The daily morning journal and courier., 1897-05-25
F. Etmanctal.
Interstate Commerce Decision Helps the
 Stock Market.


 New York, May 24-To-day's rally in the stock market was attributable to the decision of the supreme court in the interstate commerce case in favor of the railroads. The market had deriv- ed strength last week on a rumor of this decision, but it sold off again this morning before the decision was an- nounced on account of doubt being thrown upon the reliability of last weeks information.
 In all the early dealings the hand of the professional trader was plainly evident manipulating the strings that produced all the results in the market The morning was given over to depres- sion on account of reports that the Ne braska maximum freight rate case would not be decided by the supreme court until fall, the decision in the in terstate commerce, case being also In doubt.
 It is an illustration of the inconsist- encies of professional traders working for short turn in the market that in the upward movement that ensued up- l on the decision of the interstate com merce case, the postponement of the Nebraska case was, offered as bull ar- gument, on the ground that the lower courts injunction against the enforce ment of the law stands and will stand until the decision of the court in De- tober It is also pointed out that the l special session of the Nebraska legisla- l ture to correct the law which was in contemplation In the event of its valid l ity being denied, will now be avoided I The gold shipments announced for to- | morrow. amounting to s2,4o0,000 also had depressing influence in the early 1 trading as the amount exceeded con- siderably what had been anticipated. l There was also news of further ship ments in contemplation for later In the | week. The sensitiveness shown by the exchange market to the offerings of bills against the gold offset to some ex- | tent the bad effect of the export
 1 Lower prices In London also had it's l influence on the early heaviness and l the renewed attack on New Jersey Central affected the market to some I extent. Quite an unwonted degree of l buoyancy and animation was imparted l to the market by the supreme courts | denial of the right of the interstate l commerce commission to fix railroad rates for freight, This is regarded as l the most important decision In it's ef- | feet on railroad values since the trans 1 Missouri decision While the latter de- nied the right of receivers to agree tt | fix rates the present denies equally the | right of the commission to do so.
 Part of the strength imparted to rail- road stocks by this decision is due tc belief that it will serve to hasten the l enactment of law through congress to authorize pooling with the required I approval of the interstate commerce l commission of any such agreement tt make it binding.
 1 The early heaviness had carried down pretty much of the whole market | the decline extending to 1A in Burling l ton. which was the leader of the mark. ct in point of activity. This stock alsc derived the greatest benefit from thu rally. the gain being 21a per cent. Tn, following stocks also rose a point ol over from the earlier low prices Atchison preferred, Cleveland, Cincin natl. Chicago and St. Louis, St. Paul Rock Island Omaha, Lake Shore, Louis vile and Nashville, Manhattan, North ern Pacific preferred, Norfolk ant Western preferred, Western Union Leather preferred, Sugar, Tobacco ant General Electric. New Jersey Centra
 declined 115 in the early depression, bu
 gained 3A on a covering movement
 Delaware and Hudson rising 1B il
 sympathy. American Spirits lost II
 on the day. Chicago Gas was quite CT
 ratio, but gained sharp net fraction
 The closing was strong and buoyan and generally at top prices.
 The bond market ruled moderatel
 active with tendency towards highe
 prices, which became quite marked il
 the closing dealings among a few spec
 ulative issues.
 | Government bonds were dull bu
 showed strength in the late dealings.
 Following are the closing prices re
 ported by Prince & Whitely, banker
 and brokers, 16 Broadway, New York
 and 15 Center street, New Haven:
 Bid Ask