Omaha daily bee., 1909-05-05
new YORK. STOCKS AND BONDS
Market is Animated and Uplift in
Values is Marked.
FEW ISSUES ARE CONSPICUOUS
Anthracite CoRlcrs and Industrial
Preferreds Are Especially strong
Bond Market -
Irregular.

NEW YORK. May Am animated and
varied speculation was carried on in the
stock market today and the uplift OF
prices was comprehensive and marked. The
strength was uneven and the movement In
a few stocks overshadowed the whole mar
ket. Reading still held the most conspicu-
Gus place in the transaction and the SUI
preme court decision on the commodities
clause OF the Hepburn act was the con-
tinued subject of most earnest discussion.
Reading had been picked as the medium
for expression Of feeling on this subject
for months past, and it's violent oscillation
today was the index Of speculative opinion
and was followed in close sympathy, but
In widely varying degree, by the whole
list. No small part of the speculative en-
thusiasm which found expression In the
operations in stocks was based upon the
most liberal construction of the supreme
courts decision in its bearing on the whole
subject of corporation control The sapient
comment was heard amongst brokers that
the annulment of the Sherman antitrust
law would follow as a natural consequence
from the principles laid down on the com
moditles clause decision. Renewed safe
guards for property and vested rights were
inferred from the tenor of the opinion Of
the court and the laying of a threat of
danger from the spread OF legal restraint
was assumed from the necessary shaping
Of public policy TO conform to the law
Beyond these very general and loosely as
sumed consequences the Influence of the
decision was perceptible in many direc-
tons.
Railroad net earnings for March we're re-
ported in great number and the favorable
comparison with March OF last year was
of helpful effect on the speculation. h
relatively low level Of last years earnings,
with which the compa risons were made,
was lost sight of. The rise In the coun-
try's bank clearings for April last was
looked upon as good evidence OF trade ex-
pansion. Estimates by official authorities
of several states Of the progress of the
crops during April were not convincing and
the government crop report on Friday
Is looked to with especial interest.
Industrial preferred stocks were espe-
cially strong again, led by United states
due to a belated recognition of the extra
security enjoyed by this class of shares
and the high income return ~luded by
securities. The firm tone of the foreign
exchange market. hardening OF the pri-
vate discount rate in Loudon and a fall
IN TIE Paris cheques on London united to
| foreshadow a further out 70 Of goli from
New York. The depletion OF hank re-
serves made no impression on the local
money market and did not disturb the
speculative confidence in which the large
operations in stocks were pushed. Thi'
active speculative demand was supplied
freely from various sources, including
London. during the day and prices un-
derwent a sharp reaction before the
close.
Bonds were irregular. Total sales, par
value. S7.512. 600. United states As cou-
pon advanced a. per cent on call
Number Of sales and leading quotations
on stocks were as follows.