Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-11-24
The Markets.
NEW YORK STOCK MARKET.
Features Of the Days Dealings in All
The Leading Stocks.

New York Nov. 23.-The decision
against the legality of the Standard Oil
disturbing influence in the stock market
today 1t was most acutely manifest in
the group of copper industrials.
The reason for this was, not that those
companies are particularly Vulnerable to
the effect of the decision in their present
form, but that an animated speculation
and sharp advances in prices of those
stocks have taken place, based on the
assumption of Al coming consolidation
OF the copper producers on much the
same lines as are prohibited by the
courts decision in the Standard Oil case.
The speculative position in those stocks,
therefore WAS very vulnerable and not
bile to benefit from the soothing asSur-
ances regarding the ultimate effects of
this decision, which have come from rep
resntativs of capital interests. Assur-
anceS were given yesterday with color of
authority. that the plans for harmonizing
affected by the new development. To-
day, however, assertions were current
that the abandonment Of the whole project
was being considered pending the final
clearing up of the questions involved by
the appeal of the Standard Oil case to
the highest court.
The line of policy towards the question
apparently shaping on the part of the
corporations failed to entirely reasSure
speculative sentiment. Eminent corpora
ton lawyers and influential financial
leaders seem Gnit2d i'll formulating the
view that the consequences OF the Stand
ard Oil decision would be SO dangerous
and so harmful that steps will be taken
by the law making body tn ohViatH them.
upon its assembling in December. While
the authority of this opinion as to the
harmfuneSS To the corporations of the
law is recognized in tn stock market.
there is less readiness to accept it on
the probable action Of Congress. Their =
is reCoG .iiEed the political difficulty thai
,,-l, IN 4
feet, bin for the relief of the bast
hated all the great corporations in the
popular estimation. This consideration
raises doubts of the readiness with which
relief will be obtained from thu evils
complained of by the corporations and
the sweeping application of the terms
of the law to all trade combinations.
The discussion OF the subject develops
the difficulty of shaping Il legal require
mcnt which will, at the same time per-
init the advantages of corporations and
economic division and secure the heng fits
sought from competition. Other consid-
erations played little part in the days
market Wabash preferred stood out as
the conspicuous exception to the days
weakness i'll as prominent a way as did
Reading yesterday. It's movement helped
sustain prices against the weakening eff
feet of the active liquidation in force at
other points. No news was forthcoming
to explain the strength of Wabash.
The declaration of an extra dividend on
1tiI.ldI 'AIllNdN Oh New Jersey falleu
Reading from It's acute depression owing
to its share in the benefits through hold
ings of stocks of Central of New Jersey.
The tracing of the course of this dis
bursement afforded an example of the
complications of the interholdings of Sc
curities amongst corporations. The 6 IA
per cent. dividend on the Lehigh &
Wlkesbarre Co, provides resources for
? per cent. dividend on Central Railway
of New Jersey stock while Readings hold
ings of the stock will entite it to a sum
on the distribution equal to somewhat
less than IL per cent on the outstand-
ing Reading stock. The movement of
Reading implied that this was considered
a moderate ground for addition to the
considerable advance already scored in
the market price of the stock. A rise
in New York exchange at Chicago to 25
cents premium per $1,000 showed the re-
Taxation of pressure from the interior up
on New York for funds Foreign ex-
change rates rose quite strongly, in spite
of a further decline in London discount
rates. The short interest built up in
course of the decline furnished a sufIi-
cient requirement to work an effective
rally in prices. Southern Pacific showed
some positive on the ground of the strong
annual report
Bonds We're easy. Total sales, par
value, $4GS3,000 United States bonds were
unchanged on call.