The Montgomery advertiser., 1909-11-23
TM SIO(K MlRKET


 New York. Nov. ss.--The financial comnlanity vas 3itsls prepared today to m4ke its final Apprsissmert of the import to corporations of the judicial decfston axainsf the Standard OH Com pany ss l was in the short market session s of saturdsy after the unex- Thit disturbed the tone os the market and the market iapsed into dullne4s, when measures of support became tf- tsctive were sunlciently siEnifcant of and the wish to await the final dispo- sftion of the case before going for ward It 10 In the uncertainty thus tnvofyed that the principal harm is fsared. not only for the Speculative po- tivtty. It was for this reason that all commentators were agreed on the irn- potencc of an early ssttiement of the appeal in the case. The most hopeful poin. of S corporstion on l1 inssrssss ns '-1a was drawn from an analogy with the case of the commodities clause of the Hep- burn law. Dire harm was prsdictes rom this provision In It's early stages ton to test 1t, but in its final condi- ttonai af7irmation by the Supreme Court. the speculative spirit drew ac- tual encouragement and made 1t ths prices especially in the group of stockh immediately affected. the coaiers. Just how the present case would be turned to similar good account was not made very evident; but tss M long line Of e pre-, various Issues growing out of the fL- terstate commerce and the anti-trust laws was cited to Justify . conidence that way would be found for tile business. A favorite citation was tho fact tha while the Northern Securities Company was dissolved by a decree or the u. g. Supreme Court the merger eimed s at by that fsaerafion exists ss % m ation, which has been going on be- tween capitalists and their legal coun- sellers ever since the news of the de- cision was received seems to be bring. the drastic and sweeping edict of the law as interpreted will serve to demon- strate it's absurdity and bring about fts modification or repeal That such an outcome will be advocated on behalf of corporation interests and adopted as common policy is q fair inference from the days outgivings by Standard Oi, representatives themselves as well as by others in the financial dIstrict. who discussed the question. There re. mained the unpleaant recollection. how ever that every other important judi. cfal decisions of questions raised undor the interstate commerce and anti-tfust jaWh mas been sIollOWou Dy ' petio0 oL disturbance and depression in the stock market. each of such periods, more over. being considerably prolonged. Ths first hour of today's stock market saw contest strenuousiy waged between the conflicting elements in the specuia- ton in which the balance was fairly turned in favor of the reacttonists. In spite of the most determined efforts al support. During this period of the days operations. well nigh half of the days total business was transacted.
 The buying. having achieved Its pur- pose of checking the decline, dimin- ished. The copper stocks suffered par ticulariy from the assumption that the new decision would prevent the propos. ed consolidation of the principal cop per producers. U. s. Steel. and Union Pacific Association reflected the special bearing, which the decision was sup posed to have on these companies. Reading, on the other hand, was strong throughout and formed the rallying point for the opposition to the decline. Discounts sased abroad. but foreign ex- change held firm here and more gold was engaged for South America.
 Bonds were easy. Total sales, par value, $3.262, 900.
 U. S. bonds were unchanged on call.
 CLOSING STOCK LIST.