Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-05-05
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings In All
The Leading Stocks.

New York, May Am animated and
varied speculation was carried on the
stock market today and the mplift OF
prices was comprehensive and marked.
The strength was uneven and the move
ment in few stocks overshadOwed the
whole market Reading still held the
most conspicuous place in the transac-
tions and the supreme court decision on
the commodities clause of the Hepburn
act was the continued subject of earnest
discussion. Reading had Deen picked as
this subject for months past and it's vic.
lent oscillation today was the index of
speculative opinion and was followed in
close sympathy Pat but IN w M us snfy yar
of the speculative enthusiasm which
found expression in the operations in
stocks was based upon the most liberal
construction of the supreme courts de-
cision in its bearing on the whole subject
of corporation control. The comment was
heard amongst brokers that the annul-
ment of the Sherman antitrust law would
follow as a natural consequence from the
principles laid down in the commodities
clause decision.
Renewed safeguard for property and
vested rights was inferred from the tenor
of the opinion of the court. Beyond
these very general and loosely assusmed
consequences the influence of the decision
was perceptible in many directions in a
taired that the corporation device of the
holding company had received new au-
thority and JUSTIFICATION in the view of the
corntry's highest judicial authority. 1t
was pointed out that acts by subsidiary
corporations for the benefit of the parent
corporation might be permissible under
the construction as implied by the eX-
emption granted to the coal carriers ,te so LOT
panies. This inference was applied to the
case of the United States Steel Corpora
ton. in itself a holding company and the
most important in existence. The cor
poration's responsibilities in connection
with its iron ore lands, and controlled
railroads were held to be materially modl,
fed. The comment about the fnanclai
district construed the new permission to
wards holding companies as reviving the
possibilities of great railroad mergers by
a revision of the methods by which the
feet the combination of the Northern Pa
oific. the Great Northern and the Chicago,
Burlington & Quincy railroads part1c-
ular application of the new cond!tions 10
the Union Pacific and it's large holdings
of stocks in other railroad companies was
observable in the conspicuous activity
and strength of that stock.
Outside of the applications drawn from
yesterdays supreme court decision, there
were not many motives apparent for the
greatly increased activity of the market.
Railroad net earnings for March were re-
ported in great number and the favorable
comparison with March of last year was
of helpful effect on the speculation. In
ductrial preferred stocks were especially
preferred The tone of the foreign ex-
change market. hardening of the private
discount rate in London and a fall in the
Paris cheuue on London united to fore
shadow a further outgo of gold from New
York. The active speculative demand
was supplied freely from various sources.
including London, during the day. and
prices underwent a sharp reaction before
the close.
Bonds were irregular. Total sales, par
value, $7512,OOO. United States As coupon
advanced 3-S per cent. on CALL