| Show I SIGNS APPEAR MUCH BRIGHTER Holders of and Dealers in Se Securities Securities Feel Somewhat Encouraged i PRICE OF COPPER GOING UP THE SUPREME COURT DECISION WROUGHT ROUGHT JOY TO ro WALL STREET STREETT T 1 New York March Marth 29 Several events vents last ast week are viewed with gratification tion Uon and encouragement by bt b the hold holders holders I Irs ers rs of or and dealers In securities The movement or of the market for securities I nevertheless was somewhat halting and Irregular The reason was plain plainly plainly ly to be found in the extent to which operations based on the expectation of the most mORt important of or the develop developments ments mentI had preceded the fact This was notably true regarding political affairs and the course of administration and executive policies at Washington There had been a very active specula speculation tion for or more morl than a week preceding last week based on the daily dally reports of consultations going on at Washing Washington ton looking to the shaping of the leg legislative legislative legislative program for tor the rest of the session of ot congress Great stress had been laid aid also on the mild tone which was vas to characterize President Roose special message advocating this program Forecast Nearly Correct The formation of or the legislative plan proved to have been quite accurately detailed ti d taIled in the daily dail press reports and nd J ga e Introduction of the proposed Hep H p purn lburn urn amendments to the antitrust Taw aw and the publication of oC the presidents presidents presidents dents message brought no new force into the speculative situation The na natural natural natural tural disposition toward realization In fact induced reaction The action o 0 othe the market however does not the fact that benefits to the and industrial situation are hoped fo from an amendment to the antitrust law which will vill permit reasonable agreements even though in restraint of trade in the strict application of ot the law as Interpreted by the supreme court ourt l The financial community was not BO so unreserved in its encourage encouragement encouragement ment mont over ocr the prospect of this amend amendment amendment ment mont being coupled with regulations tor lor federal registration of oC corporations and nd extensions of ot governmental con control control contro tro over Ocr them Supreme Court Decision The judicial department of oC the gov gO supplied a factor of oC encouragement encouragement in the supreme courts dee deci ion against the validity of ot the Min Minnesota Mm and North Worth Carolina railroad rate laws The of this deci decision sion tIon seems not to have been foreseen In the th stock market so that it fur furnished furnished furnished a genuine new influence on the speculation It would be difficult to exaggerate the degree of discourage int which railroad officials and financiers have hat professed over the lIrse of state legislation toward rail railroad railroad f road corporations The Tue effect of the tho decision was especially pronounced on stocks of companies that have been directly concerned in struggles against such mch conditions Industrial I Situation On the side of the industrial ind and business situation conditions reported showed some confusion of the good and the bad had Additional resumptions in mn steel mills and the rise in the price of ot copper caused a lj feeling of encouragement over the metal trades Large curtailment of or goods production and reduction of ot wages In he the New Eng land cotton mills made a 8 depressing factor from the textile trade situation Railroad officials do not speak with enthusiasm i of the rate of betterment In f J their traffic and retrenchment con eon continues the order of or the day In the rail railroad railroad railroad road world while returns of oC earnings thus far made do not show the pro process process process cess extended to a point sufficient to offset the inroads upon the tue rate of or gross earnings of previous correspond log ing periods Satisfaction is felt with the condition in which the grain crops are reported to have come through the winter and growing Influence In is looked for tor in the news from that field Held Accumulation of Money The movement of accumulation ac of I money in banking reserve centers con continues continues on and the withdrawal of ot govern government government ment mont deposits froth the banks has not prevented increasing ease in the tone of 01 the New York money mone market For money markets have been in ini i ned to harden and continental de demands demands demands mands for fOl gold upon London vere iere ere a lac factor fator tor The rhe London money mone market was as sensitive to large Issues of oC new securities which were not offered with success The easing tendency of the New York money mone market has not yet et Improved the conditions for tion of or now securities J |
