The Birmingham age-herald., 1909-04-06
LIGHT DECLINE
 IN STOCK MARKET itaIityIS Still Shown In Spec
 ulative Effort HUTTON STILL EVIDENT h Unsettled Influence Is Expectation of Decision By Supreme Court on
 Commodities Clause of
 Hepburn Act.

New York, April 5.-The speculation in Pcks did not fully maintain its strength roughout today, although still showing lidence of vitality and an undertone of lnfidence. Speculation opinion seems to
 I've arrived at the conclusion that the prst is over in the business depression
 d that the improvement is to be the
 le from now on. Mixed with the con-
 ence engendered by this view Is the lution prompted by the probability that le speculation will outrun the rate of hprovement, leaving room for sharp stock arket reactions. The danger of run ng out of margins in such reactions and sses for the too daring speeulator are ken into account and are responsible r such periods of hesitation as were len through today's sessions, although lere was a strong recovery before the Id of the day. An additional unsettling thuence was an expectation of the de- fion in the case to test the commodities ause of the Hepburn law. The sup Isition was strongly held that with the convening of the supreme court after e spring recess there would be found nongst the accumulation of opinions Bually determined by the court after .tch close period the one deciding the Institutonality of this much discussed Fovision, on which Is believed to hinge e right of the anthracite carriers to pntrol their own mines.
 The disposition was plainly manifest to duce market commitments as the hour bproached for the assembling of the su- feme court. The fiuctuation in Reading
 the meantime became very feverish. hen followed a period of extreme dull Bs in the entire markt until the an- buncement came that the decision was nee again postponed. It was considered
 relief to have this matter finally dis bsed of as 1t is considered that 1t will kercise restraint of speculative activity s long as it is undecided. With the cer- linty of postponement of the decision ! least another week. there followed Pme revival of animation in the market hd repurchase of stocks sold in the morn- lg. Saturdays price recovery and the sne of advces sent out by commission buses over the weekend resulted in bnsiderable accession of buying orders hen the market opened. The further improvement in the financial condition broad brought an addition to the demand br American securities from that source so. The selling to realize had it's in- Hitable effect in checking the rise and las followed by the hesitating period of he mid-session. In the later efforts to art the market up again a good deal of ltention was given to individual stocks ith view to their sympathetic effect on he general list. Some of the lower grade ocks were made prominent in this move tent, refiecting the progress of the beculative exploitation down through the st Outside of the supreme court ses- lon ont muc hattention was paid to any Iews. There seemed some impression that he beginning of arguments in the gov l'nment suit against the Standard oil bmpany might operate as a restraint on he speculation.
 lTime loans were reported easier and bnsiderable amounts were said to have ben placed on Saturday over the end of he year at S1s per cent. The vigorous