Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-11-09
Tobacco Securities Set Back
by Trust Decision.
OTHER STOCKS RECOVER
Opening Depression Followed by
General Rally.
NEW HIGH LEVELS RECORDED
Commission Business on Large
Scale-Volume Of Transactions
Is Large.
NEW HIGH LEVELS RECORDED
Special Dispatch to The Star.


NEW YORK. November 9.-There took
place, in the early dealings in today
stock market. a movement which might
we'll have occurred without any SPECIFIC
explanation, and one, in fact, which hac
been commonly expected, namely, re-
fexion In prices.
This orning's setback found. however
a definite explanation in the decision In
the United States court, rendered aftel
the close of business on Saturday, de-
claring that the American Tobacco Com
pany was operating in violation or the
Sherman antitrust law.
The securities of the American Tobacco
Company. which are dealt in upon the
stock exchange, all broke sharply. In the
curb market American Tobacco. common
quickly fell more than 80 points. OF
course. this decline ought to be consider
ed in the light of the high prices al
which the stock has been quoted:
The decision in the governments prose
cution of the American Tobacco Company
was a singularly complicated one. 1t Is
safe to say there were few in Wall street
outside of legal circles, that had mucf
comprehension of its real significance
Prominent interests in the company ex-
pressed themselves as in no wise deepl!
concerned over the courts ruling. The
litigation. will. of course, be carried &c
the court of last resort.
In the early part OF the day the III
dustrial and miscellaneous shares were
commonly affected by the break in the
American Tobacco issues. although FOL
that matter equally extensive declines
were shown in the railway list. Unlteo
States Steel common fell more than one
I point. as did American Smelling anc
Amalgamated Copper
London Market Affected.
The early cabled advices reported thai
the American department of the London
stock market was also unfavorably In
fiuenced by the decision in the tobacco
case. but other quarters there were de-
pressed also on account of prevailing un'
easiness with regard to the general con-
ditions of European political affairs. For.
ei9n houses were sellers here to the extern,
OF more than $1,000 shares, largely o.
United States Steel common.
Before the close Of the first hour the
stock market began to evince railyine
powers. While throughout the business
session price movements were Irregular, II
was, nevertheless, the case that many
stocks advanced to new high levels FOL
the current year. There was little change
In the character Of the actual news retat'
ing to the financial situation.
Additional evidences OF Improvement IN
Sunday. A further smart rise took place
in the price Of copper metal.
The governments practically final re.
port upon the corn crop placed the indi-
Gated yield at 2,642 .6SI goo bushels, OF
close to previous estimates.
Money market and foreign exchange
conditions showed no significant altera.
lions. The volume OF business In the
stock market reached an exceedingly
large aggregate. Aside from the course
of the bonds of the American Tobacco
Company the dealings in the bond mar.
ket were conducted upon the same line:
which prevailed since the result of the
election became known.
Big Business Done.
The business Of commission houses was
again conducted upon large scale. II
was apparently the case that the decision
In the tobacco litigation and general ex.
pectations of a reaction in prices appealed
more strongly to the professional elemen,
than to the outside public
For the most part there was little OF
particular interest to be ELECTED from the
doings in Individual securities. All the
securities of the Rock Island system were
exceptionally strong, as were the anthra-
cite and bituminous coal shares. Unusual
animation was also displayed by the
Gould stocks and number of the spe-
cialties. both in the railway list and the
Industrial group
The local traction issues. likewise, ex-
hibited more strength and animation than
for q long time.
London Stock Market.
Special Cablegram to The Star,
LONDON, November 9.-At the official
closing the stock exchange markets were
generally heavy, being affected by the re-
Election in New York. On the curb, how.
, ever, American railway shares enjoyed a
rebound.
Domestic departments showed little
change. Mexican Railway Limited shares
were sold, causing decline of II. Buy
ing orders appeared in Portuguese bonds
with rally of y.
There was considerable realizing In
Eaffirs. Coppers dipped In the late after
noon, but recovered. De Beers ended
with a net loss of lie at 13es. Cont
mental bourses were irregular.