New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-17

FINANCIAL MARKET
Wall Street Bulls Stocks on the
Standard Oil Decision.

Persons who came into Wall street
stocks At sacrifice prices as conse-
duence Of tho Supreme Court decision
against the Standard oil Company were
grievously disappointed. The market
opened at advances as compared with
the closing Of the day before. while
throughout the five hours Of trading the
general tendency was i'm the direction Of
higher quotations. final figures showing
net gains Of from more than I TO more
than points among the prominent
issues dealt in on the Stock Exchange
to say nothing Of sharp Improvement in
American Tobacco shares on the curb.
Standard Oil stock was sold to some OK
tent. but the loss in the price of the issue
was unimportant The fact that the
ruling Of the court was considered by
the financial and business community as
fair and Just was an important factor in
creating an active demand from the
shorts. which was especially pronounced
IN the early dealings following the re
showing general advances Wall street
realizes that the business of the stand
ard oil COMPANY viii 90 on az usual
with conditions governing the organizs
ton IF the concern changed 10 conform
with tho decree Of the Supreme Court.
while the business world apparently ho-
lieves that the ruling will clear the at
mospherc ~ doubts regarding the posi-
ton Of corporations under the Sherman
antitrust law and serve 10 lay the foun-
dalton for q long period Of trade exrsn-
sion
Justice Whites Interpretation Of the
law will enlarge human freedom in bust
ness operations by killing monopolies
while not interfering with legitimate
combinations that have proved their
usefulness IN promoting healthful com
Petition Property rights win not be in
vaded indeed. the Supreme Courts dc
cision carries with N protection to vested
interests. and makes what might almost
be called an amendment to the Sher-
man law by diferentiatins between mo
nopolv and reasonable restraint Of trade.
Notwithstanding realizing sales in the
late afternoon the market maintained a
firm tone. with no indication OF short
selling. traders evidently believing that
the substantial interests we're in favor of
further price improvement The market
was one Of the broadest reported In tho
current year. while total transactions
were heavier than recorded on any other
day this year, amounting to more than
900 GoO shares. compared with $4,000
shares In Mondays operations.
Further evidence Of the increasing
strength OF this country's position in the
international money market is supplied
by the statement Of foreign commerce
for April Just received showing an OK
cess of exports over imports in that
month To the amount Of S3i.si6,V94.
which compares with an excess Of i'm
ports in the same time last year Of SSH
G5S For the ten months Of the fiscal
wear the excess Of exports amounts IL
value to $47s. $50. sos. against an eX-
cess in the corresponding period in the
preceding year of S1G7.1S0.0l4, while for
the twelve months ended April 80 an eX-
cess of $499,097174 is reported. com
pared with an excess OF SlGI19G,711 for
the like period in l919-10 Exports IN
April were heavier than in any prcced-
ing April.
our own people have been economiZins'
while foreigners have increased their or
ders for the products of our farms and
manufactures With our credits abroad
expanding and with a large supply of
idle money on hand IN our banks, there
ought 10 be no uneasiness over the
future of business in the United states.
one OF the chief uncertainties in the
situation is a thing OF the past, and. al
though there may bc no marked growth
i'm Industrial operations in the mm'di-
ate future. the outlook FOR gradual
gain in business IS extremely promising.
Fundamental conditions" are sound ana
money vii. not remain long inactive