The Montgomery advertiser., 1909-11-24
HE SHOCK MARKET

New York. Nov. 2s.--rhe decision skainst the legality of the Standard oil Company fn its present form con- tinued the disturbing influence in the stoek market today. IL was most nesss,y nes snd,, maniisst In the sreop of cop
 The rsason for this was not that those companies are particularly vul- nerable to the effect of the decision In their present form. but that an anil In prices of these stocks have taken place, based on the assumption of com ing consolidation cf the copper produc- CTS on much the same lines as are pro- nibfted by the courts decision In the staudard oil case. The speculative po- sition In these stocks, therefore, was very vulnerable and not able to bene- nt from the soothing assurances re- garding the ultimate effect of this de- cision which have come from represent atiyes of capital interests. Assurance were given yesterday, with color of authority, that the plans for harmoniz- Ing the copper Interests would be In no wise affected by the new develop n,atn, msnt, Today, however assertions were CT 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 al. line of policy towsrSs the qusstiSsc sc
 
 corporations failed to entirely reassure speculative sentiment Eminent cor- pcration lawyers, and influential imam ciaf leaders seem united in formufeting Standard oil decision would bs 50 dam gerous and harmful that steps would be taken by the law making body to obvfate them upon its assembling in December. While the authority of this opinion as to the harmfulness to the n n fff1e n 1n m Ia rarn0nixQA in the stock market, there is less read mess to accept 1t on the probable ac- ton of Congress. There is recognized the political difficulty that would arise for the relief of the best hated of all the great corporations in the popular estimation. This consideration raises doubts of the readiness with which re- lief will be obtained from the evils complained of by the corporation and of the law to all trade combinations. The discussion of the subject develops the innate difficuity of shaping legal requirement which will, at the same ation and economic division and secure the benefits sought from competition.
 Other considerations played little part Tn the days market. Wabash pre- ferred stood out as the conspicuous ex- ception to the days market. Its move
 
 prices against the weakening effect of the active liquidation in force at other points. No news was forthcoming to explain the strength of Wabash.
 The declaration of an extra dividend on Central of New Jersey rallied Read- ing from It's acute depression. owing to its share in the benefits through holdings of stocks of Central of New Jersey. The tracing of the course or this disbursement afforded an example of the complications of the inter- hold ings of securities amongst corporations. The 6 IA per cent. dividend on the Le- high and Wilkesbarre Coal Company provides resources for a 2 per cent. div idend on Central Railroad of New 3er- sey stock. while Readings holdings of the latter stock will entitle 1t to as- sume in the distribution an amount equal to somewhat less than half per cent on the outstanding Reading stock. The movement of Reading implied that this was considered moderate ground for addition to the considerable ad- vance alreay scored in the market price of the stock.
 A rise in New York exchange at Chi csgo to 2b cents premium per $l,eo0 showed the relaxation of pressure from the interior upon New York for funds. Foreign exchange rates rose quite strongly Tn spite of further decline In London discount rates.
 of the decline furnished a sufficient re- auireinent to work an effective rally In prices. Southern Pacific showed some positive strength on the ground of the strong annual report.
 Bonds were easy. Total sales, par
 United States bonds unchanged on call.
 CLOSING STOCK LIsr. Fgd