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Show FINANC1ALREVIEW New York, May 9. The long awaited decision of the supreme court on the validity of the commodities clayse of the Hepburn act, proved the key which unlocked the speculation In the stocks from the bonds which, had been holding. hold-ing. , The advantage of the coal roads from the practical nullification of the intention of the act to compel them to disappropriate the coal mining property prop-erty was sufficiently obvious." The stock market lawyers also rushed to some sweeping and loose Interpretation Interpreta-tion of the bearing of the decision on the whole subject of corporation control con-trol reading Into it a practical immunity immu-nity from the power of the government govern-ment to prevent combinations and mergers anJ a repeal, in effect of tho provisions of tne anti-trust law. Report during the week of proposed amendments to the Hepburn law to make Us purpose effective and of cabinet cab-inet conferences on the Bubject had some modifying influence on the stock market sentiment. Another effective Influence on speculative spec-ulative sentiment was the evidence of Improvement in financial conditions, namclv in the great basic steel Industry, Indus-try, and In other metal trades. The arrest of the downward course of quotations quo-tations of steel products was not universal, uni-versal, wire products coming in for a further cut. but it was sufficient to shape a conviction. In the copper trade the statistics for April to be published tomorrow, are awaited for definite knowledge, but the Impression has ruled that here also the rate of deliveries into consumption consump-tion has overtaken the rate of production produc-tion and put a stop to the accumulation accumula-tion of surplus stocks. 1 Tho fact that bank clearings throughout the country for April established es-tablished a new record Is advanced as another evidence of the explanation of business with allowance necessary for the active speculation going on in various var-ious linos. The stock market showed little evidence evi-dence of disturbance over tho large acreage of winter wheat killed and the government report. The eager demand for wheat and the high prices ruling are relied on to stimulate the sowing of every available acre in spring wheal. |