Evening star., 1897-03-25
The Supreme Courts Recent Decis-
ion Still a Factor in Speculation.
BUYING MOVEMENT ADVANCES PRICES
Fears Of Railway Rate War Are
Less Acute.
GENERAL MARKET REPORTS
Special Dispatch TO Tie Evcnin; Star.

Special Dispatch 70 The Evenin; Star.
NEW YORK, March 25.-Speculative SEN
timent was somewhat mixed during the
opening hour this morning as the resul. of
the various interpretations of Mondays
railway decision. Traders were disposed to
continue sales in the hope of forcing fur
ther liquidation. In the latter particular
the movement was a failure. Fractional
declines were general during the opening
hour, but no significant marketing of long
stock was recorded. The difficulties OF a
further decline becoming apparent. the
room immedia tely began covering move
ment, which resulted In establishing a
strong speculative undertone.
Confidence in a substantial recovery is
still lacking. however and dullness seems
likely to follow any advance from the
pres ent level Fears of a rate war are
less acute, but the surprise following the
comprehensive decision against traffic or
ganizatio is not likely to be Immediate
ly forgotten. The VI animous belief in inn
provement has been dispelled and short
sales will be attracted by the recoveries of
the immediate future.
The action of the St. Louis railroads in
suspending all operations unier .rafii,
agreements and similar action in various
parts of the south and west. is conceded
to be a trife more spectacular than the
out a protest is evidently designed 20 at
tract attention in Washington. and TO fur
ther the passage OF a pooling bill Devices
of this character are easily recognized by
experienced Legislators. and likely to
defeat TIE very object to which they are
applied.
In marked contrast TO this submission is
the action of the Trunk Line Association.
which continues to perform its functions
and refuses to voluntarily convict itself un-
der a ruling applicable only to the organiza-
ton specifically ruled against The vote
itself is far from conclusive. and warrants
a contest in every instance in which fu-
ture violations are charged. No one seri-
ously doubts the ability Of the roads to
maintain rates in manner entirely legal
and satisfactory to all parties in interest.
London bought few stocks during the
morning and some covering by commission
houses followed. Manipulation was at
times strongly marked in the industrias.
the selling being superior to the buying in
many instances. Sugar was active and
somewhat erratic under manipulative
orders.
The closing out of large short account
was credited with the early strength in this
property. but the demand from this source
being exhausted, the price Immediately de-
clined. Washington advices strongly of
the opinion that bitter fight on the sugar
schedule is assured
The pool in American Spirits. with its ac-
customed tin,idity. bought moderate
amounts Of both the common and preferred
stock
The pool holdings of these securities are
said to average a rifle above the present
market. The buying of New York Central
continues to attract attention because of
its superior cha aracter. The scare has gone
out of the market. hut conditions are far
from settled Cautious and insignificant
trading is likely ID continue for the time be-