New-York tribune., 1909-11-21
FINANCIAL MARKET
BREAK IN STOCKS.
STANDARD Oil Decision Cause
Bank Statement.

During the first hour of yesterdays
short session the stock market. after
initial irregularity. was strong and ac-
tive under the leadership OF the copper
stocks and Reading. and i'm the second
hour a violent break was precipitated by
the announcement Of the decision ad-
verse 10 the Standard OIL Company
handed down by the United States
Circuit Court in st Louis. the close being
weak. with prices al about the poorest
Of the day and with net losses in almost
all Of the issues. The total transactions.
of about $4,000 shares. We're unusually
large for a Saturday. or. indeed. for a
full day Of late. being al the rate Of
more than 100000 shares for five
hour day. The market was not in
fiuenoed by the uncertainty as TO what
the hank statement would show or by
any other considerations than those Of
the copper merger possibilities in the
first hour and apprehension in the sec
ond hour as 60 the possibly adverse
bearing of the Standard oil decision
upon the plans for bringing copper prop
critics together and the rumored project
for forming d holding company for the
roads Of the HaNley system. The dis
solution OF the Standard Oil Company is
by no means an immediate consequence
of the courts action in 81. Louis. for
there will without doubt be an appeal.
which will defer for a long time final
adjudication upon the question OF the
position OF the Standard Oil Company
under the antitrust law, and it is not
Vet known how sweeping are the points
OF the decision. Pending final DISPOSE
tion OF the case there will Dc no action
on the plan Of the management for in
cressing largely the capitalization Of the
corporation.
Reading which for TWO or three DAYS
has been the most active and strong
stock on the list. naturally was the prin-
cipal sufferer in the break which speed
ily followed the news from 81. Louis.
dropping nearly , points and closing at
net decline Of iis. Consolidated Gas.
which was among the most active issues
early IN the day. on reports of a coming
melon" declined 3ia points from its
high, and closed ~ lower than on Fri
day; and Amalgamsted Copper lost .
points. while Utah Copper adv anced an
other %. On buying said 10 represent
accumulation OF stock needed for sssur-
ing an actual control Of the property as
a preliminary 10 it's inclusion in the
combination. Rock Island was weak
during the session, the reports OF dissen-
siOns in the management, which are
credited in good quarters. having a de-
pressing effect.
The bank statement in its average"
form Was pretty we'll in line with expec-
tations, showing q loss in cash OF So
933. 200. OF not much more than the pre-
liminary estimate. and an increase in
surplus reserve OF a bout S2,S40.ooo, which
vas made possible by a further de-
crease in loans OF S21 go 900 and in de
posits Of S27.o0oooo. Apparently the
same process which was carried on a
week ago. OF shifting loans 10 private
lenders. has been continued during part
OF the week Just ended. as the trust COM
panies report a decrease in deposits
amounting 20 S7,716.lno. with only q
small increase in loans The actual"
statement OF the Associated Banks. as
OF Friday night. however. shows a de-
crease Of only s.. .432 800 in deposits and
a slight increase in loans. which would
tend 20 bear out the surrnise that the
wholesale shifting OF loans had had as
its chief explanation the GNsire OF the
banks 70 strengthen their position in an
ticipation Of the bank calls which were
issued last week. and which required
statement OF condition as of the close
~ business on Tuesday.