The Montgomery advertiser., 1909-01-11

mental effect growing out Nof the con- clusions suggested by the outcome of the case. Other important pending cases, Tor which a favorable outcome
 have been similarly predicted, have been motives for extensive speculation. The suit to test the commodities clause of the Hepburn law is a notable exam pie.
 The danger of further miscarriage of the speculation on these assumptions . prompted some readjustment of the pg- lstion- Disappointment of speculative assumptions was read also in the elect-
 Ion of W. c. Brown to the presidency
 of the New York Central and in the
 non-appearance of E. H. Hartman in
 the directorate of that company. ac. e9raing to very confident predictions operators.
 Mr. Harriman's supposed plans and acuvifies have been so fertile a source or inspiration for speculative move
 lhents all through the past year that an extensive field for the working of anxiety was opened up along this line. Another favorite line for speculative inIerence for several months has been the assumed subsistence of government pursuit and public agitation against corporations The Consolidated Gas decision by the Supreme Court was one Of several factors that combined 10 revive some apprehension on that account. Another was the beginning Of oral testimony in the government suit to annul the Hartman railroad merger. The continuance of testimony In the Standard oil suit awakened the recollection of the prosecution Of that corporation. The denial of the gov ernment's, appeal to reopen the S2S.- 00o.ooo fine on that corporation was a temporary offset. but the prompt action of the Attorney General in seek ing a retrial of the case in the lower court nullified this offsettinE in- fluence. The Senate's demand for de- tails for permission accorded the United States Steel corporation to pur- chase the Tennessee Coal and Iron agents of the government were again investigating meat packing industries helped to feed the uneasiness that the consideration of the subject engender- ed. These causes of weakness in the market served to aggravate what was not an unexpected tendency as a natural consequence of the previous course of the speculation. The period following the new year has been look ed forward to for a long time as one of expected revival of widespread pub lie demand for stocks. The amount of stocks bought to anticipate this de- mand had been very large and the sell ing to realize was heavy. The break in prices forced large additional sell ing. The money market over the end of the year proved so tranquil that no obstacle was presented to the early re-investment by anticipation of re- sources available from disbursements of profits. The rapid easing of the money rates with the new year, which Is proving even greater than was ex- pected, did not have the effect In tn- citing demand for stocks as expected.
 In the success of new offerings of securities, however. the effect has been marked. The week saw many sudh offerings both here and abroad and many more are in prospect The effect of this is somewhat to lessen the de- mand for existing securities. The rate of the reflux of currency into bank re. serves Is so large that a smaller de- mand for active business purposes is argued. The course of the improve ment in business and industrial activi- ty, in fact is proving more gradual than was hoped for. Leading iron and steel trade authorities testify to the slow demand for finished lines of steel The renewed accumulation of idle freight cars also gives disappointing evidence of the check to the moye- ment of general mercnandise freight.