The Birmingham age-herald., 1909-05-10
COURTS DECISION
 AFFECTS STOCKS
Commodities Clause Of Hep-
 burn Act Is Invalid
PRICES ARE ADVANCED
All Lines of Trade and Industry Show Steady mproVement--Wee Shows Decidedly Better Tone Over
 the Country.

New York, May 9.-The long awaited 1 decision of the supreme court on the l validity of the commodities clause of the 1 Hepburn act proved the key which un- locked the speculation in stocks from 1 the bonds which had been holding it. The mere feeling of relief that the sub ject was disposed of played a large part in the effect since the halt in the mar ket which each recurrence of decision day of the court testified to the restrain ing effect which the suspense was ex- ercising.
 The advantage to the coal roads from the practical nullitication of the intent to act to compel them to disappropriate the coal mining properties was sufficient 1y obvious. The stock market lawyers also rushed to some sweeping and loose interpretations of the bearing of the de- cision on the whole subject of corpora ton control, reading into 1t a practical ernment to prevent combinations and mergers and a repeal, in effect, of the provisions of the antitrust law.
 These assumptions were made to play no small part in the outbreak of specu- lation during the week and the effect was especially marked In such securi- ties as are affected by the exercise of the ''holding company" device-in which class United States Steel and Union Pa cific are conspicuous Reports during the week of proposed amendments to the Hepburn law to make it's purpose effective and of cabinet conferences on the sub ject had some modifying influence on the stock market sentiment The gen. eral impression of the renewal of proof of safeguards in the organic law for property and vested rights was of deep seated and continuing effect all through the financial world.
 Another Influence.
 Another effective influence on specula- tive sentiment was the evidence of trade Improvements, especially in the basic steel industry and metals. The arrest of the downward course of quotations of steel products was not universal, wire products coming in for a further cut, but 1t was sufficient to shape a conviction that the expansion in the demand induced by lower prices had reached a point to shift the balance against the offered produc- tion. From such a stage the recovery 10 prosperous CODulIlOnS III the IraQe IS expected to be steady and great
 In the copper trade the statistics for April, to be published tomorrow, are awaited for definite knowledge, but the impression has ruled that here also the rate of deliveries into consumption has overtaken the rate of production and put a stop to the accumulation of sur plus stocks
 Current reports of April orders for steel products alege that the bookings by the United States Steel corporation have exceeded those of the whole of the first quarter of the year. The fact that bank clearings throughout the country for April established a new record shows that bus mess is improving with new speculation coming in
 Money Market.
 The presages of awakening trade ac- tvities direct attention to the conse- quenees to ensue to the money market of a growth in the demand for funds for mercantile uses. The hardening tone of the time money market was in response to this prospect rather than to any act ual development of such demand The resumption of gold exports to France, the disturbed labor conditions there, and the problem of the extent to which the gold movement will go enter into the question of the future of the money mar kets. The plethoric supplies of money have been figured to an important ex- tent in the strength of stocks and a restriction of supplies might affect mar ket quotations.
 The stock market showed little evil dence of disturbance over the large acre age of winter wheat killed and aban- doned. shown by the governments port on the crops. The eager demand for wheat and the high prices ruling are relied on to stimulate the sowing of every available acre in spring wheat. The large percentage of spring sown crop reported by the government bureau, in spite of the backwardness of the sea son, was taken warrant for expecta- tion of increased acreage for the total I