Show SPURT OF RAILS IS SHORT LI LIVED VED VEDBy By EL ELMER C. C United Press Financial Editor NEW YORK May 6 The 6 The long long- awaited decision of the supreme court on the railroad pension act announced Monday proved a dud dudor for or the stock market Railroad shares hares had a brief spurt and then lapsed Into lethargy with prices moving irregularly V The decision met the utmost expectations ex cx- of the street It held he the act invalid and in a dissenting opinion Chief Justice Charles Evans Hughes said the decision denies to congress the power to pass any compulsory pension act less ess sponsors of the present bill said they would draw up new legislation legis- legis lation and that had an effect on stocks The decision saves the railroads about for the first year the plan would operate The rho 1934 earnings would bo affected favorably favor favor- ably since it was to have hae been op operative operative op- op in the last four months of that hat year Not all roads were helped by the decision since some including Pennsylvania Baltimore Ohio and Northern Pacific have pension plans of their own paying larger amounts than the tho proposed act Trading picked up tip after the de decision dc was announced but quickly quieted again Short covering brought sales in the fourth hour to shares or a rate of shares for a full day Sales for the day were over a million Atchison Topeka Santa Fc Fe which had sold at 40 rose to 42 up 17 li points then drifted to around the previous close Union Pacific ranged between 89 and 91 Dl 8 7 and then dipped toward its previous of 90 New York Central touched 17 8 5 up a point and then lost the gain Other rail bonds and stocks behaved correspondingly Before the the- decision the market was vas dull and narrow Utilities held well with a fair amount of activity in Consolidated Gas Motor shares slipped back with Chrysler off nearly a point Steels were steady to firm V Sugar shares continued In de demand demand de- de mand with new highs in American Crystal issues and Great Western Crystal preferred gained 4 points Columbia Pictures led the movies higher touching a new 1935 top at 48 up 23 New highs were made by many issues at gains ranging to more than a point but some of the gain was lost and the tho main list moved Irregularly near the close A rise in grains helped the farm implement shares and Case rose nearly a point |