The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-03-30
SIGNS APPEAR
MUCH BRIGHTER
Holders of and Dealers in Sc
CuritieS Feel Somewhat
Encouraged.
PRICE OF COPPER GOING UP
THE SUPREME COURT DECISION
BROUGHT JOY TO WALL STREET.

New York, March 29-SeVeral events
last week are viewed with graunca-
ton and encourag cement be the hold
ers of and dealers in securities. The
movement of the market for securItlss
nevertheless was somewhat haitlhS
and irregular. The reason was pldin-
ly TO be found in the extent 10 winch
operations based on the expectation OF
the most important or the ueNeiOp-
ments had preceded the fact. rms was
notably true regarding political affairs
and the course of administration and
executive policies at washington.
There had been a very active specula-
ton for more than a week preceding
last week, based on the daily reports
of consultations going on at Washing
ton looking to the shaping of the leg
islative program for the rest OF the
session of congress. Great stress had
been laid also on the mild tone which
was TO characterize President Roose-
velt's special message advocating this
program.
Forecast Nearly Correct.
The formation of the legislative plan
proved to have been quite accurately
d atailed i'm the daily press reports. and
sSe introduction of the proposed Hep
Vburn amendments TO the antitrust
dents message brought no new force
into the speculative situation. The ma
tural disposition toward realization in
fact induced reaction. The action o.
the market, however, does not obscure
the fact that benefits to the financ-T
and industrial situation are hoped TO
from an amendment TO the antitrust
law, which will permit reasonable
agreements, even though in restraint
of trade in the strict application of
the law as interpreted by the supreme
court. The financial community was
not so unreserved in its encourage
ment over the prospect of this amend
ment being coupled with regulations
for federal registration of corporations
and extensions of governmental con-
troll over them.
Supreme Court Decision.
The judicial department of the gov
4 eminent supplied a factor of encOuT-
\ agement in the supreme courts deci-
>siOn against the validity of the Min
nesota and north Carolina railroad
rate laws. The tendency of this deci-
sion seems not to have been foreseen
in the stock market so that it fur
nished a genuine new influence on the
speculation. It would be difficult to
exaggerate the degree of discOurag e-
,lpent which railroad officials and
4inanciers have professed over the
lsc2lIrse of state legislation toward rail
road corporations. The effect of the
decision was especially pronounced on
stocks OF companies that have been
directly concerned in struggles against
such conditions.
Industrial Situation.
On the side of the industrial and
business situation conditions reported
showed some confusion of the good
and the bad. Additional assumptions
In steel mills and the rise in the price
of copper caused a feeling of encour-
sgement over the metal trades. Large
curtailment of goods production, and
reduction of wages in the New Eng
land cotton mills made a depressing
factor from the textile trade situation
Railroad officials do not speak with
enthusiasm of the rate of betteIment
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 pro-
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
the condition in which the grain crops
are reported TO have come through the
winter, and growing influence is
looked for IN the news from that field.
Accumulation of Money.
The movement of accumulation of
money in banking reserve centers con-
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. For
sAgn money markets have been in
lfNned to harden. and continental de-
mands for gold upon London were a
factor. The London money market
was sensitive to large issues of new
securities, which We're not offered with
success. The easing tendency of the
New York money market has not vet
improved the conditions for absOrp-
JiOn Of now securities