New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-05
BONDS.
THE DAYS OPERATIONS IN STOCKS.

A decision in the so-called Addyston Pipe
ease was handed down yesterday against the
companies composing the old Associated Pipe
Works Traders who have failed 10 study this
case sold their stocks the decision. and
shrewd operators made violent efforts TO induce
general liquidation Prices sold off quite sharp
" In a few issues, but as a rule declines were
small and not accompanied by any important
selling. In addition TO the Supreme Court de-
cision the money market situation at home and
abroad was made to do service as an argument
For lower prices. Legitimate holders OF Industrial
and railroad stocks will not part with their pos"
sessions because of the Addyston case OF the
money market. The first named should not be
market factor at ALL while the money
situation should merely act as a check upon
transportation and overenthusiasm The
course Of trading yesterday reflected that the
tdmid alone were frightened 1t reflected dis
position on the part Of rich men TO add to their
holdings on all recessions. and Willingness
among professional traders to put themselves
In a position OF danger by extending short lines
beyond the limit OF safety. Perhaps the Presi-
dents Message will cause rapid turn about
by the shorts.
Explanation of the Addyston case has been
made in these columns and elsewhere, but some
wolves all Industrial combinations and means
similar suits against recent industrial combina-
sions whose stocks are active favorites on the
Exchange. The Addyston case does not apply
10 the ordinary industrial combination. mas
much as 1t involves combination of companies
dn the same trade to fix prices rather than one
corporation absorbing the plants of others. In
other words. the companies composing the Asso-
riated Pipe Works as the combination is called,
retain their corporate existence. combining In
order TO fix prices while concerns such as the
Federal Steel, the American Steel and Wire and
the Sugar Trust combinations Of companies
whose separate corporate existence ceased upon
consolidation. The complaint charged the com
panes in the pipe consolidation with carrying
on a combination in restraint Of trade Tor the
purpose OF suppressing competition among them-
selves and for arbitrarily fixing and maintain
ing the prices Of cast iron pipe. Supreme Court
decisions that uphold the law need not worry
Investors There will be no loss in intrinsic
values on account OF the Addyston decision or
any other decision that compels corporations to
conduct their business within the scope of the
Antitrust law.
The outlook for easy money Is not bright,
but there is every reason to look forward TO a
gradual increase In the available supply Of
funds at this centre. CONDITIONS ABROAD are not
\ satisfactory from stock market point OF view,
but it should be borne in mind that the time
has passed when local markets can be upset
by foreign monetary conditions. The advance
IN the Bank OF Englands discount rate TO per
cent is not serious matter TO the country that
IS prosperous and controls the balance Of trade.
Money was high and in active demand yester-
day, and the advance Of call funds TO 12G15
Der cent In the afternoon caused renewed specu-
iative liquidation In stocks. AS rule last prices
were under Saturdays closing, and In many
cases substantial net losses were recorded.