Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-09-25
Supporting Orders Check the
Downward Rush.
STEEL THE SOFT SPOT
BEARS UNCOVER sTOP-Loss COM
MANDS AND BREAK FOLLOWS.
Market Rallies on Good Buying and
Short Covering-TradingB Becomes
Quieter-Gains Hold.

NEW YORK. September 25--The opening
dealings in stocks disclosed continued weak
ness at some points. but support was
corded in others. The result was a feverish
and irregular tone. United States Steel So
curiues were conspicuous example Of all
three, opening at new low records The
sales of 1880 shares of the preferred car
ried 1t Y under yesterdays closing and low
record price. There were 1000 shares of the
common sold at 16& and 18A compared
with II last night and the second mortgage
bonds sold at 71L. decline of "a Tennes-
see Coal fell N. and there were running
sales Of 1900 shares of Atchson at 62 and
GIN. compared with 62% last night Tho
changes otherwise were fractional and
pretty evenly fixed between gains and
losses.
A sale of 1000 shares of United States
Steel at 161s. the lowest. marked the end OF
the opening declines. Supporting orders
made their appearance In all quarters and
prices were bid up rapidly on large trans
actions. Prominent stocks rose well above
yesterdays close. the improvement reach
ing 1a1h In st. Paul. Missouri Pacific,
Union Pacific. Texas and Pacific Baltimore
and Ohio. Reading, Louisville. New York
Central and Amalgamated. United States
Steel rallied to TN and the preferred to
641a. The support did not follow the ad-
vance far and prices reacted, but steadied
again with quieter market. few losses
of note occurred before the rally became
effective, including Ia In General Electric.
z In Hooking Valley and Wheeling and
Lake Erie first preferred and 3 in Wiscon-
sin Central preferred.
When 1t was seen that support was re-
newed on the reaction the bears covered
freely and lifted prices considerably higher
% on ba ar.t n, ID
Baltimore and Ohio, New York Central
Union Pacific. Missouri Pacific and Anal
gamated Copper were the largest gamers.
Lake Erie and Western fell 2, Internal
tonal Pump "a, Iowa Central preferred
~, Pullman By and Linseed preferred and
Snuff preferred @. The market was slightly
lower. but dull and steady at noon. Bonds
were irregular at noon.
bear drive against United States Steel
preferred to uncover stop-loss orders broke
the price to GOA and precipitated heavy
liquidation In the standard stocks and spe-
cialties. United States Steel touched 10
and the second mortgage 5 per cent bonds
II. Many of the active stocks fell below
the opening low prices, particularly Mis-
souri, Pacific, Reading. Rock Island and
St Paul. Railroad stocks generally did not
get much away from yesterdays final
prices. Support appeared against United
States Steel preferred and its recovery to
CO carried the general list up point or
more in many instances. Trading became
very quiet on the rally.
The market showed more stability on Its
last rally. The manifest buying for support
in many stocks induced more general short
covering, and the market retraced its
course to the high level OF the forenoon In
some instances better prices were obtained
but advances of i point or over were we'll
distributed throughout the active list
There was very little change during the
final hour The market was very dull but
held firm and a few stocks made slight
further advances Lackawanna rose but
lost it and United States Rubber preferred
fell 5 and rallied y. The United States
Steel securities recovered practically all OF
their declines. The market became unset
tied in the final dealings and prices receded
from the best. Pullman broke SIk and
United States Steel preferred ran off rapid
ly The closing. however, was steady and
dull