13,S04; Manhat- tan 1910; Missouri Pacific 1O,4O4; New Jersey Central 12,06O; Ncr'hern Pacific, prsfe-red, 16,650; Reading s,579; Rock Island 25,045; St. Paul 39,41O Southern railway, pr .ferrel, 5.S95; Union Pacific [. s., second assessment paid 1891; Ameri- can Tobacco 6,15O; Bay State Gas 16.7Oo, Chicago Gas 17,25O; Sugar bs,34oI Ten nessee Coal and Iron 5,494; Chicago, O. and w., S,750.
 Money on call steady at 1k@2 per cant; last loan 2 per cent; closed LEO :. per cent.
 Prime mercantile paper s1s04h per csnt.
 Sterling exchange raarer firmer with actual business in bankers biEs at S4.S5A@4S5as for demand and at s4s21s Qtl.S2sl for sixty days.
 Posted rates s4Sa1sQ4.S61k.