Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-03-25
FINANCE AND
COMMERCE
Wall street.

tpTdaN S supreme court uCN'9l'h az
washington against the validity of the
Minnesota and North Carolina railroad
rate laws. The late advance in the
market Yesterday was traceable to this
Influence, but not enough was known
n prcCeive the scope of che decision
The principles laid down in the de-
eision are felt to provide material
safeguards in a situation which the
fears Of the financial world have view
ed with much solcitude for many
months past Not only in the force Of
existing state laws has there been sub
iect for timidity on the part of the
CAPITALISTS and security holders, but
stilI more 50 in the threat of an cN-
tension Of the campaign against cor
porattons which would leave them. in
the troubled apprehension of their
owners little chance for life. 1t IS
from this point of view of the pco-
pIe's aggravation Of their trubcs that
tbe influence of sentiment of the pro-
lection promised by the ruling Of the
supreme court Of the United States
must be estimated. Severity Of pen
atics in the way Of fines and impris-
onment such as might work as an in
tindation against an appeal from the
law are pointed out as justifying tho
assertion of a constitutional right of
protection. The rCasserton of the
principle that sufficiency of rates fix
ed by laws to enable the company to
obtain some return for the stOCkhOld-
crs for their investment is subject 20
nv fbp gppnlritN
against a violation of constitutional
rights was comforting assurance to
security holders The special appli-
cation Of the decision was seen in the
marked advance in certain stocks
Stocks of railroads in some Of tho|
southern states which have been most
stringent in their regulation of rail-
roads were prompt to reflect the sig
nincance of the case Northwestern
railroads, although they seem to have
an equal interest in the question, wcrcI
less affected and this was undoubted-I
~ because of the prominent place
those stocks have held in the previous
advance i'm the market There was
in fact, a very extensive digestion of
profits effected in the course Of thcI
day and the price movement was mi
consequence uneven and irregular att
times. The presidents forthcoming
message was a subject of discussion
end there were those about the stock
exchange protesting to know its con-
tents The amendments offered byi
Mr. Hepburn to the Sherman anti,
trust law were assumed to direct the
An amendment of the present law sol
as to restrict its inhibition of agree
ments in restraint Of trade to those
only which are unreasonable would |
be received with qualification in thcI
financial world and apparently
the railroad world. The
involvement of that subject with the
plan for federal registration
and extended control of corporations
by the government authorities does
not awaken enthusiasm among those
having to do with the ownership and
control Of corporation securities
Profit taking took a good deal off
the top prices in the late trading, bat
the market on the whole, showed
greater breadth and strength than for
any day this year Closing stocks:
Adams Express .......... ..,,,,166@l17
Amalgamatcd Copper -..... .,..., 5Hls |
American Car and Foundry .....,.... 3I's !
do preferred ,,....,... .,......9OW 90
American Cotton Oil .,,..... .....s HSlt |
do preferred ....., e.. .....,....SO@ So
American Express ,,..s. ........ lAUM 1870
American Hide aud Leather prd .... II
American Ice .,-.,,,. ..........,t,, p a. |
American Iinseed oil ..,.., .,,...G$s
do preferred .t....,..,. ..,..,..,.,. l7]a !