Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-22
DROP IN THE MARKET
Prices Decline Under Pressure
of Heavy Selling.
NUMEROUS RALLIES FAIL
General List Responded Only
Moderately.
STANDARD OIL SCARE WORKS
Some Substantial Recoveries Later.
Pressure on the Coppers and
u. S. Steel.
STANDARD OIL SCARE WORKS
Special Dispatch TO The Star.

Upeclal DlSpatch 10 i ne SUM-
NEW YORK, November GAN ex-
tensive unsettlement of quoted values
took place in today's stock market as
result of further consideration of the
Standard Oil decision. and also because
Saturdays session did not furnish suffi-
cient opportunity for the selling move
ment which the publication of the de-
cision excited.
During the forenoon today the market
and Wall street were more or less agl-
tated by apprehensions and fears and by
vague and ill-founded conjectures rather
than by any reasoned or logical estimate OF
the consequences which might or must
follow upon the latest judicial interpre-
tation of the federal antitrust law.
At the opening of the market there was
heavy selling of commission house origin,
which was supplemented by the bearlsh
operation of professional traders, and
under this pressure prices declined all
around the room, with the conspicuous
exception of leading.
During the first hour the dealings were
carried further, until the list presented
an average loss of IL points more
from Saturdays closing figures. 1t could
not be said that while this receding move
any time really weak. but it was rather
heavy.
Sales Well Absorbed.
The particular as well as general
courses of prices were orderly, and sales
were on the whole we'll absorbed, with
out the appearance of support being ex-
tended. unless supporting orders were
concentrated upon Reading for the sake
of the effect which might thereby be
exercised.
Subsequently Consolidated Gas came to
the assistance of Reading by developing
aggressive strength, and in the early part
of the afternoon, while the list looked
heavy, generally substantial recoveries
had been made from the low prices. and
many leading issues showed only frac-
tional losses from Saturdays close.
Standard Oil broke sharply on the out
side market this morning, and this was
relatively a more extensive sufferer than
other issues.
Copper Stocks Affected.
While the selling was in greatest vol
ume pressure was more or less directed
against the copper metal group, on the
theory that the effect of the decision
would be to put an embargo on the So
called copper negotiations. This was de-
MED in authoritative quarters.
The United States Steel issues were also
heavily pressed for sale as result or
some of the hasty and not very impress
siye differences which were drawn from
the Standard Oil decision. For the same
reason obviously there was selling OF the
telephone and telegraph stocks, and much
of the selling of Union Pacific, Rock
Island and Southern Pacific could be SIM
ilarly accounted for.
AS a matter of fact the forenoon stock
market represented something in the ma
ture of speculative scare.
In important quarters the opinion was
vouchsafed that untoward consequences
for securities were not to be apprehended
from the legal status OF business and
industry as that had been defined by the
latest judicial interpretation
Tobacco Decision Forgotten.
1t may be pointed out that 1t is now
some time since a drastic ruling, accom-
panied by an even more drastic and
far reaching opinion. was rendered by a
federal court against the American To-
bacco Company.
The stock market long ago forgot about
this and 1t may be questioned If Wall
streets recollection of the Standard OIL
decision will be more enduring
Very little else than the Standard Oil de-
cision and the price movement on the
stock exchange engaged Wall streets at
tention today. There were no develop
ments outside the financial community
which were constructively adverse to
values.
Copper metal prices were stronger. Rail
road reports of earnings were good. The
Imperial Bank of GermanyS discount
rate remained unchanged, at = per cent
and local money market conditions snow