New-York tribune., 1908-03-30
THE WEEK IN WALL STREET.

the great ma ajorty Of stocks in wnich there ildu
been dealings. Unlike the preceding "eeh' ne.
the Improvement had ,y.actcally peeh coliliiieu
to the industrial group. the railroads also cafne
in for full share in the gains, althoush the h-'
advances in number of the most prominent
railroad stocks among them Union Faclhc
Southern Pacific. Reading, Northern Paclhc anu
Atchison. less than two points eacl- me
trading was still in the main professional Out
the steady movement of prices toward higher
level seemed TO have had the effect OF bringing
IN outside buyers to some extent. a moderate IN
crease in commission house business pells rs
ported. The earliest and most important bulllsh
influence of the week without doubt the
series Of opinions handed down by the Supreme
Court on Monday in cases affecting railroads IN
Minnesota and North Carolina 1t need hafdIE
be pointed out how great hardship mas peen
worked upon railroads in many states py the
legislation enthusiastically enacted during the
height of the ant1-railroad sentiment Of the last
year or two and how serious has been the re-
sulting apprehension aroused in the MINDS OF
railroad managers and Of investors, and II is not
easy TO overestimate the beneficial influence OF
the Supreme Courts decisions, interpos1ng as
they do an effective check oppressive and
confscatory legislation and assuring equltapIe
treatment Ct transportation corporations by the
states in which their lines are operated In
many quarters the Supreme Courts action in
the railroad cases is believed to foreshadow a
reversal of the S2e.00000o fine imposed on the
Standard OIL Company Of Indiana by Judge
Lands when that case shall reach the court OF
last resort.
The Presidents special ge sent TO Con-
sress last week also produced an excellent i'm
preston, from the manner in which he pre-
sented and discussed the legislation suggested by
him. among those who are not In accord
with him TO the desirability Of the changes
advocated The passage of the Aldrich bill ny
the Senate with the prospect Of similar action
bv the House within short time and the en-
actrnent # the measure into law. had some
slightly beneficial effect on the market Al
though the bill. which was al no time calcu-
lated 10 effect real reform Of the country
Currencv SYSTEM has now been so amended as
10 have lost most Of the value which il may
originally have possessed. More important than
the action on the Aldrich bill in its good effect
on sentiment was the resumption OF business bE
the Knickerbocker Trust Company, as the OUT
come of some months Of unTemltting efIoTl' III
" hich many serious obstacles were met and
overcome for TIE rehabilitation Of that great i'll
stitution could not have been effected without
the cooperation of the thousands Of deposltots,
the giving Of which has been a significant lndi-
cation Of the revival Of confidence in the per
uation.
Easy conditions continue 70 prevail in the
money market, call loans commanding no higher
rate than ? per cent, as for many weeks past
and time funds being obtainable at low rates
fo~ all rnaturities. the demand for money being
requirements by call loans. seeing little indica-
ton of stiffening Of rates for the present The
movement Of funds from the interior mas not
ceased and is so large that, despite the return
within the last few weeks Of S35,000,000 OF the
governments special deposits, the greater part
of which was forwarded from this centre. the
Associated Banks of New York now hold about
$4,000. .0c0 OF cash in excess OF the p per cent
reserve required by the Clearing House ofllts
members SO great is the plethora OF money
b.. lov, rate
tXports might be looked for were il not that
similar ease. resulting from similar lack 81
profitable employment for money, prevails IN
Europe The federal Treasury, which at the
beginning of the year had only about S3.00oOo0
free cash now has working balance Of $o4.-
10 600 sum in excess Of that usually main
tanned by il in this fund lis deposits in ma
tional banks. which be recalled on demand
are still in excess OF s192,006,o0O, and with the
increase If the national deficit another heavy
withdrawal is likely before the end OF the fiscal
wear. a call which the banks viii be able 10 meet
without serious impairment of the strength of
their position.
The reports Of the great mercantile agencies
concur in the statement that gradual improve
nent in business and industry is noticeable. al
though il is no more than gradual and shows
much irregularity- In the textile industries the
crIraiIment of production continues, and the buy
ing while fairly brisk, represents chiefly de-
nand for the replenishing OF depleted stocks. The
Improvement in the iron and steel industry noted
in the annual report Of the United States Steel
,-orrorarjon appears to have been halted. and,
although the business being done IS on much
larger scale than az the opening cf the year, an
approach to normal production can hardly he
expected until conditions shall have so decidedly
improved that the railroads will be enabled to
obtain at favorable rates the funds with which
70 nav for heavy orders Of rails and other ma
terial In the copper industry the outlook now
seems better the domestic consumers, vino had
long held aloof. being reported as purchasers II
the metal large an extent as to bring the
stocks down to low proportions. While more
hopeful feeling is evident in the business world,
the recovery from the effects Of the panic must
be expected to be a slow process.
Commercial failures are still abundant. those
Of last week being larger in number than in the
preceding week. and railroad earnings show Sc
we're falling off from the corresponding period Of
1907. although the shrinkages are little less
than reported in the earlier weeks of the
rent year while the returns of bank clearings
tell the stOry Of diminished trade activity. II is
early vet for crop forecasts, but the indications
thus far presented point TO harvests of normal
size. the garnering Of which would be a factor
OF the highest value in effecting return Of
prosperity for the country The political situa-
ticn is stiH involved, and until il shall clear TO
some extent and until it shall be possible TO
know with a fair degree of certainty what the
yield OF and wheat and cotton is be
there is not likely to be any definite step for
ward toward the establishment of that
abc undtng prosperity which the country enjoyed
year ago and which IT viii enjoy in added
measure IN the not far distant future
The decision Of the Union Pacifc's directors
last week to ask the stockholders to authorize a
large bond issue was from one point of view well
received by the Street Indicating the opinion
of the prominent 1nanCiers in that board that
the market could absorb a large bond ss4e. In
other directions, though, it met with much
criticism, in which brought up again the