New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-17
STOCK MARKET B0OMS
Net Gains for Day Average from
IA to 3 Points, Closing High.
100000 SHARES TRADED
Standard Oil Advances to 605,
then Reacts-Brokers Throng
Floor Again.

How Wall Street in general felt over the
ending Of the suspense In the Standard vi
case. even though the decision Of the Su-
preme Court was against the company. was
reflected in the action OF the stock market
Prices instead OF declining as had gem
orally been expected. opened at an advance
of 10 points for the active stocks over
the preceding days close. and continued
steadily upward until the end. final prices
being al or near the high figure OF the
day, the net gains ranging from II. to
points in the leading issues The volume
of trading was enormous particularly COM
pared with the daily business of the last
few weeks. the total transactions being
over 10000 shares
Instead Of dealing II hundreds OF shares
as has been the case while the STANDARD
Oil decision was hanging over the market
the transactions were in thousands Of shares
al a time In vain the bears tried TO start
a downward movement they were swamped
with supporting orders. ard with the eX-
ception OF a slight reaction In the hrst
hour following the initial advance. prices
went on up. not by sharp spurts and sud
den Jumps. as has been the case OCCASION
ally ia the past when an unfavorable
event has been discounted in advance. but
steadily and quietly each sale showing a
gain Of from i to /. above the price, Of the
preceding transaction.
Even Standard Oil stock. which. il would
be thought. would be the first TO reflect the
shock of the adverse decision, advanced on
the curb from 67s. the opening price. 10 6so.
reaction then set in. however, that car
ried the price OF the stock 10 Cos az which
it closed. a net less of 1ia4 points on the
days transactions. which totalled eol
shares American Tobacco stock was also
strong on the curb yesterday. advancing
from 40 at the opening to 4s5. and then re-
acting 10 points to 40. at which 1t closed.
This was a net gain of Is points for the day
or total sales Of fs shares.
Heavy Trading in London.
Long before the local market opened
there had been heavy trading in American
securities on the London Stock Exchange,
much of it being for New York accounts.
Buying orders TO large amount had been
cabled over by New York stock Exchange
firms soon after the text of the decision
was made public on Monday night, and as
a result prices Of Americans" there scored
a sharp advance.
Before the London exchange opened. how
ever. English traders had been selling
American stocks on the street. and had
succeeded in forcing prices down some
what With the opening of the exchange
the rush of New York buying orders. esti-
mated at between 1000 and 1900 shares,
soon brought about q recovery and suisse
quent gain.
There were more brokers in attendance
on the floor when the local exchange
opened than had been the case for weeks
and the various brokerage offices were
crowded TO their capacity with customers
The apathy that had characterized the
trading for so long vanished with the open
ing gong. and from then until the close the
market underwent the greatest activity that
it has seen in months.
United States Steel common. Reading and
Unicn Pacific were the most active stocks
on the list and maintained their lead
throughout the day Steel being al the head
of the list. with total sales Of nearly 25o'U
shares Fifteen thousand shares of this
stock changed hands in the first minute
the price ADVANCING in that period from
=. the opening fgure. 10 Is. a gain Of full
point. and up TO 2is points from the pre-
ceding nights close II advanced further
70 IS. in the later trading and closed al
the high point. q net gain Of points for
the Gav