New-York tribune., 1908-03-24
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

Toward the end of day of relative steadi-
and of fair activity the stock market yes
terday afternoon began to advance rapidly on
heavy buying which carried several issues 10
their highest prices Of the year. the upward
trend continuing TO the close, which showed net
gains for almost all of the stocks in which there
were transactions. The principal factor con-
tributing TO the markets strength was the series
Of important decisions handed down by the
United States SUPREME Court in railroad cases,
which gave encouragement TO railroad managers
and TO investors whose properties have suffered
through the enactment Of state legislation
deemed to be oppressive. The opinion adjudg-
ing the Minnesota railroad rate law invalid be-
cause of the excessive penalties imposed gave
rise to speculation whether the s29,00000o f1ne
imposed on the Standard Oil Company of Ind
lana might not finally be cancelled. The intro
duction into the House of Representatives of the
so-called administration bill to amend the Sher-
man antitrust law was, like the supreme
Courts decisions, bullish influence IN the STOCK
market, providing, as il appears to do, for prac-
tical immunity for corporations against Whlch
no legal steps have yet been taken for viola
tion of that law and permitting wider freedom
in the making of contracts or combinations
among registered corporations.
Analgamated Copper was helped by the I'M
proving condition of the copper metal market,
which was emphasized by another advance in
quotations by the Metal Exchange, American
Smelling and Refining and National Lead NOV
ing with il. The United States Steel stocks
gained nearly point each, being bought on the
reported improvement in the iron and steel in
Custry. Pacific Mail, not often active in these
DAYS. made a net gain of points on buying
said to have been inspired by the apparently
rather remote prospect of the enactment OF
subsidy measure at this session of Congress.
Call money was usual quoted at IA and
per cent and the time money market was quiet
at unchanged rates, although the tone was cas-
fer The banks completed their payment of the
s35 600 600 of special deposits called recently by
the Secretary of the Treasury, the last of the
instalments having been turned over
The strength and activity Of American Sugar
Refining stock which made net gain OF SIS
r,oints. were referable chiefly to the publication
Of the first annual report to the shareholders.
which disclosed d surplus for the last year OF
about s2,50 10000 and total surplus of $2o.ofb.-
q2s The report, the issuance OF which IS IN
derstood have been due to the INITIATIVE OF
President Thomas. while giving much more IN
formation about this great corporation than has
oyer before been made public, falls tar snort oi
the reports Of many other lndustrlal companies
in details L shows net earnings, out gives uo
firrr.s on gross or on operating expenses, from
which the stockholders may know the volume
of business and judge Of the reasohaoiehehs %
+be items making up the cost OF conducting IL
While the balance sheet shows the assets III
groups the report is in striking contrast 10 t'a'
of the United States Steel Corporation oCcu-
r,-ing a similarly pre-eminent position IN the
iron and steel industry in onlttlnS oetdlis Vi ''
;,,,-ae,r,an+e The late President Hayemeyer al
WAYS took the ground that especial need eHlsten
for secrecy in the conduct or the sugar puSi4'e9S
and the present management are sun Pal '!S
committed to that view, but the reference III
tbejr statement to the possibility OF the enact
,,rt of law recurring publicity makes it prob
able that succeeding annual reports VIII snow
more fully than does the present one the ac'ua
position Of the company. Al any ldte' n 07
ming has been made. and a promising ohe-