The Birmingham age-herald., 1911-03-14
1 CORPORATION CASE DID NOT STIR STOCKS Long Anticipated Decision
 Has Slight Effect
 MARKET IS STRONG
Momentary Depression in Prices Was Soon Recovered After Decision Which Was Said Would s 4 Demoralize Market

New York, March 13-One of the group of supreme court decisions which Wall street long has awaited with some. trep- idation, upholding the consttutionality of the corporation tax law, brought about merely a decline on the Stock Exchange when it was announced today. Within a few minutes stocks bounded back 10 the best prices of the day and later made improvement. The news was re- ceived so calmly that the market was bare- ly aroused from the dullness of the morn- ing and during the remainder of the day trading was still quieter. Active stocks in most cases closed with good fractional gains.
 The action of the market was regarded as indicative of its present strong posi- tion by traders, who recalled the un- easiness with which the financial com munity received the. corporation tax plan when it was proposed nearly two years ago, soon after the induction of the pres ent administration.
 At the time great emphasis was laid upon the administrations avowed pur- pose of scrutinzng financial affairs Of corporations more closely in connection with the levy of the tax. When the governments power to collect the tax was finally affirmed today. there were no such signs of uneasiness. The momen- tary depression of prices doubtless was the result of some hesitation as to how the news would be taken, as well as an attempt on the part of bear traders 10 utilize the decision for their own ends. It was seen quickly, however, that the courts finding had induced no liquida- tion of stocks by large holders, and the market soon lighted itself.
 Speculative operations of the day cen tered largely about Atchison. It was strong at the opening when the tone of the market was rather heavy and at tracted support of bull traders, who quickly advanced it point. Other stocks improved with it.
 At the end of the day Atchison, Read ing. Union Pacific. Southern Pacific and a few less prominent stocks had gained point or more with smaller gains pre- dominating elsewhere. Minneapolis and St. Louis preferred was a notable ex- ception, selling at nearly 20 points be- low the last transactions prior to today which was in November.
 One of the largest copper producing companies was reported today to have made a further reduction in the price of it's high-grade ore, a step which gave no hint of the hoped-for betterment in that industry. Western railroads report ed a shrinkage in tonnage for last week to a point in most cases somewhat below last years figures.
 Rates for time money showed still fur ther ease today and the market for prime mercantile paper was easier in tone. The unusual financial strength of the west as reflected in heavy deposits and ease of money there, doubtless has it's bear ing on the continued lower rates at this center at a time when demands from tho interior for crop requirements usually oe- como heavy.
 Trading in Wabash -Pittsburg terminal bonds again was the point of interest in the bond market, sales of these issues making up about third of the total
 The general bond market was irregu- lar. Total sales, par value, $3O01. .OOO. Uniteds States bonds unchanged on call,