The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1908-11-10
|ARKET IS DRIVEN
| NEARLY TO LIMIT
,,estiye Power Severely Taxed
sin the Process OF Minor
Profit-Taking.
,URT DECISION CAUSES
BREAK in TOBACCO
Il Have Adverse Effect on
Other Securities of the
So.Called Trusts.

..z-r,- work.. Nov. 9.-The movement
fEim fEises foday betrayed the throes OF
pnrocess pnoss OF digestion to which the
N was subjected by reason OF the
. sales Of stocks by the recent heavy
~ as well as by the holders OF long
ra'nq Although the market staggered
zsr this treatment It showed strong
sS'rntivs capacity and power of resist
This action served to keep up
.s,ative confidence and 10 encourage
,sneved operations on the long side.
In became conspicuous after the re.
- Of the. first hour The skiiitui
;sssIonaI clement OF the speculative
Sfjors n the market were made wary
~ character OF the trading OF the
~ mart of the week and were in
~ n The effects OF the first move
sralt- taking sales, which might sweep
~ The position unexpectedly on any
<;oFard showing. The inevitable ten
~ N q promiscuous movement Is for
4 3oatIng supply Of stocks TO pass from
4 hands OF the rich class OF capitalists,
N abundant means 10 protect their
.dInrs and an abundant experience OF
4 10 do IT. into the hands OF nunleT-
a widely scattered and unconnected
nj holders. most of them with small
sus, operating on insufficient margin,
a likely, therefore. 10 be forced to sell
sacriHce at G comparatively slight
netjpn IN the market. Even so moder-
4 4 reaction as that OF the early part
ledsy revealed the existence OF a large
1nbef OF selling orders placed at limits
Vow, the prices OF Saturday. with the
|ippse Of saving prohts or stopping
- In case OF q break In prices
uRerated form, which has caused the
1ni domoralization In stock markets OF
\ paet II was feared for a time that
q Incident that would topple over the
Enlative fabric had been met IN the
<bidn or Saturday OF the government
n against the American Tobacco COM
~ In favor of the governments con-
< anu-trust law. The language OF the
|<'aon seemed to some OF those In the
|IDcfal district 10 open up such a Yul-
'nble position for practically all the
<>t. corporation combinations OF the
t7Ip Industrial structure that a whole
< readjustmcnt would be necessary.
aI5 fear grew out OF the judicial as
1n that each one of the purchases
umpanies complained OF in the peti-
vas a contract and combination In
r1tnt OF competition existing when IL
Entered into. and that is sufficient
1nE II within the ban Of this drastic
ls assurance OF the presldent-elect OF
<upton from pursuit for those corpora
Al =
msthods did moi seem 10 cover the
k-reaching application thus implied
ne existing statute. The violent
k 10 the American Tobacco securi-
themselves, as well as good part of
general pressure on the market. was
lesd 10 this influence
tnle u was partly Offset by the vieor-
sppldding OF few stocks. the dis
~ ~ 70 realize speculative profits con-
~ IN evidence. A significant deveI-
,nt OF the day was the Tightening of
Ane money market, which was re-
~ more active and with lenders in
sa 's 10 hold off for higher rates. This
s natural consequence of the quick
ot commercial and industrial ac-
~. me certainty of large acquisitions
osns by eorporations Of all classes to
'asllues for supplying the IN
demand The considerations
'1S On the technical speculative posi-
ysaled ~ snd tne market 10 the exclu-
~ iacts bearing on actual values,
wy we're Irregular. Total sales, mar
Iii Iii states bonds were unchanged