The Birmingham age-herald., 1911-11-09
DEPRESSION IN
 STOCK MARKET
Decline in Prices Was Naturally Looked
 For

New York, November S.-After more than week of advancing prices the stoeN market today fell back. Pressure against the speculative issues was persistent and effective Prices were depressed early in the session and the market seemed to be without the power to rally. Toward the close the pressure became more pro- nounced. -
 Reading and United States fell more than points and Union Pacific and other active stocks nearly as much. A few in active industrials developed pronounced strength without affecting the general market.
 The decision of the court in regard to the American Tobacco plan was not made known until after the close of the market.
 During the day the preferred stock was heavy, although the common stock ad- vanced 10 points just before the close on the curb. The decision showed that Wall street expectations had been largely fui- filled.
 The recent advance of the market had been aftributed largely to buying based ppdd Expectations of favorable court ac- < stiod up0n the Tobacco company's plan. gApSroval of this plan, it was believed, 1wopld furnish some indications as to the iptaiidards to which corporations might be expected to comply
 The action of the market today was re- karded as natural In view of the recent Extensive rise. The advance resulted in large reduction of the short interest with k res,lltant weakening of the technical but1tiuh of the market. It was evident also that the rise had not been effective tnteno<uragi public participation in the hnarFet to any large degree. Bull opera I" tors found the drift of the market against them with the demand for the standard tssues at the higher prices considerably 3educsd The course of the market led to a feaewal of short selling and the heavy eelling. toward the end of the session ap- parently was largely in the nature of a bear drive. ! wal street paid little attention to the i elections. Interest is livelier In the forth coming session of Congress, which con Venes in less than. a month chiefly on ac- count of the expected attempts at mpor- tant tariff changes.
 The market was largely one of special lies. National Biscuit rose more than 6 points on reports of probable increase in the dividend rate. Brooklyn Union Gas gained 41s, and large advances were made by a number of other inactive issues, in cluding federal mining.
 Philadelphia company and American Can preferred Delaware, Lackawanna and Western gained points after an- rouncement of the 35 per cent extra stock dividend. This action had been largely discounted, the stock having risen 55 points in the last few weeks.
 ft,ey of a hy a- tional Railways of Mexico, and the sale of s5,000,000 bonds for a subsidiary of the Union Pacific, were announced. There were other indications that the railroads were going forward more confidently. Sev- eral large orders for rails and railway equipment were announced.
 The Copper stocks sold off with the gen. eral market, although the monthly re-, rort of the Copper Producers association was unexpectedly favorable.
 The bond market was firm in the early trading, but later developed reactionary tendency in places. Total sales par value, S3,460.0O0. United States 3s advanced 1s on call. -ttf.