The Washington herald., 1908-03-24
CHEERING BULL NEWS
Announcements Point to
Higher Stock Prices.
SUGAR REPORT IS PLEASING
American COmpany'S Statement, Is
sued for First Time in Its History,
News of the Day, Tends 10 Estab-
fishing Firm Tone 10 the Market.

New York. March 23.-Not In the course
of single business day for a long time
has there been. as was the case to-day
such series OF announcements calculated
TO stimulate advancing prices in the
stock market.
To begin with, shortly after the open
ing of business. the American Sugar Re
fining Company published for the first
time in its history a complete statement
OF its assets and liabilities as taken at
the close OF last year, as also a state
ment Of its net earnings during the same
period.
Many friends Of the late Henry o.
Havemeyer. under whose management
the company prospered so many years,
while admitting the varied and signal
ability that he displayed in conducting
the affairs OF the company. yet sincerely
disagreed with him In his refusal TO give
TO the stockholders Of the company any
more than the barest summary from time
to time, of the company's condition. The
new management of the company, how
ever in a very praiseworthy manner,
adopted another policy in this respect
The report Of the company issued to-
day, was not as detailed as that of the
United States Steel Corporation. but It is
generally admitted by fair-minded people
that corporations like the sugar COM
pany that are subject at all times TO
keen and bitter trade competition cannot
justly be asked to expose their opera
tions with the same fullness as IN the
instance with which comparison is made.
The statement made by the American
Sugar Company to-day seemed to give
all the information that under the cir
cumstances the STOCKHOLDERS OF the com
pany can reasonably ask. and the sharply
rising quotations for the company's COM
mon stock attested the appreciation
which Wall street entertains Of the wis
dom or the new departure. It deserves
10 be said also that the report disclosed
the company as being in a considerably
stronger state than had been commonly
supposed
The TruSt-Iaw Bill.
In its relations to the stock market.
however. this event was by no means the
most powerful factor Of the day. In the
early afternoon came first the news Of
the various provisions OF the bill intro
duced in Congress with the support Of the
administration and Of the leaders in both
houses of Congress Of the dominant DO
litical party, having as its objects the
amendment Of the present antitrust law
and secondly. the decisions OF the Su-
preme Court Of the United States upset
ting the laws recently passed in Mime
sofa and North Carolina directing a re-
duction in railway freight and passenger
rates.
While during business hours the text
OF the decisions Of the Supreme Court in
the railway-rate cases was not available
it appeared to be the fact that the high
est tribunal Of the land had nullified
these laws because Of the excessive pen
alties provided In them and because they
attempted TO estOp any appeal from their
operation to the Federal courts. Here is
a development Of immense and far-reach-
ing Importance.
Favorable TO Steel Company.
Again to-day It became known that the
Bureau Of Commerce and Labor had COM
pleted the exhaustive investigation that
It has so long been conducting into the
affairs Of the United States Steel Cor
poration, and would shortly make a re-
port, which would be in the highest de-
gree favorable to the great iron and steel
company. Sentiment. too, was naturally
helped by the rapid progress that IS be-
ing made toward an entire resumption
Of business by the Knicerbocker Trust
Company and by the Oriental Bank, and
by increasing evidences of an easier ten
dency in time money rates.
Although the banks to-day paid into the
sub-Treasury almost SI4OO0.O0O, being the
final installment of the governments re-
call Of $35.0O0O0O Of public money, the
price Of call money on the stock exchange
advanced only one-fourth Of 1 per cent
Further hardening was noted in the quo
tations for copper metal, and a good i'm
preston was caused by the news that the
General Electric Company was about TO
start again on full time its large plant in
Schenectady.
Market Closes Firm.
The stock market itself in she early
portion Of the day was inclined perhaps
20 sag little under realizing sales after
Saturdays advance. but the tone OF the
market soon turned toward buOyancy and
closing prices were in nearly all instances