The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-05-25
MARKET MAS BUOYANT
The Hand Of the Professional Trader OBJ.
served In the Early Dealings.
STOCKS DEPRESSED IN THE MORNING
An important Decision by tho su.
preme Court In the Interstate Com.
merce case Caused a General Rise
In the A fternoon-Gold Shipments
He'd n Depressing Influence.

New York, May M.--To-day'S rally on
fhe stock market was attributable to the
decision Of the Supreme Court in the
Interstate Commerce case. The market
had derived strength last week on ru-
mors regarding this decision, but 1t sold
OF again this morning before the decis-
lon was announced 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. The morn
Ing was given over to depression on ac-
count Of reports that the Nebraska max
imum freight rate case would not be de-
cided by the Supreme Count until the
fall, the decision in the Interstate Com
merce case being also in doubt. 1t is an IL
lustration Of the Inconsistency and Of the
professional traders working for short
turn In the market that in the upward
movement that resulted upon the declS-
ION OF the Interstate Commerce case,
the spostponement 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 point
ed out that the special session of the
Nebraska Legislature to correct the law,
which was In contemplation in the event
OF lis validity being denied, will now be
avoided. The gold shipments announced
Tor Tomorrow, amounting to s2,4OO,0 900,
also had a depressing influence in the
early trading. as the amount exceeded
considerably what he'd been anticipated
Ihere was also news OF further ship
ments In contemplation for later in the
week. Lower prices in London also had
lts influence on the early heaviness and
the renewed attack on New Jersey Cen
tral affected the market 10 some extent
quite an unWonted degree of buoyancy
ana animation was impaired to the mar
ket BY the Supreme Courts Interstate
Commerce decision This is regarded as
m 0Sf linn nr~f Il,
on railroad values since the TRANSMITS
souri, decision. Part Of the strength i'm
parted to railroad stocks by this decis-
ION Is due to belief that 1t will serve
10 hasten the enactment of a law by
congress to authorize pooling with the
required approval Of the Interstate COM
merce commission OF any such agree
ment to make 1t binding The early
neaVlness mad carried down pretty much
the whole market, the decline extending
70 ~ IN Burlington which was the
leader Of the market in point of actiyjty
This stock also derived the greatest ben.
e1it from the rally, the gain being 2Ih Der
cent. The following stocks also rose a
point or more from the earlier low
prices: Atchison preferred c. c. c. and
p. LOUIS, st. Paul, Rock Island Omaha
Lake Shore, Louisville and Nashyille
Manhattan. Northern Pacific preferred
Nortolk and Western preferred, Western
Union. Leather preferred, Sugar. Tobac-
co, and General Electric Jersey Central
declined !2c. In the early depression.
out gained 3Ac. on covering move
ment, Della and Hudson rising 11hc.
an sympathy. American Spirits lost lie.
on the day. Chicago Gas was quite er-
rntlc, but gained sharp net fraction.
me closing was strong and huoyant at
top prices.
me total sale Of stocks for the day
amounted to lGO,S1G shares, including
sugar 300, Burlington and Quincy 81, :.
900, Rock Island $780, ST. Paul. 2o,1oo
Jersey Central 27,4O0.
ne pond market ruled moderately ac-
tive, with tendency towards higher
prices which became quite market In tha
closlng dealings among 4 few specula tive
Issues. The gains generally did not EN-
ceed fractional limits. with Atchison ad-
: ;usaiheht IS conspicuous for gain Of
per cent. The sales were $4,000.