The Birmingham age-herald., 1909-11-28
WALL STREET IS
 FEELING SHEEP|SA For Permitting Itselfto Become
 Alarmed at Decision WAY FOR OIL TRUST Proposed Copper Combine Is Painfully Jared By OH DecIsion-Merger
 May Be indefinitely Delayed. Rock lsland-Frisco Affairs.
BY w. @. NICHOLAS.

has awakened to realize that the nnuing of the court does not presage the confis- cation of values, and that nobody need fear the result if they have been obeying the law, or If they will take the trouble to conform to the law.
 Even in the event of dissolution of the illegal Standard oil company of New ter sey, there is still open the simple way of combining the long list of subsidiary cor porations by direct purchase of their as- sets by the single corporation and the re- tirement from business of the various de- coy outfits under which the great conn bine has been doing business under cover for so many years.
 The government contention is not against responsible and acknowledged ownership of property, but against un- lawful combinations in restraint of trade and for the destruction of independent competition. This straightforward way out of It's troubles has always been open to the Standard oil company, and it has only to take that path and emerge into the open. This is probably what will be done eventually. for the tendency of court decisions backed by overwhelming popu- lar sentiment points to that as the only conclusion
 Before Wall street could get this angle on the situation there occurred very con- siderable liquidation in the stock market, especially of those things which seemed to be threatened by the court action. Con- spicuous in this list were the copper stocks, which had been boomed for weeks on the prospects of gigantic combina- ton of the leading mine owning and sell ng companies. The whole list sympa- thized to some extent with the break in coppers, although on every setback it was noted that the strongest people in the street were picking up the stocks. The decline was sufficient. however, to give the nimbie professionals a chance to nip of substantial profits in many in- stances. Wall street Is overrun with stall wart bulls. many of them the richest men in the country, who joyously take advan- tage of any little panics which may in- duce nght-waisted liquidation of short selling. Into the accounts of people of that class have the stocks which came out this week passed. A hundred good reasons might be cited in support of the wisdom of the bullish attitude under the
 
 against the legality of the Standard Oil trust
 Before the United States circuit court hit the oil trust that wallop tho big cop per merger had made such headway that It's success was almost assured. Tho ar engagements were in the hands of a con- ference commission composed of John D. Ryan, Thomas L. Cole. Daniel Guggen- haiyp w H COrav and Gaar0a U par- kins. The leading producing and financial interests in the copper industry were rep- resented on the commission.
 An agreement had been reached to take over Amalgamated on basis of par and Anaoonda at 6S (par 25). The Guggen- hefms wanted to put Utah in at 76. The commission proposed 65. and they were hagsling over that issue when that awful decision came across. In the meantime been established. That had been one of the friotional points. Phelps. Dodge 6 Go. had been building for e quarter of 8 century or better, and had grown into an enormously strong proposition, owning many of the best mines in the southwest and hundreds of miles of railroads. It had . great organization and had de- clared it would not come into any combi- nation 1t could not control
 It was finally induced, however, to be- come an outside party to tho merger as sole selling agent for it. with the addl- Uonal condition that the United Metals Selling company would be retired from the field entirely. It must be the whole thing or 1t wouldn't play. These terms were agreed to as the only way for han ding the great independent company, which. by tho way. is very largely under the personal direction of Charles Brooker nf aNf nf affiuence and national influence and a wonderfully foroeful personality.
 Then the bolt from tho Judicial blue, and everything wont into tho air. Now the question is, will the promoters and principals of the copper merger dare go ahead with the play in the face of the Standard oil decision and the near begin ming of new Congress sessionf The very foundation and essence of the oom- bins was control of the copper output and the price of the metal plan distinctly in violation and defiance of the law as construed in not only the Standard oil case. but in every other case which has travelled the route to the supreme court.
 Tho Wall street mood is to bet that the merger, if pulled off at all will be along modified lines and that 1t is likely to be delayed. Whatever the temporary mar
 
 copper people. 1t may be safely stated that the general prosperity of the con- pany will in no manner be affected Neil ther will the price changes in stocks be of sufficient importance to cause mora than momentary disQuietude, and that in a very limited way.
 It would be very strange if the revela- tions concerning the iniquities and cor ruption in the sugar trust do not event. uate in wholesale liquidation of sugar stocks. The stocks in this trust ard dis tributed among 19 600 investors. The facts which are coming out go far to show that very considerable part of the $10O. 900. 900 or better in dividends which have been distributed since the Wilson tarin bin went into effect were money stolen from the government. The single fact that during this period the books of steamship companies show 100000 tons moro sugar received in New York alone than Is ac- counted for at the custom house Is of it. self sufficient to account for stealings agnregpting s13o GOO 600 or more.
 Tho average duty on sugar has been $3s ton. 1t is an easy matter to show apparent loss in revenue to- the govern ment of the amount mentioned, and 1t may be larger. The government heving accepted s2.oc0 0co in settlement of claims against the tr7,st 1t Is extremely improb- able that any more of the loot can be re- covered. The question of vital interest to stockholders of the corporation centers on whether 1t can honestly make dividends at the rate it has been paying It would seem that the dividend distributions have run along within speaking distance of the amount which seems to have been fI.A A.