Norwich bulletin., 1910-04-12
Davis Thinks a Lot of Morgan.
FINANCIAL AND COMMERCIAL,
SPASM OF ACTIVITY
Hurried Buying of Stocks at Rapidly
 Advancing Quotations.

New York, April 11.-There was a sudden spasm of activity in-the stock market today upon the announcement Of the reassignment for argument be-
 fore the supreme court of the Ameri-
 can Tobacco and Standard Oil cases.
 The action of the market reflected the assumption that an advantage for
 the corporations had been gained. The buying of stocks was hurried and ur-
 gent and at rapidly advancing quota
 tons. That it came largely from un-
 covered shorts was obvious, the pro-
 fessional bears having sold stocks in
 the early dealings on a rumor that a
 decision adverse to the American To-
 bacco company would be handed down
 today. This mood of the speculation
 had been aggravated by the speech of
 the attorney general in Chicago on
 Saturday night and by the intention there announced to extend the scope of government prosecutions of corpora tions to the bituninous coal confbina- ton and, inferentiaHy, to others. It was gathered that the government s programme was based largely on the outcome of the two cases now post poned. and the pOStponement caused a revulsion of sentiment from the de- press1on caused by the attorney gener- alS announcement.
 ~ There was the additional considera- t1on that the opening of the two lead ing antitrust cases implded a balance of opinion in the court itself that left llte HteItlp6TS u0SaClSn6Q 10 prOmulgat6 a decision in cases of such wide scope and importance. The impression made on speculative sentiment was of an in creased chance for a final judicial opin- ion adverse to radical interpretation Of the antitrust law. The demeanOr of legal counSelors of the corporations involved conveyed the same impres- sion. The delay in itself which must now occur in reaching final decision in the cases was accepted as a meas ure of relief from the condition of sus- pense which the weekly expectation of a possible decision has held over the stock market
 Other considerations were submerged by the importance attached to the new position of the antitrust cases. Pro- fessional operators had discovered evil dence of an oversold condition of the market resulting from last weeks de pression. Bidding for stocks to test the market revealed a small floating supply offering. A stronger technical condition was inferred from this. The dropping tendency of grain and cotton prices gave force to favorable auguries of the crops Further needed showers in the winter belt strengthened this inn pression.
 Interest rates for time loans were advanced again and the call loan rate started the week at three and one-half per cent, influenced both by the bank statement of Saturday and the belief that further gold engagements would be made for this weeks steamer. None was announced today and the foreign exchange rate showed a yielding ten dency. The fact that the Bank of England secured the bulk of the South gold arriving in London with out competition bore on the situation
 The tone of the bond marA0 contin- ued irregular, but there was Some in- provement at some points. IntimationsS that further offerings of new issues were contemplated was taken to mean that the surfeit was being relieved to some extent. Total sales, par value s2,275,00 United States bonds were on call.