New-York tribune., 1911-11-10
BOOM IN STOCK MARKET
Sharp Gains Follow Approval of
the Tobacco Plan.
STEEL LEADS IN ACTIVITY
street Regards Decision as Paw.
ing Way for Other Re-
organizations.

The approval OF the American Tobacco
man by the United Sta: Circuit Court
caused boom I'm the stock market such
as has not been seen for weeks Prices
we're marked up sharply from the opening,
and except for occasional reactions. due
70 profit taking. continued to advance
,hroughout the session. the most aggres-
sire buying taking place i'm the last nour.
al the close. which was at or near the
high point Of the day the net gains ranged
nom good sized fraction to more than 8
points in most of the list.
/, The feature of the market was the
sirsneth and activity I'm United States Steel
stocks The common opened wide" with
kales of 9).e0 shares at an advance of from
d 10 l; points over the preceding day 5
Llose. and gained strength with almost
every transaction. the final sale being at
the high point OF the day-6}Is This was
net gain Of 50 points for the day and
an advance Of more than l3 points from
,he low level touched on October %, when
the government suit for the dissolution of
the steel Corporation was filed. The trans
actions in the stock We're more than one
fourth of the total sales on the exchange,
which aggregated nearly l2j0.000 shares.
steel preferred was also active and strong,
gaining 2is points on the days transactions.
The strength of the Steel issues was re-
sarded in brokerage circles as a fair illus
,rahona Of how fsvorably the big interests
q, the Street look upon the decision in the
American Tobacco reor'ganzat ton case. The
belief appeared 10 be general that the ac-
lion OF the court paved the way lor the
successful reorganization Of an other large
combinations accused of violating the anti
trust law against which suit might be
brought by the government
The stocks of other leading industrial
companies also scored substantial gains
YESTERDAY. and tho important railroad
issues. particularly Union Pacific and Read
ing. we're among the leaders ia strength
and activity. Union Pacihc's net gain was
a, points. while Reading gained 2is points.
4 yitr American Tobacco securities. as was
II 7abhs expected. showed pronounced
sirength. The preferred stock, which is
traded in on the Stock Exchange, advanced
j., points from Wednesdays close TO 80, a
new high record, soon after the opening, but
reacted in the later trading to 9Ss, at which
II closed a net gain of y Of point. The
pe- cent bonds Of the company also made
a now high record, going to ll6l2, as against
their closing price OF l15 on the preceding
day. The is. after advancing ! point over
Wednesdays close. reacted a fraction the
hnal sale being at 9i1s, net gain Oh =
point.
Both issues were traded in in considera-
bio volume. The largest gain by the To-
bacro securities was in the common STOCK
whichs after opening at 44S, mp points
from the preceding days close, advances
on active buying for that issue to 4h- II
reacted points at the close to 80
net gain on the days transactions "hich
totalled III shares. of points
While the heavy buying that followed the
openipg of the market was attributed chle4-
" to short covering. the bear contingent
having been apparently caught un@"dIeS
bv the prompt acceptance of the Tobacco
plan by the Circuit Court purchases oi
stocks In the later trading were sdiu 10 pe
largely for outside account.