Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-11-24
FINANCIAL AND COMMERCIAL.
STRENGTH OF WABASH
Helped to Sustain Prices in a Weak
Stock Market.

New York, Nov. 23.-The decision
against the legality Of the Standard
Oil company in its present form con-
tinued the disturbing influence in the
stock market today. 1t was mos
ncutely manifest in the group of cop
| per industrials. The reason for this
/ was not that those companies are par
ticularlv vulnerable to the effect Of
the decision in their present form, but
that an animated speculation and SHARP
advances in prices of those stocks have
tdGel, place based on the assumption
| of a coming consolidation of the cop
per producers on much the same lines
as are prohibited by the courts de-
cisiop in the Standard OIL case. The
speculative position in those stocks
therefore, was very vulnerable and not
abb. to benefit from the soothing as
sursnces regarding the ultimate effects
of this decision which have come from
representatives of capital interests. As
sur5nces were given yesterday with
colon of authority that the plans for
| ha.nlcnizing the copper interests would
be in no wise affected by the new de-
velcpment. Today, however, assertions
were current that the abandonment OF
thu whole project was being considered
pending the final clearing up of the
| questions involved by the appeal Of the
! Standard Oil case to the highest court.
| The line of policy towards the ques
ton apparently shaping on the part OF
the corporations failed to entirely re-
assure speculative sentiment. Eminent
corporation lawyers and influential
financial leaders seem united in for
initiating the view that the conse-
quences of the Standard Oil decision
| would be so dangerous and SO harmful
that steps will be taken by the law
making body to obviate them upon its
| assembling in December. While the
authority of this opinion as to the
| harmfu1ness to the corporations of the
| law is recognized in the stock market,
there is less readiness to accept it on
the probable action of congress. There
| is recognized the political difficulty
! that would arise from what would be,
| in effect, a bill for the relief of the
best hated Of all the great corpora
| tons in the popular estimation. This
consideration raises doubts of the
readiness with which relief will be OBJ
| tanned from the evils complained Of by
the corporations and the sweeping ap-
| plication of the terms of the law to all
trade combinations. The discussion of
the subject develops the difficulty of
shaping a legal requirement which will
at the same time permit the advan-
tages of cooperation and economic
division and secure the benefits sought
from competition. Other considerations
| played little part in the days market.
| Wabash preferred stood out as the
conspicuous exception to the days
weakness in as prominent a way as
did Reading yesterday. Its movement
helped sustain prices against the
weakening effect of the active liquida-
ton in force at other points No news
was forthcoming to explain the
strength of Wabash. The declara ton
of an extra dividend on Central Rail-
road of New Jersey rallied Reading
from its acute depression, owing to its
share in the benefits through holdings
of the stock of Central Of New Jersey.
The tracing of the course of this dis
bursement afforded an example of the
complications of the interholdings of
securities amongst corporations The
six and a quarter per cent. dividend on
the Lehigh and Wilkesbarre Coal COM
pany provides resources for two per
cent dividend on Central Railroad of
New Jersey stock, while Readings
holdings of the latter stock will entitle
it to a. sum on the distribution equal to
somewhat less than one-half per cent.
ON the outstanding Reading stock. The
movement of Reading implied that this
was considered a moderate ground for
addition to the considerable advance
already scored in the market price of
the stock. A rise in New York ex-
change at Chicago to 25 cents premium
per $1,000 showed the relaxation Of
pressure from the interior upon New
York for funds. Foreign exchange
rates rose quite strongly in spite of a
further decline in London discount
rates The short interest built up in
course of the decline furnished a suf-
ficient requirement to work an effec-
tive rally in prices. Southern Pacific
showed some positive strength on the
ground of the strong annual report
Bonds were easy Total sales, par
value, $4,0s3,00O. United States bonds
were unchanged on call