The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-03-30
Political Affairs and Temperate
Tone Of Presidents Message
Help Market.
COURTS DECISION FAVORABLE
Railroads Still Running Behind,
and Cutting Down Expenses.
Good Crop Outlook.

NEW YORK March 29.Tsevera!
events last week are viewed with graft
fcation. and encouragement by tle
I,llolders of and dealers In securities.
Tile movement OF the market for
, securities. nevertheless was some
what halting and irregular. The rea-
son was to be found III tie extent 70
which operations based on the eXpce-
tation OF the most important % the
Developments had preceded tha faet.i
This was notably true regarding prll-
tcal affairs. and the course of AZ
minstration and Legislative policies az
Washin gton. There had been very
active speculation for more than
week preceding last week based upon
the daily reports OF consultations 60
ing on at Washin gton looking to the
shaping of the Legislative program III
the rest Of the session Of Congress.
Great stress had been laid, also on tho,
mild tone which was to characterize
President Roosevelts special message
advocating this program. The progress
Of the formation of the legislative plum
proved to have been quite accurately
detailed In the press reports and the
Introduction Of the proposed Hepburn
amendments TO the antitrust law AMI
publication of the Presidents message,
brought no new force into the specula.
tive situation
The. natural disposition towards
realization. In fact, induced some re-
action. The action OF the market,
however. does not obscure the fact that
benefits to the financial and industrial
situation are hoped for from an amend
ment to the antitrust law which Will
permit reasonable agreements. even
though In restraint of trade In tile
strict application of the law as inter-.
preted by the Supreme Court.
Courts Decision.
The judicial department OF the gov
eminent supplied factor Of encour-
agement in the Supreme Courts de-
cision against the validity Of the Min
nesota and North Carolina railroad rate
laws The tendency OF this decision
seems not to have been foreseen IN
the stock market. so that 1t furnished
a genuine new influence on the specu-
lation. 1t would be difficult to ex-
aggerate the degree OF discourag cement
| which railroad officials and financierJ
have PROGRESSED over the course of state
legislation towards railroad corpora
lions. The force of the Supreme Courts
decision. as 1t was Interpreted in the
financial district, was held to offer a
broad restriction on State Legislation
concerning Interstate commerce by
Federal law, and additional security
was discerned in this against forced
reduction Of rates ( to a point of con-
against excessive penalties which
| would operate as obstacles to an APP
| peal for constitutional rights of prop
erty in interpretations.
The effect was especially pronounced
| on stocks of companies that have been
directly concerned in struggles against
such conditions
Industrial Stocks.
On the side of the Industrial and
business situation, conditions as re-
ported, showed some confusion of the
good and the bad. Additional resump-
lions OF steel mills and the rise In the
price OF copper, caused feeling Of
encourag enlent over the metal trades
Large curtailment Of cotton goods pro-
ducton and reduction of wages in the
New England mills made depressing
factor rom the textile trade situation.
Railroad officials do not speak with
enthusiasm of the rate Of betterment
in their traffic and retrenchment con-
tinues the order OF the day In the rail-
road world, while returns Of earnings
thus far made do not show the process
! extended to a point sufficient to off
set the lnroads upon the rate
of gross earnings of previous cores
ponding periods. Satisfaction is felt
with the condition In which the grain
crops are tipped to come through the
winter, and growing Influence is looked
for In the news from that field. The
movement of accumulation of money IN
| banking reserve centres continues.
and the Withdrawals of government de-
posts from the banks has not pre-
vented the ease in the tone Of the New
York money market. The easing ten.
dency Of the New York market has
not yet improved the conditions Tor
absorption of new securities. The re-
port of preliminary arrangements
| looking to later mortgage issue OF
s4o.ooo,o00 to $5o,oO0,ooo on unmort.
gagged Union Pacific lines, gave a sem
sible check to the whole market.
Curb Price. for Last Week.
l . D . ~ e q Z 3 n nf