Daily press. [volume] (Newport News, Va.) 1896-current, 1909-05-04
READING THE LEADER
Violent CenlPo!Ions IN Prices Follow
Commodities Clause Decision.
OPINION PfRFlEER TRADERS
Announcement of Courts Decree
First Causes Downshot In Coa'
carrier-Rebounds Violently Upon
Later More Favorable Meaning.
(By Associated Press.)

NEW 1Ohk, May o. ne "loich'
contortions of the quotations for
Reading today belied the assumption
that the Supreme Court decision in
the commodities clause case would
prove 1t was without stock market
influence in either direction.
The market slipped into kind OF
stagnation before the announcement
and became equally lethargic in the
period of perplexity following the first
REPORT of the scope OF the decision.
The sentiment regarding the decision
underwent violent mutations, plainly
indicated In the downward plunge OF
Reading, OH the first bald announce
ment that the provisions OF the law
were upheld and the violent upshoo;
which followed when the conviction
took shape that while the terms OF
the law were upheld. the governments
contentious regarding its constitu-
tionality against the railroad were dis
allowed. 1t was quickly decided that,
while railroads were disbarred from
owning coal which they transported
10 market, there was no obstacle to
their ownership of shares in coal
mining companies. This would leave
railroad companies which control
mines already by this indirect method
in the same position they are now,
while in the case of the companies
which own the mines directly, it has
been made an element of strength in
the market for their stocks that they
were supposed to be making plans to
form separate companies to own the
coal mines, with the shares to be dis
tributed to the railroads stockhOld-
ers.
The extreme range in Reading was
143 5-S at the lowest to Isl IL at
the highest. the latter figure repre-
senting the highest price touched
since the boom in the stock in 1905
which cultivated in price of 1854
in January of 1906. There were in
termediate fluctuations of convulsive
violence which invited the most I'M
bridled speculation by the room trad
ers for whom the sudden changes in
the movement of the stock represent
cd nothing but the blindest character.
The Reading movement was the in
dex OF the whole market, but in its
most exaggerated terms. No other
stock approached it in point of ac-
tivity or range Of movement. The
market gained perceptibly in breadth
and strength, however, in the latter
stages OF the Reading advance. The
promise OF extended abundance of
money seemed TO be the cause OF
sharp advances in a number OF in
dustrial preferred stock. United States
Steel lead with a rise of two points
TO the record price of III 1-2.
The outburst of speculative excite
ment following the commodities clause
decision swept away all other consid-
GRAFTON and the market was strong
to the last.
Bonds we're irregular. Total sales,
par value $4,000 United States
bonds unchanged on call. Total sales
today 1.102. 900 shares, including:
Sugar. 1000; Tobacco. $500: Atlantic
Coast Line. 100: Chesapeake and
Ohio. 1900; Louisville and Nash
vile. zoo: Norfolk and Western. 3. 100:
Pennsylvania. 1880: Reading. 1884,
400: Southern Railway, 10000; South
ern Railway preferred, LOCO: Tenne--
see Copper. 100: Union Pacific, 103.-
600: Steel. 25.SG0; Virginia Carolina
Chemical, 1900.