Evening star., 1911-06-04
Not Pleased With Decsion.

Now that the decisions are in, It Is be-
coming known in the financial district
that the Standard Oil powers that be are
not pleased with the result. To the world
at large 1t would appear that Standard
OIL and Tobacco have been we'll treated.
but this does not seem to be the feeling
among the great flnanciers identified with
the two colossal combinations. and now
the feeling exists that the market Is still
to rest under the shadow OF Standard Oil
displeasure. 1t has suffered from this
crouch for year almost and 1t would be
q severe disappointment II the same con-
ditions were to prevail for any consid-
erable further period of time.
BY many the slap dash attack Of John
w. Gates on the steel trust Is believed to
have been inspired by the Standard Oil
interests. Mr.. Gates Is apparently q hot
competitor Of Standard OH. but nine peo-
pie out OF ten In Wall street believe he
Is in partnership with the octopus and
that he does not take step without the
secret or open approval Of the ruling
would go out alone and tackle the Nor
gan crowd nobody believes. He has gone
through some very bitter and educational
experiences bucking the money. powers
and has repeatedly said that he would
never try 1t again playing single-handed.
Now for him to strut out upon the
stage and hurl insolent defiance at the
Morgan hosts recalls the statements he
has so often repeated bearing on the
folly of raising the black flag in the
street. The conclusion Is that he has un-
limited backing behind him or he would
not have taken the position he has.
Standard Oil influences are also blamed
for the steel trust investigation now be-
ing undertaken by the Stanley commit
tee. There are many things which it is
in the power of the committee to have
revealed about which silence Is much
more desirable from the steel trust and
sures will amount to is at this stage a
matter Of sheer speculation. That there
will be some Juicy revelations of inside
deals and schemes 10 taken for granted.
and this cannot be otherwise than un-
pleasant for those who dictated the poll
cies and intrtgues Of the big industrials.
There is another interesting market
point in this connection. Ut Is q well
known fact that great masses OF stock
are held by banking syndicates. for which
ket. and for which 1t might be difficult
to make q market and hold 1t in the face
of the possibility Of an open rupture be-
tween the Standard Oil and the Morgan
parties. Great masses OF stocks have
been taken out Of the floating supply, in
dividual operators and pools doing their
own financing direct with the banks and
trust companies, thereby saving the in
terest charges which used to go to COM
mission houses and brokers on the stock
exchange. This sequestration of securi-
ties by wealthy people may be an element
of weakness. or an element OF strength.
depending on conditions.
Since last fall 1t has been the main
stay OF the stock market Should an i'm
pulse seize any large class Of holders to
sell out and get ready for storm, the
market might break further. faster and
harder than If the stuff was held by the
public through the regular old-fashion
channels. Wherefore. traders and
SPECTATORS. as well as investors, are
unusually wide awake these days and
analyticaly watchful Of every current
event having q bearing on prices. They
are nervous and more attentive to
rumors and gossip than in many a long
month. They feel that the market is In
q critical stage. and that the near future
may witness the beginning Of q long de-
cline In values and q further restriction
in business. or else exactly the reverse
the commencement Of actual revival and
q protracted upward swing accompanied
by general activity. The latter Is ardent
ly hoped for and the former secretly
feared.