The Washington times., 1909-11-28
MARKET CONDITIONS
= NOT SATISF ACT0RY
Standard Oil Decision
Check to PretentiOuS
Plans-Brighter Side.

NEW YORK. Nov. 2S.-WaH Street is
IN a state of turmoil. and even the big
financial interests that have heretofore
run things about rs they planned have
been forced to admit that conditions
were not to their liking. After meeting
with the hindrances to expansion in Sc
curity matters that usually attend
period of tight money. these big inter
ests had about planned thei way for
an aggressive bull campaign that was
To carry prices where liquidation at
big profit might be made. when the jolt
of the decision in the STANDARD oil case
knocked them groggv- Two o. three
times during the past week efforts to-
ward a rally, partially successful, have
been checked by n flood of liquidation in
a few stocks, and the TANKS of the bull
effort turned into = more or less serious
rout
Conditions right now are not encour-
9ging. 1t is admitted that an effort will
be made TO modify the sherman anti
trust law A conference Of corporation
attorneys was held in this city the other
day. Francis Lynde Stetson. counsel for
J. Pierpont Morgan in MANY Of the un-
dertakings Of his financieT, was called
I'm. and gave his opinion on the scope
and legality of the decision. Vice Iresi-
dent sherman. Senator Root, and Rep
resentative Payne are reported as being
Of the opinion that the Sherman law
should be modified. and the gathering
was for the purpose Of considering the
possibility of bringing about a mOdifica
ton as well as all other aspects of the
case.
Few Companies Are Monopol-es.
There are few corporations that have
the monopoly that the Standard Oil
Company has-few that absorb the bust
ness in their respective lines as these
two do. The bic steel Corporation is
not a monopoly by any means. having
some very important competitors, the
Standard Oil Company has not one IN
this country.
Until this matter is finally passed
upon il will be a menace to the peace
and security Of the Street for the trust
method has come to be the American
way Of doing business-the Concentra-
| ton Of capital and effort have placed
America to the fore in the struggle
for business.
| one effect of the decision that has
/ probably had more effect o. the stability
/ Of the market than any other was
| the halt of the copper merger. II has
| generally Deen supposed LNaL Morgan
was back of this movement TO relieve
| the situation in coppers. but the real
/ moving spirit IS said 10 have been
/ Standard Oil interests. the directing
/ force being exercised by their Neuten-
/ ants Cole and Ryan. The merger was
! 70 have been conducted along Standard
oil lines, and it does not require a sage
I to note that any such scheme in the
! face Of the decision, the dominant in
/ fluence OF yesterday. today, and to-
morrow in the market.
/ Shorn of their chief weapons, segre-
cation and consolidation. the leaders
have been at their wits ends for argu-
ments favorable to higher prices. Their
are many pools in the market, loaded
with stocks that were acquired at 20
| 20 30 points below current prices. In
the face Of existing conditions these
| profits are desirable, but any attempt CT
/ one pool to liquidate might bring the
! whole structure down This is a peril
/ TO the market, as il stands today. The
1 big men must hold on or the market
/ viii get away from them
Check Bears Efforts.
That they have furnished the support
when it was most needed is evident,
that they have twisted the bears oc-
/ casionalIy as a means OF checking their
ambitions is also selG-evident. But they
| have found Il hard 10 stem the tide in
the coppers, Steel common and Reading.
Also It has been noticed that there
has been urgent haste made, TO increase
rehabilitation Of various railroads. and
here and there. movements toward com
l'binatiOn that might give the suggestion
that the coming session OF Congress may
develop even further aggressive demon
STATIONS against combinations and spe-