The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-25
STOCKS AND BONDS.

New York, May 24.-To-day's rally on
the stock market was attributed to the
decision of the Supreme Court in the in
ter State Commerce case. The market
had derived strength last week on rumors
regarding this decision, but it sold off a
gain this morning before the decision was
announced on account of the doubt be-
ing thrown upon the reliability Of last
weeks information. In all the early
dealings the hand of the professional
trader was plainly evident. The morning
was given over to depression on account
of reports that the Nebraska maximum
freight rates case would not be decided
by the Supreme Court until the fall, the
decision in the interstate commerce be-
ing also indoubt. 1t is an illustration of
the inconsistency and of the profession
al traders working for a short turn IN
the market that in the upward move
ment that resulted upon the decision of
the Interstate commerce case, the post
ponement Of the Nebraska case was Of
fered as a bull argument on the ground
that the lower courts injunction stands
and will stand until the decision, of the
court in October. 1t is also pointed out
that the special session of the Nebraska
legislature to correct the law, which was
in contemplation in the event of it's valid
ity being denied, will now be avoided
The gold shipments announced for to-
morrow, amounting to 2,40O, 900, also had
depressing influence in the early trad
ing as the amount exceeded considerably
what had been anticipated. There was
also news Of further shipments in contem-
plation for later in the week Lower
i'm I oils ha1 rs inf 20
ON the early heaviness and the renewed
attack ON New Jersey Central affected
the market to some extent.
Quite an unwonted degree of buoyan-
, CIV and animation was impaired to the
market by the Supreme Courts inter-
state commerce decision. This is re-
garded as the most important decision in
it's effect on railroad values since the
trans Missouri decision. Part of the
F.; strength impaired to railroad stocks by
| this decision is due to the belief that it
will serve to hasten the enactment of a
law by Congress to authorize pooling with
the acquired approval of the interstate
! commerce commission of any such agree
ment to make it binding. The early
eaviness had carried down pretty much
the whole market, the decline extending
to IL in Burlington, which was the lead
er of the market in point Of activity. This
stock also derived the greatest benefit
from the rally, the gain being 2la per
cent The following stocks also rose a
point or more from the earlier low prices:
Atchison preferred, c. c. c. and st. H.,
| st. Paul, Rock Island, Mmaha, Lake
Shore, l.. and n, Manhattan, Northern
Pacific preferred, n. and w. preferred
| Western Union, Leather preferred, Sugar,
Tobacco and General Electric. New Jer-
sey Central declined ~ in the early de-
preston but gained 3A on a covering
movement. Delaware and Hudson ris-
ing ~ in sympathy. American Spir-
its lost rs on the day. Chicago Gas
was quite cratic but gained a sharp net
fraction. The closing was strong and
buoyant and generally at top prices.
! The total sales of stocks for the day
amounted to 160,S16 shares, including
American Sugar Refinery 800; Burling-
ton and Quincy $4,000; Rock Island s.
300; ST. Paul 2O.1O0; New Jersey Cen
trial q, 400.
The bond market ruled moderately ac.
tive with tendency toward higher prices
which became quite marked in the clos
ing dealings among few speculative is
sues. The gains generally did not ex-
coed fractional limits, with AtchisOn ad
iustment As conspicuous for gain of
per cent. The sales were $4,000.
Government bonds were dull but show.
ed decided strength in the late dealings.