Evening star., 1909-05-04
PRICES RULE STRONG
Substantial Advances Took
Place in All Quarters.
RECORD FOR U. S. STEEL
Reading Again the Most Conspicu.
Gus Feature.
OTHER STOCKS STIMULATED
Number Score Extensive Gains.
Railway List Shares in Rise.
Hills Stocks Prominent.
OTHER STOCKS STIMULATED
Special Dispatch TO The Star.

Special Dispatch TO The Star.
NEW YORK, May 4.-There was quite
r protracted period after the opening OF
business during which the speculation In
securities was apparently trying to find
It's bearing in the light of yesterdays de-
cision of the Supreme Court in the COM
modities clause case of the Hepburn rail-
way act. During that time the dealings
were in somewhat reduced volume. and
fluctuations In prices were comparatively
narrow and irregular.
The market gained in strength, how
ever. quite steadily as the day progressed.
and substantial advances took place in all
quarters. with some important stocks. in
Guiding United States Steel preferred. ris
ing TO new high figures of record.
II was only natural that the specula-
tive community. at large should have
stfll remained in more or less confused
state OF mind as TO the actual import
of yesterdays Supreme Court decision.
Press and other comments upon the real
bearing Of the latter were, however,
commonly to the effect that at the best
or the worst the result was drawn
fight. and that except in the instance of
Il few individual corporations no radical
changes in the methods of operation
were involved.
In these circumstances Reading was
again the most conspicuous feature of the
market in respect of activity. and ruled
exceedingly strong during the greater
part cf the day. For more or less clearly
defined reasons the Supreme Courts de-
cision was likewise held to be of bene-
fcal bearing upon the L. s. Steel securi-
ties. and these were also conspcuously
strong and active. especially. as already
notec. I'm the instance of the preferred
stock.
Broadly speaking. 1t could be asserted
that. as was true yesterday. the mere
fact OF the ultimate disposition of this
important litigation was accounted a
highly favorable influence upon the mar
ket for securities, apart from even the
general tenor OF the courts ruling.
Little Response From London.
At the opening Of business OF the stock
market somewhat irregular tendencies
prevailed and some disappointment was
evident that the American department Of
the London stock market had failed to
give more response to- the development
which was directly responsible for yes
terday's advance in the local dealings.
Operations here for foreign account
showed on balance in fact a small ex-
cess of sales
The local stock market did not assume
any very definite. tone until. well along
with the progress OF the forenoon, when
as mentioned above. prices hardened and
the trading retained its lettering tenden-
cies with marked degree Of pertinacity.
While the stocks directly affected by yes
terdays decision were naturally prorni-
nent in the trading. they did not by any
means monopolize speculative interest,
and number of other shares scored
extensive advances at one time or an
other during the day.
and miscellaneous group were American
Cotton Oil. American Telephone and Tele-
graph and Beet Sugar.
fractions Relatively Dull.
The local traction issues were relatively
duh. although the Interborough Metropol-
itan stocks were not substantially affected
by the decision of the public service COM
mission in the matter of the extension Of
the so-called McAdoo system.
Aside from the stock already re-
ferred to by name, the railway share
list showed a long line Of material
advances. The Hill stocks were particu-
larly strong and Union Pacific rose to
the highest prices at which Ii has been
quoted on the. protected rise in that
security.
Little gossip or actual news except
of a technical and routine character
accompanied, however. the transac-
tions in particular stocks.
Interest in crop conditions and
money market circumstances was
again overshadowed by that created
by yesterdays decision of the United
States Supreme Court