The Montgomery advertiser., 1908-03-25
THE STOCK MARKET

New York, March sk--There was In
creased appreciation In the financial
world today OF the Importance OF yes
terday's supreme Court decision at
Minnesota and the North Carolina rate
laws. The late advance In the mar
ket yesterday was traceable to this In
fuence. but not enough was known TO
perceive the scope of the decision The
principles laid down in the decision are
felt to be material safeguards in a de-
cision in which the fears of the finan-
clal world have turned with much So
licitude for many months past. Not
only in the force of existing state laws
has there beep subject for tlmidity on
the part Of the capitalists and security
holders but Sun more 50 in the threat l;,a.
against corporations which would
leave them In the troubled apprehen-
sion OF their owners, but little chance
1t is from this extreme point Of view
OF the possible aggravation Of their
troubles that the Influence on senti-
ment of the protection promised by the
ruling Of the Supreme Court Of the uni-
ted States must be estimated. Sever
ity of penalties In the way of fines.and
imprisonment such as might work as
an intimidation against an appeal from
the law are pointed out as 5ustifyIng
of protection. The re-assertton OF the
principle that the suficiency Of rates
liked by law to enable the company to
obtain some return for the stockhoid-
ers for their investment is subject to
decision by the courts as security
against violation Of constitutional
rights was a comforting assurance to
security holders. The special applica-
tion. Of the decision was seen in the
marked response OF certain stocks.
Consolidated Gas, for instance, has
threshed out in the State courts tn
So cent gas law on the claim that II
fnRV NJ "a AZ Act n. fo
company was an intervening party In
the case decided yesterday. stocks of
railroads in some of the Southern
States which have been most stringent
prompt to reflect the Significance OF
the case. Northwestern Railroads, al
though they seem to have an equal In
terest in the question, were less al
fected and this was. undoubtedly, he
cause OF the prominent place those
stocks have held in the previous ad :
vance In the market. There was, in
fact, very extensive digestion OF
profits effected in the course Of the
day and the price movement was in
consequences. uneven and Irregular at
times, The Presidents forthcoming
message was the subject of discussion
and there were those about the stock
exchange, protesting to know Its con-
tents. who described 1t as mildly con-
clliatory in It's treatment Of capital.
The amendments offered by Mr. Her
burn to the sherman, anti-trust n ~
were assumed to direct the course OF
the Presidents presentment. An
amendment OF the present law SO as "a
restrict its Inhibition Of agreements in
restraint OF trade to those only which
are unreasonable, would be receive
with gratihcation In the financial world
and apparently throughout the rafi-
road world: The involvement OF that
subject with the elaborate plan for
Federal registration and extended con-
troll OF corporations by the governnient
authorities does not awaken enthu-
siasm amongst those having to do
with the ownership and sale of corpo-
Bonds were firm. Total sales mar
value, $s.2f0,0o0.4 U. s. Is declined IL
per cent on call. 80 !. : - -
CLOSING STOCK LEsr.