Evening star., 1909-05-03
SLUMP IN THE STOCKS
Decision in Commodities
Clause Case Stirs Market.
READING DROPS 3 POINTS
Irregular Tendencies Displayed After
Opening.
FOREIGN HOUSES SELLERS
Rally Before Close Lifted Reading
Above Saturdays Closing.
FOREIGN HOUSES SELLERS

Prices broke sharply on the receipt OF
the decision in the commodities clause act
case. Reading slumped points. Union
Pacific and Minneapolis, ST. Paul and
Sault Sainte Marie . Southern Pacific
and Canadian Pacific 11s, st. Louis and
San Francisco second preferred rs, Della
ware and Hudson /, and Pennsylvania,
New York Central. Northern Pacific, ST.
Paul. Colorado and Southern first pre-
fcrred Eric and the second preferred
Great Northern preferred, Denver and
Rio Grande and Brooklyn Transit l. A
rally followed which lifted Reading Z
above Saturdays last price. with good re-
coveries also in number of the stocks
The fluctuations in the market then be-
came very feverish and trading fell off.
Special Dispatch > The Star.
NEW YORK, April 3.-Throughout the
forenoon the stock market hung in state
Of breathless expectancy upon the decision
of the United States Supreme Court upon
the long g-discussed commodities clause OF
matter was naturally augmented on ac-
count of the receipt of positive advices
TO the effect that the court would finally
hand down its decision this afternoon.
Shortly after midday the news agencies
and those houses with private telegraph
wires to Washington were literally flooded
with the verbiage of the decision, but for
obvious reasons Wall street found 1t eX-
tremely difficult to draw any final con-
cir frpr fhp r. ilNy 40 "a
and involved wording of the decision. In
fact, diametricalIy contrary reports were
constantly In circulation I'm regard to the
actual import Of the courts conclusion.
and in consequence the stock market was
thrown into condition of great confu-
sion~
As was to be expected. Reading was
the storm center of the dealings. and not
only showed the widest fluctuations, but
furnished the largest proportion of the
days total transactions. 1t Is proba BILE.
in fact. that the lapse of much time will
still be necessary before the full import
of the courts ruling is established.
Even Balance for Reading.
AS trading was conducted upon the
stock exchange today, however. it was
only natural that prices should be swayed
by each new Interpretation of the techni-
cal language of the decision. For ex-
ample. there appeared to be consensus
Of opinion to the effect that in the last
analysis the Reading property might cas-
lily be able to strike an even balance upon
the terms of the courts ruling. That
view of the case and the speculative popu-
larity of the stock accounted sufficiently
for its predominating position in the day s
transactions.
In fact the other stocks more or less
equally concerned in the matter with
Reading were not unduly conspicuous in
the days dealings. Ii would be almost
superfiuous TO discuss the days market
except in the light of the Spreme Court
decision.
In the early part of the day irregular
tendencies were commonly displayed, the
market at the time deriving it's tone in
large measure from London. where COR
responding conditions were exhibited. For
cigh houses were sellers here on balance
to the extent of about 1900 shares.
Gold Engagement.
The engagement of 81 900 gold for ship
ment to Paris was announced in the early
part of the business session, but that
circumstance, together with the fiuctua-
tions of the grain market and what might
be described as the days routine devel-
opments were altogether ignored.
In view of the grave disturbances of
sentiment created by the uncertainty
regarding the actual tenor of the Su-
preme Court decision IL might be said ,.lat
the stock market gave a fairly good
account of itself. While the fluctuations
were wide and the trading exhibited a
feverish tone, there were at no times
evidences of anything approaching real
Generalization
In fact. it might be said that there
was genuine feeling of relief that a
final adjudication of this long discussed
ease had been reached, and these state
ments were not particularly modified by
Wall streets general incapacity grasp