The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-14
WALL STREET
PAMlCKY OPENING FOL
LOWED BY RALLY.
Prices Go Up Above Saturdays Close
Shorts Driven to Cover and Entire
Market Feels the Effect.

NEW YORK, Oct. 14.-The market
opened excitedly under a continued
flood of liquidation as an after eff
feet of the demoralized maket of satur-
day. In some cases there were violent de-
cllnes and most of the active stocks re-
coded large fractions. American Steel
Foundries preferred broke 4 points. Atchi-
son 2, Canadian Pacific ~, Reading and
Erie first preferred 1ss, National Lead and
American Car IL, u. S. Steel preferred and
Peoples Gas IA and Southern Pacllc,
Brooklyn Transit and Delaware and Hud-
son a point. The first sales of U. ). Steel
were of 5000 shares at 221a023h compared
with 2SA on Saturday. There was a re-
bound of a point in American Smelling
from Saturdays price and of liz in Nash
vile, Chattanooga and st. Louis. The mar
ket rallied quite vigorously from the OPEN
ing break.
Ii a. m.-The rally gained force, and
before the hour expired the market was
ruling at a parity with Saturdays closing,
or above. The heavy buying of American
Smelling and some of the Western stocks
induced the shorts to cover heavily in all
directions. There were belated declines.
which, however, did not affect the general
tendency. The high prices indicated a rise
above last weeks closing of 2Ss in Ameri-
can Smelling, 1s In Tennessee Copper, III
in Colorado Fuel and l to IA in Union
Pacific, st. Paul, Great Northern pre-
ferred. Northern Pacific, New York Cen
trail, Denver and Rio Grande, Kansas City
Southern preferred, A~malgamated Copper,
Anaconda and Railway Steel Spring.
IL m.-Advances were considerably Elk
tended. but with the effectiveness of the
support demonstrated. buying became less.
New York Central rose 22s. Great North
ern preferred. Pittsburg. c.. c. & st. L.,
and u. S. Rubber I'd preferred, 2; Dis
tillers' Securities, 1a; Union Pacific,
Northwestern and Atlantic Coast Line,
III, and Southern Pacific, Reading, Next
can Central. Consolidated Gas and Sugar,
] or more. Central Railroad of New Jer-
sey n American WOODEN preferred sold
at a decline of 8; Western Maryland, 3,
and international Pump, 2h. Bonds were
weak.
l p. m.-The market became dull and
featureless after IL O'Clock, but maintained
a strong undertone. st. Louis South
western preferred gained 43s, Virginia Iron
"a. Northern Pacific : and North Amerl-
can l.. Havana Electric gave way 519, De-
troit United Railways 4, ST. Paul preferred
8 and Illinois Central "a.
. p. m.-Professionaf realizing affected
prices in the afternoon, but the selling was
at no time urgent, and the market contin-
uel very dull on the reaction. Union Pa
tlfic and Reading fell back a point. and the
rest about one-half. Atchison preferred
~. and Delaware and Hudson,
Southern Railway preferred and Texas ans
Pacific l. American Smeltlng's gain
3.
3 p. m.-The market closed unsettled and
generally weak. There was a renewal of
selling in the final hour, which caused a
sharp reaction. Only a fraction of the
3-point rise IN American Smelling was
left when prices turned upwards again.
Baltimore and Ohio rose l and American
Car preferred 31a. Lackawanna fell "a,
Detroit United Railways 8, Toledo Rail-
way. 3%; Illinois Central, 3A; Bethlehem
Steel pr. ); Minneapolis aud st. Louis, e&;
Pressed Steel Car pr. 23s, and Missouri Pa
cific and Tennessee Copper, 2 The United
States Steel stocks were heavily sold at
the last, which unsettled the market again.
These stocks and some others fell back to
near the lowest, but support was manifest
ed at other points.