The Washington herald., 1908-03-25
MARKET IN ADVANCE
Prices Follow Admittedly
Favorable Influences.
WATCH ANTITRUST MEASURE
Brokers Interested I'm Action which
Will Follow Supreme Conrt De-
cision on Railway Rate Regulation
by States--NO ConfiscafOry Act Is
Considered Legal by Higher Courts.

New York, March 24-The stock market
reached a stage to-day where It was very
plainly the scene of large speculative ma
nipulation for the rise. and where. ac-
cording to all reasonable indications. the
manipulation was being conducted not
by sO-called high financial interests. but
by professional market operators OF the
class whose activity on the side OF de-
clining values last year was so conspicu-
Gus.
There was. indeed. little doubt that
there was heavy liquidation to-day for the
account Of those more conservative capi-
talists whose buying originally started
the present advance although II is to be
admitted that financial influence have in
the last few weeks shaped themselves a
good deal more favorable than seemed
likely when the advance started. and that
these elements are logically responsible
Tor the more speculative character of the
present buying They do not alter the fact,
however, that the market has now be-
come more dangerous for the ordinary
ouyer than it was earlier in the month.
Watch Action of ConEress.
OF the bin TO amend the antitrust act in
uoduced in Congress yesterday. and
more or less doubt was expressed
whether the bin as az present drawn
could be pushed toward enactment. Va
rious provisions In the measure seem
vaguely drawn. il being uncertain. ap-
parently. whether in the scope OF the bill
corporations seeking to obtain immunity
Tor past infringements OF the existing
antitrust act can only do so by filing
various statements with the Interstate
Commerce Commission. and whether after
such statements are hled the government
sun reserves the right Of prosecution.
even though the Interstate Commerce
Commission fails to stamp the agreements
and combinations described as being of
unreasonable character.
If the purport Of the proposed law is az
any rate an effort to bring into effect
President Roosevelt's favorite theory of
an issuance Of licenses to corporations 10
90 business il will receive scant sllpport
from business men. On the other hand a
mi limiting offenses under the act To-
unreasonable restraints OF trade in
stead OF any restraint whatever as the
Ia" now stands would undoubtedly be a
good thing y real financial factor Of the
day was, however the consideration given
10 the decisions OF the Supreme Court
yesterday in the Minnesota and North
Carolina Railway rate cases. and even
mere tho meaning of the decisions did not
seem 10 be correctly apprehcnded i'm the
financial district
Must Not lie Confscatory.
They reamrmed the great priDciple of
constitutional law in this country which
(has always been affirmed whenever tho
high courts OF the land have had a chance
TO DO 50. that statutes. whether OF the
different State legislatures or the Federal
Congress itself that are confscatorv in
their nature, and that attempt TO separate
the people Of the land into classes so far
as the equal protection Of law is concern
cd. are on their face unconstitutional.
The governor Of Minnesota to-day an
nounced his intention Of convening tho
legislature Of the State for the purpose of
amending the laws in the manner de-
scribed.
One pronounced feature OF tho stock
market to-day was the large gains in Ger
tain inactive and quickly moving stocks
like Westinghouse. Consolidated Gas.
General Electric, Tennessee Copper. and
the Ike.
The total volume OF the days transac-
tions ran close to the 1000. 0.000-share level
and-the catalogue Of prices showed gen
eral advances.