Birmingham state herald., 1897-05-25
In w all Street.

New York, May A.-Today' rally on the stock market was attributable to the de- cision of the supreme court in the inter state commerce case The market had de- rived strength last week on rumors re- garding 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 lnforma- tion. 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 rate case would not be decided by the supreme court until fall, the decision in the interstate commerce being also in doubt. It Is an illustration of the inconsistency and of the professional trad CTS working for a short turn In the market in the upward movement that resulted upon the decision of the interstate commerce case the postponement of the Nebraska case was offered as a bull argument on the ground that the lower courts injunction stands and will stand until the decision in October. It is also pointed out that the special session of the Nebraska legislature tion in the event of Its validity being de- n.ed will now be avoided. The gold ship ments announced for tomorrow amounting to $2 400, 900 also had a depressing influence in the early trading as the amount exceed eded considerably what had been antici- pated There was also news of further ship week. Lower prices in London also had it's influence on the early heaviness and the renewed attack on New Jersey Central af- fected the market to some extent Quite unwonted degree of buoyancy and animal tion was imparted to the market by the supreme courts interstate commerce de- cision. This is regarded as the most i'm portant decision in its effect on railroad values since the trans Missouri decision. Part of the strength imparted to railroad stocks by this decision is due to belief that 1t will serve to hasten the enactment of law by congress to authorize pooling with the required approval of the interstate commerce commission of any such agree ment to make It binding. The early heav- mess had carried down pretty much the " fn i in Burlington, which was the leader of the market in point of activity. This stock al ly, the gain being 2ik per cent. The follow ing stocks also rose point or more from the earlier low prices: Atehison preferred Louis, St. Paul. Rock Island. Omaha, Lake Shore. Louisville and Nashville, Manhat- tan, Northern Pacific, preferred. Western and General Electric. New Jersey declined 1ls in the early depression, but gained 3H 9h covering sn m w RelawaTe and Spirits lost IS on the day. Chicago Gas was quite cratic. but gained a sharp net ant and generaiiy % at top s prices S % The % total sales of stocks for the day amounted to 1s0Sl6 shares, including Sugar Refinery Island. 5.aOO; St Paul, 2O1Oo; New Jersey Central. .2 400
 The bond market ruled moderately active with tendency. toward higher prices. which became quite marked in the closing dealings among a few speculative issues The gains generally did not exceed frac- tional limits, with Atchison adjustment As conspicuous for a gain of 1 per cent The sales were Ss43,000
 Money on call. easy at lAd1h per cent; last loan. IF per cent closet 1h@1k per cent Prime mercantile paper. 3lhG4 per cent.
 Sterling exchange easy with actual bus ines in bankers bills at As7h for sixty days.
 Posted rates were s4.Ed$4 Ssls
 Commercial bills. AS5
 Silver certificates, 60sd60%.
 Bar silver. CO.'S.
 Mexican. dollars. 4Iss.
 Government bonds, strong.
 State bonds, dull.
 Railroad bonds, firm