Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-09-12
Opening Was Unsettled by
Violent Declines in Leaders.
GENERAL LIST LOWER
PACIFICS AND THE PROMINENT
CHANGERS SUFFER A DROP.
Southern Railway and q. 8. Steel Buy
ing Caused Rally - Nearly Half
Million Shares Changed

NEW YORK, September 12-The opening
of the stock market today was unsettled by
violent declines In the Pacifics and promi-
nent grangers st. Paul dropped In. South
ern Pacific and Atchison about point. and
Union Pacific Y. Sugar was also down a
point. The general list was lower In SYM
pathy, with the exception of few special
| ties. Rock Island preferred advanced IN
| in marked contrast with the general tend
ency.
Further slight losses occurred before the
decline was checked. The rally had its in
ception in the tremendous buying Of South
ern Railway. supplemented by nearly as
| largo takings OF the United States Steel
| stocks The first seven transactions in
Southern Railway footed up 27.100 shares.
embracing two blocks of 5000 and one Of
$500. The stock rose 1a in all. and United
States Steel rallied to " over Saturday.
Room shorts bid energetically for stock.
and some Of the western leaders made up
nearly all their losses. including st. Paul.
Atchison and the Paciflcs.
gh-priced inactive stocks of an invest
ment rating moved quietly. The Jersey
Central rose 61a. and Buffalo. Rochester
| and Pittsburg 3. Northwestern dropped 2.
but recovered the loss after a block OF
5000 shares was taken on the rally at 100.
Locomotive preferred gained 212. and there
were many other variations of to points
by inactive stocks. Leading stocks sold
Off again at II o'clock
The activity of the market, which alb
serbed. nearly half a million shares in the
first hour, was well maintained during the
second hour. Southern railway was taken
in great volume and with apparent conf
dence. United States Steel preferred. how
ever, reacted suddenly point and Read
ing which had held firmly yielded 10 q
under Saturday.
The rise in the grain market gave incli-
| nation of the misgvings caused by the gov
eminent crop report and the weather news,
and prices fell back lower than before The
Rock Island stocks fell III under Saturday
Missouri Pacific 1as, Erie and the second
preferred and Colorado Fuel IA Atchison
and Baltimore and Ohio rs. Chesapeake
and Ohio e. Metropolitan Securities and
Consolidated Gas ia
The market rallied and became dull
Bonds were irregular at noon.
Only slight rallies were effected in the
general market. and prices slipped back
again easily when the buying slackened.
Southern Railway. went through all the
large offerings that the morning rise
brought. but only touched 34%.
An extension of the rise in Southern Rail-
way and a gain of a point In Texas Pacific
proved unavailing In holding the general
market, which made frequent dips down.
ward on large sales. Southern Railway ran
off a point at o'clock when the general
list had made extensive declines. st. Paul's
loss reached "a. Colorado Fuel dropped
212. Metropolitan Securities 80. Amalga-
mated rs and Brooklyn Transit Norfolk
and Western, Reading, Rock Island and
the Pacifics lost IA to liz. the latter
amount In Union Pacific. Northern Cent? al
jumped 10 and Commercial Cable 20 points
| on single sales.