The Washington times., 1909-05-04

more the decision declaring constitu-
tional the commodities clause of the
Hepburn rate law. and then limiting in
the most ironcIad manner its operations.
is studied the more certain it appears
that the decision is the most important
that has emanated from the court since
Il knocked out the income tax law.
As the constitutional lawyers. who re-
ceive fabulous fees for devising the
best way to evade certain laws. look
at the decision today they declare that
Il does more by inference than it does
by direct mandate. So important is the
courc decision considered that copies
of it in fun have been ordered by nearly
every big lawyer who has Wall Street
connections.
The effect is very apparent in the
market. The United States Steel stocks,
which as a matter of fact are the stocks
Ct the biggest holding corporation in
the world for that is just what the 81
ant steel company Is, are all high
less something more than mere earnings
are taken into consideration and all
OF the other holding corporations are in
demand.
Lawyers All Agree.
Lawyers are a unit in declaring the
language of the supreme Court yester-
day absolutely makes holding corpora
tons, and others may be expected to
be formed in certain corporations. The
market today was prepared for a real
bull movement. Reading was strong at
the opening, but the insiders began at
once to feed out the shares acquired
below 40 IN campaign Of prof1t-taE-
ing and the speculatively inclined were
turning their
to the cheaper stocks.
From Pittsburg came the report that
the direct result of the decision was
the immediate increase OF coal opera
lions in Western Pennsylvania and
West Virginia by the railroads B. +.
Busch. president of the Pittsburg Ter
minal Railroad and Coal Company, had
conference with H W McMasteTsr
receiver for the Wabash-Pittsburg Ter
minal railway, decided TO start oper-
atoms I'm the large coal holdings OF
contracted with Nicholl & Co, OF New
York, TO take 100000 tons Of coal an
nually. The coal lands, which are es-
timated 70 contain 100000 tons of coal,
had been. under lease to the Pittsburg
Coal Company. but that concern ADAM
doned its lease and said Il would not
enter into A new lease until next fall.
Busch decided, however, that he would
not wait that long to regain possession
Of the property and will take It over at
once.
To End ReceiveTship.
The decision is expected 10 end the
receivership OF the Western Maryland
and the other coal roads and to result
in immediate development Of the Little
Kanawha syndicate holdings of coal
property.
hard at work on their melon cutting
a plan which viii result in the segre-
cation of the coal holdings of the coTu-
President Baer, of the Reading, In dis
cussing the decision, expressed great
Just how the law was to apply. Gen
orally speaking, the courts decision in
this suit is of a nature TO be highly
satisfactory to the coal roads, he said.
THE results seem 10 be gratifying as
the court explains just how the law is
to be applied"
When asked If the Temple Iron Com
pany was planning to take over the coal
holdings of the Lackawanna. Baer de-
clared such a project was not in con-
temptation. He added. however. that
Il would appear TO be a comparatively
arrange it's affairs in conformity 10 the
ruling Of the court"
The bull movement continued as the
day wore on, the Hartman stocks
being among the leaders and Union
Pacific making the best figures
went above 153 and the steel stocks
scared toward the highest prices of
the year, with the entire list pro-
crossing upward I'm sympathy.
financiers came the word that in their
opinion a wonderful bull movement
had been started. the end OF which
they could not fOresee.