Norwich bulletin., 1911-03-14
FINANCIAL AND COMMERCIAL,
DECLINE ONLY TEMPORARY. Tax Decision Has Only Momentary Influence On Market.

New York, March 13.-One of the group of supreme court decisions which Wall street long has awaited with some trepidation, upholding the constitutionality of the corporation tax law, brought about merely a brief de- cline on the stock exchange when it was announced today. Within 0 few minutes stocks bounded back to the best prices of the day, and later made further Improvement.
 The news was received so calmly that the market was barely aroused from the dullnes5 of the morning, and during the remainder of the day trad- ing was still quieter. Active stocks in most cases closed with good fractional gains.
 The action of the market was re- garded as indicative of. it's present strong position by traders who recalled the uneasiness with which the finan- cial community received the corpora tion tax plan when it was proposed nearly two years ago, soon after the induction of the present adm1nistra- tion. At that time great emphasis was laid upon the administrations avowed purpose ct scrutinizing financial af- fairs of corporations more closely, in connection with the levy of the tax.
 When the governments power to collect the tax was finally affirmed to- day there were no such signs of uri- eaSluSSSs 1UG D1OIQenCdry QGproSSl0n of prices doubtless was the result of some hesitation as to how the news would be taken as we'll as an attempt on the part of bear traders to utilize the decision for their own ends. It was seen quickly, however, that the courts finding had induced no Iiquida- tion of stocks by large holders, and the market soon lighted itself Tho small supply of floating stocks, the eagerness Of bear traders to cover and tho knowledge that the largest holdings were in strong hands combined to pre- vent suhstantfal losses.
 United States Steel fell point, Un- ion Pacific 3-4 and other stocks lesser amounts during the temporary set back.
 Speculative operations of the day centered largely about Atchison. It was strong at the opening, when the tone of the market was rather heavy, and attracted support of bull traders, who quickly advanced it Q point. Olh- CT stocks improved with it, and the market was strong throughout the re- mainder of the session, except for the brief dip noted. At the end of the day Atchison. Reading, Union Pacific, Southern Pacific and few less prom irent stocks had gained point or more, with smaller gains predominant ing elsewhere. Minrea polls and St. Louis preferred was a notable excep-
 
 the last transaction prior to today, which was in November.
 One of the largest copper producing companies was reported today to have made a further reduction in the price of it's. high grade ore, a. step which gave no hint of the hoped for better ment in that industry.
 Rates for time money showed still further ease today and the market for prime mercantile paper was easier in tone. Trading in Wabash-Pittsburg Terminal bonds again was the point of interest in the bond market, sales of these issues making up about a third of the total The recent activity in these securities is believed to fore shadow an end to the litigation iu which the company has been involved.
 The general bond market was irreg- ular. Total sales, par value, $3, ,9O1, 900 United States bonds were unchanged on call.