The Birmingham age-herald., 1907-07-28

l tween the federal and state courts of l North Carolina is looked upon in Wall street as being full of market danger. | The prevailing notion Is that while the railroads directly concerned may gain a victory over state authorities they were impolittc in making the Hgnt the way they did.
 The contention is that if they had gone about their defense in a less defiant man
 ner they night have gained their point just as quick without antagonizing the masses of the people as well as gaining public ill will in every quarter. Knocked out on the broad proposition advanced by
 the railroad companies the state retains the indisputable right to pass laws for
 the local regulation of railroads which might make life very burdensome to them. In war of reprisal and retaliation an aroused state can hurt railroads With in it's limits worse than the railroads can hurt the state. This phase of the situation is the one which Is attracting attention in Wall street and calling down
 upon the heads of the management of
 the Southern railway harsh criticism. President Finley and his associates are
 getting 1t on every hand both by wire, mail and word of mouth that they have
 made a tactical mistake in the course mapped out for their North Carolina cam paign.
 1He LTOuDlb WILL HOHit OA AhS PS'B'S intrusted with the management Of rall- roads and other corporate property Is that they feel impressed with the need of con Vincing their stockholders that they arc powerful and fearless characters and that they must demonstrate in a way to prove this, regardless of consequences It there fore turns out that some of them are headstrongly bent on taking the wrong way toward what they consider the right thing.
 It was not until Wednesday that the street took stock in the report that South ern Pacific was to be placed on per cent dividend basis. The story had been going around for several days that there would be something doing in Southern Pacific. but nobody knew exactly what was meant thereby. Meantime steady absorption was going on and the stock rose. Speculation was for the time being shifted from Union Pacific into that is- sue and the market continued to hardeh.
 On Wednesday 1t took jump from T low point of S4 3-4 on Tuesday to 90 l-2 The extreme advance on the day was nearly , points, and the closing only fractionally off from the top. The sym pathetic rise In Union Pacific on We'd nesday was full 21-2 points, and the whole market a corresponding uplft Out of a total of 675,00O shares Union Pa Ciftc and southern half. For many weeks the Hartman is- sues have been the leaders with activity centering in Union Pacific which rose several times to the neighborhood of IA only to be hit on the head and set back again.
 It took something more than mere sem tirnent and tips from headquarters to put stock up and keep 1t up. This some thing" came in the form of emphasized rumors of a contemplated advance in the Southern Pacific dividend. These vari ous rumors took concrete form on Wed nesday in an inspired statement that tho junior Hartman was to be really favor ed as indicated. Then followed the mar ket splurge and its attendant excite ment
 Back of the Catskills there is famous summer resort at which there is hotel which takes care of 4o0 guests every suri- mer Nobody with less than million dollars can get a room. Out of the 70 guests 200 were women over. fifty years of age, 75 per cent of the 200 being over