The Washington times., 1909-05-04

was practically unchanged. but very
strong.
NEW YORK. May Al p. m.-Wsu
Street is IN a happy condition today
II has digested the famous 'commod-
itics clause" decision and therein IL
finds much that is full OF consolation.
II is a much more juicy cocoanut than
expected. and the consideration by cor
porstion lawyers has discovered therein
much that is choice and 10 their liking
Had the justices of the Supreme Bench
simply decided the clause constitutional
or unconstitutional and let Il so at that
the chances are that II would not have
made much difference to the Street
either one way or the other. as the cor
porations interested have a neat little
way OF turning the sharp points OF the
Law by their skillful maneuyerinS IN the
elimination of point here and another
there. But this decision not only de-
clared the muCh-mooted question, de-
clarcd for the constitutionality OF TOE
clause but boldly set forth that COM
psnies not owning mines but the stock
of companies operating mines Weie
within the pale of the law and not IN
fault under its provisions
Holding Compromise Legal.
Per SO. holding companies are legal
cision was Immediately brought TO the
minds OF many. But holding COM
paaies. in the case OF the coal roads
we're 20. KID" with a big and very
prominent 90" and an equally large
TX and the seven justices were prac-
tically a unit in their opinion
This is the way Wall street inquired
n out. This is the way Wall street
played it.
Steel Much Affected.
And the large stockholders in the
United states Steel Corporation viewed
the decision in exactly the same man
ner. They claimed that it gave the
United States Steel Corporation a
clean bill of health, as this company
is the largest holding corporation in the
world. holding stocks Of mining COM
panies. ore. steamship. railroad, and
other incorporated organizations. The
lawyers of -he Steel Corporation have
never aueSti 0ned their ability to main
tain their position before the. Supreme
Court had the matter been Of defend
ing their position been made necessary
But many investors have feared the
matter. and this very question was fire.
Northern Securities case was under
consideration.
Steel Preferred I1s ga.
steel preferred rose 2 points above the
highest record. or to 11S9t, easing of II
point
But the Street was inclined to use
this phase OF the decision as a booster
for the entire list. Il doomed Reading,
Il was given as the excuse for the rise
of Union Pacific. another( strong hold,
ing company, over the long delayed
100 mark; il was a good thing for Penn
sylvania:. the Hill stocks felt its infiu-
ence; New York Central rallied under
was a peach of a bull day in the stock
market all on account OF the much
dreaded, long-deIayed, and very well
come decision of the highest court in
the lsnd-this being according to the
vernacuiar.
London Weak Early.
London was weak. erratic, and lower
but London was miles away and later
took inspiration from New York and
from the decision at the same time
Later on the taking OF profits may cut
into the advances. Later on the legal
men may take some other view of the
situation as developed thereby. Later
On there is likely to be a material ; reae'
but then the United States Steel Cor
poration blew in another furnace and
started another mill TODAY
Reading Up 70 I5s Ia.
Reading opened at 15ls4. or y higher
sold down 70 19O7< under pressure, and
then set the pace with rise 10 1884,
with a reaction 10 1875. Delaware and
Hudson opened at 1914. broke 10 1S4
and rallied TO 1Ssiz.
Union Pacific rose from 1854 to 1853
with slight recession. Southern Pacific
= higher Northern Pacific gained oveI
? Points Great Northern a point. Illi-
nois Central :. New York Central rose
20 1904 from a closing yesterday Al
1855: then II eased TO 1914
IN the industrial list prices were high.
er on some and strong on others, and
on Cotton Oil sharply higher. The same
interests that are operating in Reading
are supposed to be giving Cotton Oil a
boost II rose from 5e5s 20 67zs, a ma
teriai gain. Copper moved up from a..
- 5S5.. and Smelling from 9O2 70 %.