The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-05-21
EFFECT Of THE
OIL DECISION
Stock Market More Active and
a General Advance in Price
of Securities.
NEW HIGH RECORDS
FOR PRESENT YEAR
Wall Streets Weakness Com
mented Upon by a Shrewd
Financial 0nl0oker.
BY Leased Wire to The Tribune

BY Leased Wire TO The Tribune.
| NEW YORK. May 20.-Of course the
Standard OIL decision has been the one
big thing In the stock market the past
tive market than has been seen for some
time, with a general advance in prices,
| Since the close OF the stock market last
Monday; railroad and industrial shares
| have advanced from to points. with
a number OF stocks selling on Thursday
at the highest price OF the year. Now
iiia high rec records S for the year were made
| ed Copper, General Electric. Union Pa
ciflc and Atchson.
Compared with the low prices for the
ruary, at this weeks high level Inter-
national Harvester shows a gain of 1873
points: General Eletcric 16s, Union Pa
cifc IL, Atchison IL, Northern Pacific 10,
United States Steel. Reading and West
inghoUse 10 points and Pennsylvania g.
Pennsylvania was the only stock to
make its low record for The year on last
Monday.
a wholly impartial witness OF the pub
hes reception OF last Mondays news
the familiar man from Mars" for in
stance-Would have found some diff
Guilty in pecing together his impressions.
II acquainted with the older traditions
OF our race he would possibly have as
sumed that the Standard Oil had been
placed as burnt offering on the pub
lie altar and that every one thereafter
believed the angry god to be appeased
Effect of a Phrase.
Something OF the pcrplcXity of the man
from Mars has been reflected in tho
weeks casual comment on the markets
action after the decision. Not so with
the stock exchange. The value OF a
catching phrase was never more con-
weeks immense popularity Of tho cX
plsnation that the court has writ
"reasonablencss" into the antitrust law.
Now Wall street is not free from a
cer I'm in, ~ hnr
tuTe, which consists I'm saying things
which il does not exactly understand. and
in saying them with the greater conf
dence because II believes no ono viii ask
1t what they mean. There is etiquette
in matters of this sort which excludes
as bad form the insistence, in the midst
of A friendly converse ton, a clear eN
plsnation OF such mysterious phrases.
There arc those who assert with great
ndeiiniteness that the opinion, by us
ing such phrases as determined by the
when not unduly or improperly cXcr-
cised,' has somehow or other reversed
all previous decisions. But thore are
others who believe that these decara-
tions place In simple language what had
been previously lntimatcd In general
terms in the earlier supremc court jude-
great dchniteness In such enuncistions
as Justice Brewers Northern Securities
opinion of 1904. the circuit courts de-
cison or 1909 against The Standard Oil
company. and Attorney General Wicker
sham's briet in the American Tobacco
case hearing in April. 1911.
Property Rights Secure.
One striking fact in connection with the
decision and its effect on The market IL
the faculty or Wall street to anticipate
and to Discount" great events. Hence
the advance on the DAYS succeeding tho
announcement But looking back at the
thing is that tho stock exchange prices.
while all WAS Stil in doubt. should have
held so resoutelv At q level which on
tho average Was little below The very top
OF the year Financial comment referred
10 this as tho markets preparedness tor
whatever the supreme court might de-
eide. But IL meant more than this, 1t
WAS A reflection also of the conviction
finally reached among shrewd Wall street
operators that the integrity Of values and
the security of property rights would not
and could not be upset by amy verdict of
the court
In u large degree. therefore. the mar
ket had really discounted Mondays dc
cision and the rise that occurred there
after may be ascribcd TO tho buying in
Of short contracts and 10 purchases by
the rank and file OF outside Spectators
who had not been able TO perceive how
strong the previously existing market
conditions really were. BY reason OF tho
elimination OF tho short interest and the
entrance upon the scene OF a host OF
mediately ahead, the position is far less
solid than II was With its usual ten
deucy toward rushing 10 extremes. the
speculative community has enthusiastic
cally proclaimed that tho supreme court
has opened up new era Tor American
business: that tho long standing diniCul-
tics i'm the situation have been removed
aud there is nothing for Wall street prices
10 do but start In to anticipate another
great period OF industrial expansion.
That such view may nc productive
Of risk and danger ought TO he perfectly
perfect 10 sober reasoning. However. as
has been frequently suggested. funds-
mental factors arc Improving, rapidly ia
some directions and SLOWLY in others.
where the gains from month To month
and from one quarter Of the year 10 an.
other Quarter arc quite satisfactory. To
thoroughly rcadiust the economies OF the
country TO a basis sound enough TO carry
us along without money or labor troubles
for two or three years VIII require six
or eight months moro OF slow business
War with Mexico. or. at worst, intcrvon.
ton, has been removed AS a disturbing
possibility by the offer Of President Diaz
To resign to establish an entente cor
dale with Msdero. This situation WAS
al one time very disturbing in banking
circles here and in Europe.
The possibilities OF peace have made
them more disposed TO reopen financial
The Influences most potent for trao-
renewal are the large supplies Of money
al low rates and the continued assul.-
bound to be plentiful and 10 average q
rate very profitable for the purchase uf
bonds. notes or STOCKS IN INC n"hl StH
months IT Is too carly TO make busf-
ness calculations for 1912 on the assump-
ton that The yield Of wheat corn. oats
cotton and hay viii not only he SUI
ficicnt for domestic requirements, but
permit Of normal surplus for export, II
is moi presumptuouE. however. to reckon
on fair crops This year from tho present
known conditions and record acreage in
all dIections.