Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-11-23
AND
COMMERCE
Wall Street.

Immunity was as little prepared to-
1ov 70 make its final appraisement OF
tbe import to corporations of the jul
,IciaI decision against the Standard
Oil as it was in the short
a,oc,, market session Saturday. after
No unexpected announcement of the
decision.
The disturbed ono of the market
and the marked lapse into duilness
whom that source of support became
effective were significant of the IN
nortance attached to the decision and
,he wish TO await the final disposition
~ ,he case before going forward. 1t
{. 1, the uncertainty thus involved that
Tho urincipal harm is feared not only
for The speculative position in stocks
hut for business activity. 1t was for
this reason that all commentators were
agreed on the importance of an early
settlement of the appeal in the case.
The most hopeful view of the situa-
ton from the standpoint of corpora
tion interests were drawn from an an
oloqv with the case of the commodi-
tics clause of the Hepburn law. Great
harm was predicted from this provi-
sion Ill It's tdIlN Stu6to oh' -
nrogress of litigation to test it but, in
its final conditional affirmation by
the supreme court, the speculative
shirt drew actual encouragement M
made il the basis for some sensational
rises in prices, especially in the group
of stocks Immediately affected-the
c%oalers.
The long price of precedents touch
ing the Interpretation of various IS
sles growing out of the interstate
and the antitrust laws was
cited to justify a confidence that a
way would be found for the great
corporations to contiue to do bust
ness A favorite station was the fact
that while the Northern Securities
company was dissolved by the decree
of the United States supreme
the merger aimed at by that fedora
ton exists today in fact. The discus-
sion of the situation which has been
going on among capitalists n their
legal counsellors every since the news
of the decision was received seems 70
bo 70 bring a concurrence in the view
that the drastic and sweeping conse-
quence of the law. as interpreted, VIII
serve 10 demonstrate its absurdity ana
bring about its modification or repeal
That such an outcome will be advo-
Gated on behalf of corporation inter-
ests and adopted as common poHcy is
a fair inference from the days out
sivings by Standard Oil representa-
tives themselves, as well as by others
In the financial district who discussed
the question. There remained the un-
pleasant recollection, however, that
every other important judicial decis-
of questions raised under the inter-
etqto and antitrust laws
has been followed by period of dis
turbance and depression in the stock
market, each of such periods more
over being considerably prolonged.
The first hour of the days stock mar
ket saw a contest vigorously urged De-
tween the conflicting clements in the
speculation in which the balance was
fairly turned in favor of the reaction
lists in spite of the most determined
efforts at support. During this per-
iod of the days operations, well nlgh
half of the days total business was
transacted. 1t is evident, therefore
that the demand for stocks followed
the price recovery hat followed the
first hour with some hesitation. Inc
buying, having achieved its purpose OF
checking the decline, diminished
The copper stocks suffered partlc-
ularly from the assumption that the
new decision would prevent the pro
posed consolidation OF the principal
copper producers. United States Steel
and Union Pacific also reflected the
special bearing which the decision was
supposed to ave on these companies
Reading on the other hand was strong
throughout and formed the rallylns
point for the opposition to the de-