The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-25
SHARP STOCK Rally
al SSs-xs-
CLOSING STRONG AND BUOYANT
AND GENERALLY AT THE
DAYS BEST.
MORNING PRICES LOWER.
INTERSTATE COMMERCE. COMMIs-
SION DECISION TURNED THE
TIDE AT ONCE.
1T MAY HASTEN A POOLING LAW.
The Finding Second in Importance
Only to That in the Trans
Missouri Case.

NEW YORK, May 24.-Today's rally on
the stock market was attributable to the de-
cision Of the supreme court in the inter-
state commerce case. The market had derived
strength last week on rumors regarding this
decision, but it sold off again this morning
before the decision was announced, on &C
count of doubt being thrown upon the re-
liability of last weeks information. In all
the early dealings the hand of the profess
sional trader was plainly evident. The morn
ing was given over to depression on account
of the reports that the Nebraska maximum
freight rate case would not be decided by
the supreme court until fall, the decision in
the interstate commerce case being also in
doubt. Itsis IAN illustration of the incon-
sistency and: of the professional traders,
working for short turn in the market, that
in the upward movement that resulted upon
the decision of the interstate commerce case,
the postponement of the Nebraska case was
offered as 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 he
special session of the Nebraska legislature to
correct the law, which was in contemplation
in the event Of it's validity being denied will
now be avoided. The gold shipments an
nounced for tomorrow, amounting to 81, AGO.
600, also had depressing influence in the
early trading, as the amount exceeded con-
siderably what had been anticipated. There
was also news of further shipments in con-
temptation for later in the week.
Quite an unwonted degree Of buoyancy
and animation was impaired to the market
by the supreme courts Interstate commerce
decision. This is regarded as the most i'm
portant decision, in its effect railroad
values, since the Trans-Missouri decision.
Part Of the strength impaired to railroad
stocks by this decision is due to belief
that it will serve to hasten the enactment Of
a law by congress to authorize pooling, with
the required approval Of the interstate COM
merce commission of any such agreement
to make it binding.
The early heaviness had carried down pref
ty much the whole market, the decline ex-
tended to IL in Burlington, which was the
leader of the market in point of activity.
This stock also derived the greatest benefit
from the rally the gain being 21k per cent.
more from the earlier low point. Atchison
preferred, c., c., c. & St. L., st. Paul. Rock
Island, Omaha Lake Shore L. & NJ, Man
haitian, Northern Pacific preferred, Norfolk
G Western preferred, Western Union, Leather
preferred, Sugar, Tobacco and Genral Electric.
New Jersey Central declined TX in the early
depression, but gained 3A on covering
movement Delaware & Hudson rising " in
MpGilny. t4ueIlCdu OpIl iosI I'll tuS
day. Chicago Gas was quite erratic, but
gained a sharp net fraction. The closing
was strong and buoyant and generally at top
prices.
The bond market ruled moderately active,
with a tendency towards higher prices, which
became quite marked in the closing dealings
among a few speculative issues. The gains
generally did not exceed fractional limits,
with Atchison adjustmnt tours conspicuous
for gain of l per cent. The sales were 843,-
600. Government bonds were dull. but showed
decided strength in the late dealings. 49,
The total sales of stocks today were 160,-
SIG shares, including Sugar, $500; Burlington,
$500; Omaha, $500; Rock Island, $500; st.
Paul, 20 100; Western Union, $500; New Jer-
sey Central, 24,700.
The following were the fluctuations of the
leading railway and Industrial shares fur
nished by c. H. F. Smith G Co., members of
the New York stock exchange and Chicago
hoard of trade.