The Montgomery advertiser., 1908-03-30
FINANCIERS
 ARE PLEASED Court Decisions Bring
 Hopeful Views, UNwISE LAWS ARE CHECKED Railroad Stockholders Feel Some
 Encouragement. Mild Tone of RoosveIes Mess.ws Hm- proves situation at Money Cen- tres and Better Legislation
 now Expected.
UNwIsE LAWS ARE CHECKED

New York. March 29.--Several events last week are viewed with gratincation and encouragement by the holders of and dealers in securities. The move- ment of the market for securities. new ertheiess, was somewhat halting and irregular.
 The reason to be found tn the extent to which operations based on the ex- pectation of the most important of the developments had preceded the fact. This was, notably true regarding poe litical affairs and the course of ad- minfstration and legislative policies at Washington There had been a very active speculation for more than week preceding last week based on the daily reports of consultations go- ing on at Washington looking to the shapdng of the legislative program of the rest of the session of Congress,
 Great stress had been laid. also. on the mild tone which was to character~ ize President Rooseveit's special mes- sage advocating this program.
 The progress of the Legislative plan proved to have been quite accurately detailed In the press reports and the introduction of the proposed Hepburn amendments to the antitrust law ana the publication of the Presidents mes- sage brought no new force Into the speculative situation. The natural dis- position towards realization in fact in- duced some reaction. The action 0g the market however, does not cb- scure the fact that the benefits Co the financial and industrial situation are hoped from an amendment to the anti trust law which will permit reasonable agreements even though In restraint 0f trade in the strict application of~tne law as interpreted by the suprsme Court.
 The judicial department of the goxs ernment supplied a factor of ancour- agement In the Supreme Courts de-. cision against the validity of the Mln- nesota and North Carolina rate laws, The pendency of this decision seems not to have been foreseen on the stock market so that 1t furnished a gen ulne new influence on the speculation.
 Railroad sIen Hopeful.
 It would be difficult to exaggerate the degree of discouEa cement which railroad officials and fnanciers have professed over the course of State leg islation towards railroad corporations The force of the Supreme Courts de- cision as 1t was interpreted to the financial district was held to offer X broad restriction on State legislaflon concerning interstate commerce by Federal law. and additional security wt diseerned In thls against forced reduction of rates to a point of conde- cation of reasonable profits and also against excessive penalties which would operate as obstacles to an ap- peal for constitutional rights of pror- erty In corporations. The effect waa especially pronounced on stocks Of companies that have been directly concerned in struggles against such conditions.
 On the side of the industrial and bus- mess conditions. conditions as report ed showed some confusion of the Rooa and the bad. Additional resumptions of steel mills and the rise in the price or copper caused feeling of encour~ agement over the metal trades.
 Large curJatlment of cotton goods production and reduction of wages ln the New England mills made a de- pressing factor from the textile trade situation.
 Railroad officials do not speak wi,A enthusiasm os the rate of betteruaent 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 uro- cess extended to a point sufficient to offset the inroads upon the rate Of gross earnings of previous correspond- ing periods,
 Satisfaction Is felt with tho condition In which the grain crops are reported to come through the winter and grow ing influence is looked for in the newa from that field.
 The movement oE aecumuIation Of money in banking reserve centers com tinues and the withdrawal of govern ment deposits from the banks has not prevented increasing ease in the tone of the New York money market The easing tendency of the New York money market has not yet improved the conditions for the absorption of new securities.
 The result of preliminary arrange ments looking to a later mortgage is- sue of S50, 1000. 900 on unmortgaged Un- ion Pacifc lines gave a sensible cheek to the whole market.