Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-07-22
Standard Oil Decision Boosts
Prices Temporarily.
BUT IT WAS ANTICIPATED
Westinghouse Electric Makes a Sen
sational Advance.
OTHER SECURITIES AFFECTED
Railway Transactions Are Without
Special Interest-IndustTial Is
g.. sues Continue Firm.
BUT 1T WAS ANTICIPATED
.pecial Dispatch to The Star.

special Dlspatcn 10 1 ne StA.
NEW YORK. July 22.-During the first
hour of business in today's stock mar
ket little interest was evinced in any
other subject than the decision which was
. expected TO be handed down by the
United States circuit court OF appeals in
the matter of litigation over the $29-
HN.noO fine imposed upon the Standard
Oil Company last year by Judge Lands
In the alleged rebating case. 1t will be
recalled that the imposition of this fine
last year was a severe blow upon a stock
market which was already suffering from
other ailments
Soon after II o'clock advices were re-
ceived from Chicago that the appellate
court had reversed the decision of Judge
Lands and had directed a retrial of the
case. This intelligence was followed by
rapid uprush in prices but later the
market reassumed the tendencies which
prevailed yesterday. A decision favorable
to the Standard Oil Company appeared to
have beer commonly expected. and previ-
Gus to the announcement the market
had ruled quite firm
American shares were exceptionally
heavy in the London stock market and
moderate selling orders were executed
mere Tor foreign account. but both cir
the early dealings. Notwithstanding the
irregular tendency OF the market the
dealings were again conducted upon a
very large scale and showed in general
the same. characteristics which were
MANIFESTED earlier in the week.
Little Selling Pressure.
There was little selling pressure ex-
cept that representing the realization
Of profits. and such manipu:ation as
could he. detected was plainly for the
purpose Of forcing still higher price
levels.
At one time or another during the day
a great number of individual stocks ad-
vanced to new high figures on the cur
rent movement while, on the other
nand. several important Issues wavered
under the weight of the selling of the
character previously mentioned.
Inc most sensational movement in
prices during the day was the advance
During the first hour of business of nearly
nfteen points In Westinghouse Electric
Whffe that stock subsequently, receded
sharply. 1t still ruled exceedingly strong
Ihere were some evidences that the ad-
vance IN westinghouse Electric was
caused in part by the covering of very
large short account but the company
seems to be gradually emerging from it's
ness is such that IT will quickly respond
to any sustained betterment in Industrial
conditions.
Sharp advances in General Electric
ana the Aihs-Chalmers shares were in
the gossip OF the bcardroom associated
with: the movement in Westinghouse
Electric.
Strength in Industrials.
The industrial and miscellaneous is
sues In general showed greater degree
OF strength than was manifested by the
railway LIST
scored a characteristic advance and
other firm features in this group were
the Sloss-sheffield, Pressed Steel Car.
American Smelling and Amalsamated
Copper
Transactions in the railway list were
unattended by any new facts or interest
ing gossip. Reading, Union Pacific, st.
Paul. the Hill stocks. New York Central
and Pennsylvania were the prominent
features IN that quarter. Aside from the
decision in the Standard OIL case, there
was little in the days situation that could
be described as OF general Importance.
The rates for loans on time hardened
somewhat In connection with the greater
activity in the stock market and sterling
exchange was heavy. The banks in
creased their gain in their dealings with
the subtreasury up to this morning
$o661 900. Crop advices were again sat.
1sfaetory. and during the greater part of
me day the grain market displayed a
heavy tone.
London Securities Weaker.
Special Cablegram to The Star
LONDON. July 22-The securities mar
kets on the curb finished weaker with
the single. exception of American rail
way shares. which, after firmness in tho
ofheial session. in sympathy with this de-
partment, showed increasing briskness
and there We're gains of Il to q per cent.
with Union Pacific leading The Paris
pourse closed firm. but Berlin was weak
at the end Consols fell to $50, COM
pared with STA at the close yesterday.
on neavy selling by the Indian govern
ment Other gilt-edged issues sympathet-
icaliy declined and home rails reacted
from the best. There was a fresh drive
at Mexican rails. forcing prices down u
10 IA. Foreign stocks steadied. but Turk
1sh issues continued depressed Mining
stocks were idle. as compared with yes
terday's final. De Beers at 10 7-16 were
lilo lower. Rio Tintos were u lower net
at 65A