Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-11-23
FINANCIAL AND COMMERCIAL,
STANDARD OIL DECISION
Reflected in the Dizziness of the Mar
ket-Copper Stocks Suffer Princi'
paIIy.

New York, Nov 22-The financial
community was as little prepared to-
day to make its final appraisement OF
the import to corporations of the tu-
dicial decision against the Standard
| Oil company as it was in the short
stock market session of Saturday after
| the unexpected announcement Of the
decisions The disturbed tone OF the
market and the marked lapse into dull :
ness when measures of support became
defective were sufficiently significant OF
the Importance attached to the decision
| and the wish to await the final dispo-
sition of the case before going forward.
1t is in the uncertainty thus involved
that the principal harm is feared, not
only for the speculative position in
stocks, but for business activity. 1t
was for this reason that all commenta-
| tors were agreed on the Importance of
an early settlement of the appeal in
| the case. The most hopeful view of
the situation from the standpoint of
corporation interests was drawn from
an analogy with the case of the COM
modities clause of the Hepburn law.
Dire harm was predicted from this pro-
vision in It's early stages and during
the progress of the litigation to test 1t,
but in its final conditional affirmation
by the supreme court the speculative
spirit drew actual encouragement and
made it the basis for some sensational
rise in prices, especially in the group
of stocks Immediately affected-the
coalers- Just how the present case
would be turned to similar good ac--
count was not made very evident, but
the long line of precedents touching
the Interpretation of various issues
growing out of the interstate commerce
and the antitrust laws was cited to
justify a confidence that a way would
be found for the great corporations to
continue to do business. A favorite
citation was the fact that while the
Northern Securities company was dis
solved by decree of the United States
supreme court the merger aimed at by
that formation exists in fact today
The active discussion of the situation
which has been going on constantly
amongst capitalists and their legal
counselors ever since the news of the
decision was received seems to be
bringing a concurrence in the view that
the drastic and sweeping consequences
of the law as interpreted will serve to
demonstrate it's absurdity and bring
about its modification or repeal That
such an outcome will be advocated on
behalf Of corporation interests and
adopted as a common policy is fair
inference from the days outgivings by
selves as well as by others in the
financial district who discussed the
question. There remained the unpleas-
ant recollection. however, that every
other important judicial decision Of
questions raised under the interstate
and antitrust laws has been followed
by a period of disturbance and depres-
sion in the stock market each of such
periods moreover, being considerably
prolonged. The first hour of today's
stock market saw contest strenuous
ly waged between the conflicting ele-
ments in the speculation, in which the
balance was fairly turned in favor of
the reactionists. in spite of the most
determined efforts at support. During
this period Of the days operations well
nigh half of the days total business
was transacted. 1t is evident, there
fore, that the demand for stocks fol-
lowed the price recoveries that follow
ed the first hour with some hesitation
The buying, having achieved its pur-
pose of checking the decline, diminish
ed. The copper stocks suffered partic-
ularly from the assum ption that the
new decision would prevent the pro-
posed consolidation of the principal
producers. United States Steel and
Union Pacific also 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 eased abroad, but foreign
exchange held firm here and more gold
was engaged for South America. Bonds
were easy. Total sales, par value, So
262. 900. United States bonds were un-
changed ON call.