The Montgomery advertiser., 1909-05-05
THE STOCK MARKET

ID
New York, May 4.--An animated and
varied speculation was carried on In
the stock market today and the up
lift of prices was comprehensive and
ana r.. mo p srsnsh was ssr .ssssa
ovsrshadow the whole market
Reading eAli held the most conspic-
nous place in the transactions, and
Commodities clause Of the Hepburn act
was the continued subject OF most
earnest discussion. Reading had been
picked ~ the medium for expression
past and it's violent Oscillation today
ana was followed II close sympathy
but in widely varying degree. by the
No small part Of the speculative en-
thusiasm which found expression in
the operation Of stocks was based
upon most liberal construction Of the
Ing on the. whole SUBJ eot Of corpora
The salient comment was heard
among brokers that the annuliment
follow as natural consequences from
the principles laid down Ia the COM
modities clause decision.
kenewsd safeguard for property and
vested rights were inferred from the
tenor OF the opinion Of the court and
the laying Of threat OF danger from
the spread OF legal restraint was as
sumed from the necessary s..apins y,
~ - conform 70 the law.
Beyond these very general and loosely
assumed consequences, the influence
OF the decision was perceptible In
many directions In q more special APP
It was maintained that the corpora
tfon device Of the holding company
had received new authority and JUS
tihcation In view Of the country's
highest judicial authority.
IT was pointed out that acts blu sub
sidiary corporations for the beneht
of the parent corporation might be
Implied by the exemption granted to
the coal carriers for the acts Of the
control in the anthracite companies.
This inference was applied to the case
tion in itself q holding company and
the most important In existence.
The corporations responsibilities in
connection with its iron ore lands and
controlled railroads was held to be
materially modified.
The comment about the financial
district construed the new permissions
the possibilities Of great railroad msr.
gers by revision of the methods by
which the Northern Securities Com
pany was formed to effect the com
Great Northern. and the c. B. e Q.
Railroads
"A particular application Of the new
conditions to the Union Pacific and
railroad companies was observable in
the activity and strength of that
stock. Outside OF the numerous Inn
plications drawn from yesterdays sn-
many motives apparent for the great
iy Increased activity of the market.
Railroad net earnings for March
were reported In great number and
fha 70 rfa Morah
Of last year was OF helpful effect on
the speculation. The relatively low
level of last years earnings with
ioa ssSs e. TSs re. are se eo %Ss
try's bank clearings for April to a
record volume was looked upon as
good. evidence Of trade expansion. Es-
srai states OF the progress Of the
crops during April was not convinc-
ing and the government crop report
on Friday IL looked to with special
eign exchange market. hardening OF
the private discount rate in London
and fall in the Paris cheque on
London united to. foreshadow q fur
There was deposit also I. $500. 900
at the sub-treasury for teiegraphic
transfer to San Francisco.
These evidences OF forces of deple-
tion Of bank reserves at work. made
no impression on the local money
market and did not disturb the specu-
lative confidence with which the large
operations In stocks were pushed. The
active speculative demand was sup
piled freely from various sources. I'm
Guiding London. during the day and
prices underwent q sharp reaction be-
Fore the close.
Bonds were irregular. Total sales.
par yAluAl "a. 512Doen aAsL ser u
United States Is coupon advanced
8-e per cent. on call.
= Il F.
CLOSING STOCK I1sr.