Ogden Evening Standard | 1911-05-31 | Page 7 | Big Drop in Stocks

American Tobacco Shares Show Shrinkage of $102,000,000 "New York, Ma 31. Indications of an "open market" In the steel and iron trade and the supreme court decision de-cision In the American Tobacco case, which Is regarded on the exchange aa moro drastic than that against Standard Stand-ard Oil, unsettled the stock market to an unusual degree soon after today's opening The set back was the more unexpected inasmuch as a number of actlvo Issues, chiefly standard railway stocks, had made material gains over Monday In the London market and these gains were generally maintained here at the opening today Within the first hour, however, concentrated soiling of United States Steel brought a sharp roversal all around and. not only were earlier advances wiped out, but very substantial losses substituted Dealings In American Tobacco securities se-curities were very erratic On the "'curb" American" Tobacco pcnimou opened at 500 unchanged from Monday's Mon-day's close, but by 11-30 the stock had fallen 75 pjolnts to -125 and later dropped drop-ped S2 points to -US. On the stock exchange ex-change dealings In the 4 and G per cent tobacco bonds wore the most "active "ac-tive on the list, the -I's advancing at one tlmo to 93 1-2, a ?ain of S 1-2, and the G's falling off 7 poInl3 Consolidated Tobacco I's, ono ol the American Tobacco company's subsidiaries, sub-sidiaries, declined over 5 points with declines of 3 and points respectively respective-ly In American Snuff, pfd.. and American Ameri-can Tobacco, pfd. Further weakness continued In tho afternoon All stocks were heavy. It was reckoned that at 418. tbc deprccia Hon In American Tobacco shares showed a shrinkage of $102,000,000 In value. ,