The Birmingham age-herald., 1908-03-25
UPTURN IN STOCKS
 STILL CONTINUES
Material Advance Is Made On
 Supreme Court Decision
RAILROAD STOCKS HIGHER
Those Who Profess To Know What Is In the Forthcoming Message of the President Say Stocks Will
 Not Suffer From 1t.

New York, March 24.-There was in- creased appreciation in the financial world today of the importance of yesterdays supreme court decision at Washington against the validity of the Minnesota and the North Carolina rate laws. The late advance in the market yesterday was traceable to this influence, but not enough was known to perceive the scope of the decision The principles laid. down in the decision are felt to be material safe- guards in a decision in which the fears of the financial world have turned with much solicitude for many months past. Not only in the force of existing state laws has there been subject for tiniidity oI the part of the capitalists and se- curity holders, but still more so in the threat of an extension of the campaign against corporations which would leave trem in the troubled apprehension of tdeir owners but little chance for life.
 It is from this extreme point of view of tha possible aggravation of their trou bies that the influence on sentiment of the protection promised by the ruling of the supreme court of the United States must be estimated. Severity of penalties in the way of flnes and Imprisonment such as might work as an intimidation against an appeal from the law are poirt- cd out as justifylng the assertion of constitutional right of protection. The reassertion of the principle that the suf1 ticiency of rates fixed by law to enable the company to obtain some return for tne stockholders for their investment is sub- Ject to decision by tine courts as security against a violation of constitutional righ+s was a comforting assurance 10 security holders. The special application of the decision was seen in the marked response oe certain stocks.
 Consolidated gas, for instance, has threshed ont in the state courts the S0- cent gas law on the claim that it was contiscatory in it's effect. This company was an intervening party in the case de- cided yesterday. Stocks of railroads in some of the southern states which have Teen most stringent in the regulation of railroads were prompt to reflect the sig- nlficanee of the case Northwestern rail reads, although they seem to have an equal interest in the question, were less affected and this was, undoubtedly, be- cause of the prominent place chose stocks have held in the previous advance in inc market. There was, in fact a very Extensive digestion of profits effected in the course of the day and the price movement was in consequence uneven and irregular at times.
 The Presidents forthcoming message was the subject of discussion and there were those about the stock exchange, lrofessing to know it's contents, who de- scribed it mildly conclliatory' in it's treatment of capital. The amendment of fered by Mr. Hepburn to the Sherman antitrust law were assumed to direct The course of the Presidents present ment An amendment of the present lax so as to restrict it's inhibition of agree ments in restraints of ,rada to those only which are unreasonable, would be re- ceived with qualification in the financial road world. The lnvolvment of that sub 5ect with the elaborate plan for federal registration and extended control of cor rorations by the government authorities does not awaken enthusiasm amongst those having to do with the ownership and sale of corporation securities.
 Bonds were firm. Total sales, par value. g 21O,Od0.
 United States 4s declined F per cent CT call.