Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-05-16
LONDON MARKET
bUOYS WALL ST.
At THE OPENING
New York Brokers Rush Orders
to English Exchange-To-
bacco Goes Up.

NEW YORK, May 1s.-Wall Street
had its ear to the European cables this
morning waiting for news of the open
ing markets across the Atlantic which
would test the effect Of yesterdays de-
cision of the United States Supreme
Court declaring the Standard Oil Com
pany OF New Jersey ar illegal monop-
oily. The first news was reassurlng, al
though apparently not unexpected.
The fact hat the London stock market
opened but half a point to a point
below yesterdays New York closing
and quickly strengthened on New York
buying orders indicated that the deci-
sion had been generally anticipated
and showed the quality of the over-
night verdict on the courts decision.
BY II o'clock, London time, which
was approximately 6 o'clock in New
York, the London market had settled
down to a firm and fairly active tone.
Under this reassuring news discus
sion before the stock market opened
here diyerged mainly into speculation
upon what effect the decision would
have upon the company Itself. State
ments were expected during the day
from the Standard Oil headquarters.
Meanwhile opinion seemed about equal
ly divided as to how the corporation
would meet the wishes of the court. In
the absence of any official statement
two plans were heard of. One vas the
division of the present organization into
several companies. Zach operating in
it's own territory. Another suggested
the disintegration Of the subsidiaries
of the parent company and the forma-
ton of a new corporation. which might
acquire all the physical property of
these subsidiaries and issue new stock.
An argument advanced In support of
this idea was tina such a r~eorganiza-
ton would be a single company and not
a Combination"
IL a. m.-Secondary prices were
lower, profit-taking sales appearing in
sufficient volume to set values back
sharply. United States Steel reacted
a point. The market soon adjusted
itself to the lower level, and then be-
gan to creep gradually upward, with
activity increasing largely on the rise.
Buying by the short interest was on
an enormous scale, and bull operators
took on large lines OF stock with re-
newed confidence. Prices at II o'clock
WSi6 IIO1i d 1dCllOu " III dbONC NAN
initial figures, with Union Pacific
showing a rise of three points. United
States Steel was quoted at 1917, Read
ing 1913 and Union Pacific 1904. a
feature of trading was the strength
shown by many industrial properties
American Tobacco jumped 10 points
on h curb.
Noon-The largest gains of many
months were made this morning In the
stock market, which interpreted the
STANDARD Oil decision as being decidedly
favorable from the Wall street view
point. The strength and activity OF
the market were due also to no small
extent to relief which was felt that the
decision had been rendered, and that
the uncertainty which has restricted
business for months was out of the
way. Predictions of increased activity
in the market after the decision was
announced. whatever it might be, were
fully borne out, for in the first hour
more than 400, 900 shares of stock were
traded in, three times the amount OF
business done at yesterdays entire ses-
sion. Activity decreased for a time in
the second hour. but prices were main
ldlleu. Later lUeTe was dhotHti Soi ~
upward and large amounts of stocks
changed hands at still higher levels,
one block of $500 shares of U. S. Steel
brought IS. Commission houses report
ed a large influx of outside orders, and
the strength. activity and breadth OF
the market gave striking testimony to
the speculative and investment opera
tions on a large scale. Noon prices
were from 2 to 8 points above yester-
days closing figures for the principal
stocks. Bonds also were strong and
active.