Omaha daily bee., 1909-04-06
WE BEE. OMAHA. TUESDAY, APRIL 6, 1909.
NEW YORK. STOCKS AND BONDS
Speculation Does Not Maintain Its
strong Tone Throughout Session.
TRADERS WATCH SUPREME COURT
expected Opinion on validity Of Com
modities Clause of Hepburn Law
Does Not Come-CIose IL
Active and Higher.

NLW York, April 5.-The speculation In
stOcks did not fully maintain it's stronp
III e I~nSoughout today, although still show.
ns eVloence Of vitality and an undertone
~ confidence. Speculative opinion seems
20 nave arrived at the conviction that the
Mosst Is over in the business depression
sno mat Improvement is to be the rule
rom now on. Mixed with the confidence
engineered by this view Is the caution
prompted by the probability that the specu-
ieuon Will outrun the rate of Improvement
leaving room for sharp market reactions.
Inc danger OF running out OF margins
IN sueh a reaction and of losses for the
VOC caring SPECTATOR are taken into ac-
count and are responsible for such periods
or hesitation as were perceptible during
much OF today's session. although there
was q strong recovery before the end Of
the day. An additional unsettling influence
was the expectation OF a decision in the
case to test the commodities clause of the
Hepburn law. The supposition was strongly
held that with the ~reconvening of the SUI
preme court after the spring recess there
would be found amongst the Accumulation
OF opinions usually delivered by the court
afteF such a close period, the one deciding
the constitutionality of this much dis
cussed provision, on which Is believed TO
hinge the right OF the anthracite carriers
to control their own mines. The disposition
was plainly manifest to reduce market
commitments as the hour approached for
the assembling OF the supreme court. The
tluetuatlon in Reading, meantime, became
very feverish. Then followed a period OF
extreme dizziness in the entire market until
the announcement came that the decision
was once again proposed. 1t would have
peeh considered a relief to have this mat
ter finally disposed of, as il is considered
mat II will exercise a restraint of specu-
iatiNe activity as long as II Is undecided.
With the certainty OF a postponement of
the decision at least another week there
iolowed some revival of animation in the
market ana repurchase of stocks sold in
me nornIne' saturdays pricS recovery
ana the tone OF sdvlces sent out by com
mission men over the weekend resulted
IN considerable accession OF buying orders
when the market opened. The further i'm
provement In the financial conditions
abroad brought an addition to the demand
TOT American securities from that source
also. The market proved so broad and
otfered such power of absorption that there
was a free distribution of holdings in the
forenoon by the skilled element in the
speculation which appreciates the value of
to widen the field of holdings and to eff
feet a process of digestion of profits. The
selling to realize had its inevitable effect
OF checking the rise and was followed by
the hesitating period of the mid-season.
In the latter efforts to start the market
up again a good deal OF attention was
given to individual stocks with a view to
their sympathetic effect on the general
list. Some OF the lower grade stocks were
made prominent in this movement, reflect
ing the progress OF the speculative ex-
ploitation down through the list.
Outside the supreme court session. not
much attention was paid to any news.
There seemed some impression that the
beginning of argument in the government
suit against the Standard oil company
might act as a restraint on the specula-
ton. This weeks government report on
crop conditions is regarded as Of great
Importance for the light II will throw on
the state In which winter wheat has
emerged from the trials OF the winter.
Time loans were reported easier and CON
siderable amounts were said to have been
placed on Saturday over the end OF the
year at 31s per cent. The vigorous ad-
cific and United States Steel was decisive
in turning the whole market upwards
again.
Bonds were firm. Total sales, par value,
$49I,0o. United States bonds were I'M
changed on call.
Number o! sales and leading quotations