Omaha daily bee., 1909-11-23
NEW YORK STOCKS AND BONDS
Finsnoiers Not Prepared to Make
Final Estimate Of Oil Decision.
MARKET Is DULL AND LOWER
united slater steel, Coppers and
Union Pacific sell On-Reading
f. strong All Day-Bonds
Are Easy.

NEW YORK. Nov. 2-The financial
community was as little prepared today
to make It's final appraisement Of the i'm
port to corporations of the judicial deci-
sion against the STANDARD Oil company, as
IL was in the short stock market session OF
Saturday after TIM unexpected announce
ment III the decision, The disturbed tone
Of the market and the marked lapse into
dullness when measures OF support became
effective were significant of the impor-
tance attached to The decision and the wish
to await the final disposition Of the case
before going forward. It Is in the unceI,
tsinty thus involved that the principal
harm is feared. not only for the speculative
position in stocks, but for business activity.
II was for this reason that all eomnenta-
tors were agreed on the Importance Of an
early settlement Of the appeal In the case.
The long lire OF presidents touching the
Interpretation OF various issues growing
out of the interstate ana the
antitrust laws was cited TO justify a con-
fidence that a way would be found Tor tue
great corporations to continue TO DO busi-
ness. A fsvorite citation was the fact
that while the Northern Securities company
was dissolved by decree OF the United
States supreme court, the merger aimed at
by that federation exists in fact today.
The discussion Of the situation which has
been going on among capitalists and their
legal counselors ever since the news OF
the, decision was received seems to be
bringing a concurrence In the view that ths
drastic and sweeping consequences OF the
law as interpreted Will serve TO demon
strate its absurdity and bring about its
modification or repeal. There remained,
however, the unpleasant recollection that
every other important judicial decision Of
questions raised under the interstate com
merce and antitrust laws has been. tol-
lowed by a period Of disturbance and de-
preston in the stock market, each or such
periods, moreover, being considerably pro-
longed. The first hour OF today's stock
market saw a contest strenuously waged
between the conflicting elements in the
speculation, in which the balance was
fairly turned in favor of the reactlontsts.
in spite of the most determined efforts at
support. During this period of the days
operations, we'll nigh half of the days total
business was transacted. II is evident
therefore that the demand for stocks fol-
lowed the price recoveriCs that followed
the first hour with some hesitation. The
buying, having achieved It's purpose OF
checking the decline, diminished.
The copper stocks suffered particularly
from the assumption that the new decision
would prevent the proposed consolidation
of the principal copper producers. United
states Steel and Union Pacific also re
Elected the special bearing which the de-
cision was supposed to have on these com
panies. Reading, in the other hand, was
strong throughout and formed the rallying
polnt for the opposition to the decline. Dis
counts eased abroad, but foreign eXchanBe
held firm here and more gold was engaged
for South America.
Bonds were easy. Total sales, par value,
Sc, 262. 600. United tSates bonds were un
changed on call. .,
Saies and range of prices on the stock
exchange today were as follows: r