New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-01
TOBACCO COMMON DROPS
Net Loss of 10 Points in Record
Trading Of 1850 Shares
PREFERRED AND BONDS HIT
Attack Forces Down Steer ooil
mon Also, but Railroads
Show Slight Gain.

~. irsuerce NJ the decision OF the
steel manufacturers to lower tne p'i0o VI
,hair products and TO q smaller degree IN
e,,orced bv tho Supreme Courts conclusion
that the American Tobacco company
should he dissolved. both or thes' 'oiop
ments having come since the close OF ousl-
ness on the Stock Exchange on MONDAY
tho market during the larger part OIL yes
terdav's session was exceedingly weak
Steel common especialIy being under press
ure and # was not until late In the
afternoon that rally set In. when oronsht
final prices for many issues close 70 tne"
best OF the day. and In a re" instances
resulted in net gains
on the curb the feature was tho severe
decline in Tobacco shares. in contrast with
tho advance i'm Standard Oil on May IS.
after the adverse decision in the govern
ments case against that corporation prices
generally on tho Stock Exchange also hav-
ing risen on that day.
The transactions in Tobacco common on
tho curb were $50 shares. A record seldom
If ever. exceeded for days business IN
that stock Opening at 30. the Closing
figure of Monday. the stock declined -
points TO AIS. which was lo2 points under
the high record price. established about
week previously; and toward the close "
rallied 10 43o the net decline being ~
points. The high price had been attained
by purchases by operators who were among
the many expecting that the Supreme
Courts decision would be favorable to the
trust. and 1t was their liquidation which
carried down the price yesterday.
on the Stock Exchange American To-
bacco preferred sold down to 20 and closed
at ga. a net loss OF A.. points. although
this issue has preference as TO assets In
case Of dissolution of the corporation TO
the extent of its par and accrued dividends
The and per cent bonds, both Of which
would also be retired at par, moved toward
that level The 6s. which closed on Mon
day at 1895 opened yesterday at Josh
dropped 20 1Q312 and closed at lNig. The As
opened ga points up, at Sle, rose to $50
and closed al $50.
Directors of the American Tobacco Com
pany postponed their meeting Yesterday
while counsel took up the consideration OF
the next steps 10 be taken 10 conform With
the decision of the United States Supreme
Court on the Sherman antitrust Law. At
the general offices Of the concern. No. Ill
Fifth avenue. it was said that no further
statement would be made until the attor-
neys have decided upon q plan of action.
and there will he no meeting of the di-
Iectors until a report has been prepared OF
the legal situation. which will probably be
Saturday or Monday
The stock market advanced fractionally
at the opening. but heavy selling move
ment soon developed under which prices
yielded all along the line,
The chief attack was directed at Steel
common. which was sold in enormous vol
ume by operators for tie decline. some
liquidation also being apparent. The stock
opened al g. and before noon had fallen TO
75&. standing at little above that price at
the beginning IF the last hour. The news
nom the West that the Great Northern
was about 10 arrange A bond issue OF
500 $1,000 started vigorous buying Of North
ern Pacific toward the close on the i'm
preston that part of the bonds would be
used in acquiring the Northern Pscihcs
interest in the Chicago. Burlington 81
Quincy. and a general covering movement
began. the effect Of which was TO advance
prices throughout the list
steel common closed At 1914. III points
above its lowest and 1i2 under Monday
close Union Pacihc rallied from 1879. TO
lS6. closing at is5. gain Of 3. point.
Northern Pacific closed az the best of the
day, A net advance Of points while Great
Northern advanced T. Canadian Pacific
closed al eS9S.. new high record.