The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-11-22
Bears Sell Quickly, AS Wall
Street Is Hard Hit by the
Standard Oil Decree.
ARCHBOLD WANTS
SPEEDY DECISION
Hopes Supreme Court viii Define
Rights of Rockefeller Com
bine At Once.

NEW YORK, Nov. Oval
Street was badly jolted this morning
when the holders of securities in the
various trust combinations, rail-
roads, and industrial corporations,
influenced by the Standard Oil de
cision, started to get out, liquidat-
ing heavily. This was followed by
the livelieSt kind of selling by bears,
who have not had much show of
late, and made the most Of the
opportunity.
OIL SUFFERED MOST.
Standard Oil shares naturally suf-
fered most, but the Street under
stands that If the big Rockefeller
combine has to walk the plank
that it will have a like effect on
the Sugar trust, or the Steel COM
bine, with its millions OF diversified
interests; that the Rubber trust,
the Ice combine, the great rail-
road combinations, and all other
trusts. including even the ChicIe,
or chewing gum combination, viii
have to go. or change their meth
ods of doing business.
Mr.. Archbold. Of the Standard
Oil Company. in public statement,
recognized the broad scope OF the
decision and expressed himself as
anxious that it should pass to the
highest tribunal for FINAL consid-
Grafton at the earliest moment pos
sible, in order that the corporation
may know just where it stands.
Not Losing Their Heads.
Conservative hnanciers and stock oper-
ators have not lost their heads. They
recognize that the decision, even If con
frTned. can not be made effective for q
year. that the very breadth Of the de-
Iscisi5n is almost a bar to its enforcement
in the manner indicated. They realize
the complete and utter disarransement
OF the corporate method of doing busi-
ness might be disastrous, and they also
remember the S29.OO0OOO me.
It made no difference with the bears
whether they sold trust shares or old
time railroad stocks-it was the entire
list that they sold.
The opening was not especially un-
favorable. The easier money conditions
had some effect, but the bears soon
started selling stoaEs, and before the
/ session vas an hour old there were few
neutrality-suspicious. all were on the
slide.
/ Standard oil shares opened with
slump OF so a share. breaking 10 500
a share-stiII six and one-half times
par Low of the morning was S6i5-
Sales Not Heavy.
Sales Of this stock were not heavy.
Indeed, the bulk of the stock is held
in the strong boxes of the RockefeHers'
and their allies and they do not scare
easy. They are confident that their law
yers will find a way to delay, If not de-
feat and If the worst comes to the
worst, a way to achieve technical com
pliance with the laW while yet holding
directly or indirectly TO their oil and
pipe lines.
The United States steel shares were
al.ected. The common, which sold at
S92t or Saturday, after the decision was
announced. declined TO S7l1. and the pre-
ferred $50 a share. Other losses IN the
industrial group extended from s. 10
$3.50 a share
There was yet another reason for
the break in the copper stocks A
hitch is reported in the plan OF J.
Pierpont Morgan 10 organize a big
/ copper combination. Just what the
/ hitch is, rumor saith not but the
! probabilities ar, that II Is the Standard
/ OIL decision which IS especially appu-
cable in its scope TO sUcn a combination
as MI Morgan cOutenplates.
Slumps in Stocks.
AmaIgamated Copper broke from 9SI5
to s0ls; Anaconda from SIS to 501a Utah
! Copper from 6494 to 611s, and Tennessee
Copper a dollar share.
The Sugar Trust Is in so badly with
the Government that most Of the public
investors have long since Hquidated
It held its own in todays slump
The losses in the rails varied from 81
L. $50 a share. Union Pacific. with its
community OF interests. $50 Southern
Pacific lost s.. Louisville and Nash
VILE $50 Great Northern 81, Missouri
Pacific s. and minor stocks an averase
of i to points.
In the general slump there were two
notable exceptions, Reading and Con-
/ solidated Gas. both of which gained 81
a share.
John D. Archbold. OF the Standard
| OIL COmpay, said today that the appeal
10 the United States Supreme Court
| from the decision in favor OF the Gov
| ernment in its suit TO dissolve the
Standard, viii undoubtedly be given
DreURdenCe over other cases now before
I the Supreme Court.