Norwich bulletin., 1909-05-05
FINANCIAL AND COMMERCIAL.
MARKED UPLIFr OF PRICES.
Animated and Varied SpecuIatioC-
 Sharp Reaction Near Close.

New York, May 4.-An animated and varied speculat ton was carried on in the stock market today and the uplift of prices was comprehensive and marked. The strength was uneven and the movement in a few stocks over shadowed the whole market. Reading still held the most conspicuous place in the transactions and the supreme court decision on the commodities clause of the Hepburn act was the continued subject of earnest discus sion. Reading had been picked as the medium for expression of feeling on this subject for months past, and it's violent oscillation today was the index of speculative opinion and was follow ed in close sympathy, but in widely varying degree, by the whole list. No small part of the speculative enthusi- asm which found expression in the op- erat1ons in stocks was based upon the most liberal construction of the SUI preme courts decision in it's bearing on the whole subject of corporation control. The comment was heard amongst brokers that the annulment of the Sherman antitrust law would follow as a natural consequence from the principles laid down in the com modities clause decision. Renewed safeguard for property and vested rights were inferred from the tenor of the opinion of the court. Beyond these very general and loosely assumed con sequences the influence of the decision was perceptible in many directions in a more special application. It was maintained that the corporation device of the holding company had received new authority and Justification in the view of the country's highest judicial authority. It was pointed out that acts by subsidiary corporations for the ben eft of the parent corporation might be ,ae,r,s s4.v. implied by the exemption granted to the coal carriers for the acts of the controlled anthracite companies. This inference was applied to the case of the United States Steel corporation, ill itself a holding company and the most important in existence. The corpora tions' responsibilities in connection with it's iron ore lands and controlled railroads were held to be materially modified. The comment about the financial district construed the new permission towards holding companies as reviving the possibilities of great railroad mergers by revision of the methods by which the Northern Se- curities company was formed to effect the combination of the Northern Pa cific, the Great Northern and the Chi cago, Burlington and Quincy railroads. A particular application of the new conditions to the Union Pacific and it's large holdings of stocks in other rail- road companies was discernible in the conspicuous activity and strength of that stock. Outside of the implications drawn from yesterdays supreme court decision there were not many motives 6 J aren't for the greatly increased ac- tivity of the market. Railroad net earnings for March were reported in great number and the favorable com parisons with March of last year was of helpful effect on the speculation. Industrial preferred stocks were espe- 4ially strong again, led by United .3tates Steel preferred. The firm tone of the foreign exchange market a hardening of the private discount rate in London and fall in the Pafis cheque on London united to foreshad- ow 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 re- action before the close. Bonds were irregular. Total sales, par value, ST. 512,000. United States fours coupon advanced 3-S per cent. on call