Omaha daily bee., 1908-11-10
STOCK MARKET IS ACTIVE
Session Opens With Whirlwind Of
Tremendous Trading.
BIG DROP IN AMERICAN TOBACCO
Decision of Court of Appeals Causes
Apprehension for other fssues--
Rally Follows slump and
Few stocks Gain.

NEW YORK. Nov. 9.-Starting with
whirlwind of tremendous trading at prices
which threatened sharp decl mes before the
day was over the stock market. with sales
of L63S000 shares today, broke all records
for activity since last March, but closed
the day without recording serious net losses
ana even with gains in some important
stocks. A sensational decline in the price
of common stock of the American Tobacco
company on the curb market as result OF
the decision of the United States circuit
court declaring that company was a COM
bination in violation of the Sherman law,
precpitated the early decentralization in the
trading on the Stock exchange. Tobacco
common had dropped Is points just before
the close of the market on Saturday and
opened today at S75, from which point 1t
dropped violently a total of S5 points.
Adds to Apprehension.
This, together with considerable appre-
hension among the traders as to the scope
of the courts decision as applied to other
combinations, had a sympathetic effect
upon standard stocks on the exchange and
prices suffered several sharp declines in
the opening hour. A feeling that the re-
cent advances in prices had been too en-
thuslastic and that a reaction was about
due, heavy sales of American stocks in
London and a rise in call money to per
cent, which had not been approached since
last January. contributed to disposition
on the part of the heavy buyers of the
stocks for speculation to dispose of their
holdings and take profits.
Rally Follows slump.
The attitude of this element, however,
was offset by buying which came from
some OF the leading commission houses,
some OF which reported very decided in
crease Of public interest in the market. In
spite Of the heavy undertone and heavy
realizing of the last hour many stocks
closed ct net gains, though Union Pacific,
Southern Pacific. Copper, Smelling. st.
Paul, Baltimore & Ohio. Northern Pacific
and the United States Steel shares closed
at losses ranging from substantial frac-
itions to over d point. American Tobacco
Iscommon's net loss for the day was 10 points.
Steel common led the list in regard to
activity with total OF 221 600 shares. Union
Pacific was next with about 15e,0c0 while
Reading was close third with 10000 full
| shares.
Bonds were very active, though the total.
| 81, ,532 10e, was considerably below that of
| last Friday.
| The later stock market showed sub
sidence of the acute apprehension mani
tested earlier over the scope of the Ameri-
| can Tobacco decision. Operations were re-
fsumed on the long side Of the market and
fprices were marked up aggressively here
and there with the effect of restoring the
general level to Saturdays closing or
above. Reading and group of coalers,
the Rock Island stocks and American Su.
gar were amongst the conspicuous stocks
besides the Gould group TO SUSTAIN the mar
ket. There was manifest pressure to con-
tinue the realizing of profits on all strong
spots and the irregular movement Of prices
showed an uninterrupted effect from this
during the remainder of the day. Prices
ran off again in the late dealings in some
cases to near the lowest