Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-22
Squirt FOR "PENNSY
Stock Sells at Highest Price
Since the Panic.
RECORD FOR u. S. STEEL
First Hour Business Reaches 4OO,-
600 Shares.
HARDENING IN PRICES LATER
Industrials Relatively Stronger
Than the Railroad Issues Toward
Close-Reading Heaviest Stock.
RECORD FOR U. S. STEEL
HARDENING IN PRICES LATER
Special Dispatch to The star.

Special Dispatch to The star.
NEW YORK, September 22.-Reaction-
airy tendencies were rather pronounced in
today's stock market until we'll into the
afternoon. The opening was quite gen.
orally strong, and the early dealings were
rather extraordinary in respect to activ-
ity Transactions in the first quarter of
an hour were on the scale Of more than
1900 600 shares. and in this period price
movements were confusing.
In the initial dealings the U. 8. Steel
stocks made new high records. and Penn
sylvania sold at the highest price which
it has touched since the panic. At the
same time other prominent issues began
to sell off rapidly, and before the middle
of the first hour the general tone of the
list was heavy. especially in the railroad
quarter.
The aggregating Of business for the
, first hour was 100000 shares; in the sec
ond hour there was a 80 per cent con-
traction of activity and the tone OF the
market was distinctly weak.
Around midday and In the early part
of the afternoon there was first a per-
ceptible improvement in tone and then
a slow hardening in prices. which left
the market showing irregular changes
from last nights closing figure with the
railroad issues
Professionals Suspicious.
Despite the strength of the opening.
sentiment did not take color from it. The
professional element was, on the contrary.
rather suspicious of the very fact of this
initial strength. and when heavy selling
that might be liquidation made itself
manifest In such stocks as Reading,
O ~f~ D1,,l
Amalgamated Copper, the traders on the
floor and in some of the brokerage
houses helped the movement along with
a considerable quantity of short stock.
Whether this accomplished anything
except to increase the aggregating of
bearish commitments was not at all
clear. around midday. nor could it be
inferred from the sturdy resistance to
pressure offered by United States Steel
and Pennsylvania.
Reading was unquestionably the
heaviest stock on the list. but its move
ment might have reflected more than
anything else the further sharp break
of 81 a share or fourteen points on the
the price Of Lehigh Valley in the Phila-
delphia market this forenoon.
The dealings in Lehigh Valley have
been very heavy for the last fortnight.
outside circumstance so far as this
market is concerned. for practically all
the trading in Lehigh Valley lately has
originated in Wall street.
Sugar and Harvester Features.
American Sugar Refining was one of the
frmest Of the influential industrials and
International Harvester continued the in
teresting speciality movements, which
have been a feature Of late by scoring
another rapid advance.
The speech which Mr.. Taft made at
Denver yesterday, relating to income and
taxation. apparently echoed In Wall
streets ears as a Renaissance of the
Rooseveltian era, and the resOunding prog
resses which Mr.. Taft's predecessor used
to make around the country at the ex-
pense Of security prices. At all events
the Denver speech. following the address
at Des Moines. was seemingly more in
huential in affecting sentiment in the
actual news developments of favorable
import.
Perhaps the most significant item Of
this sort was furnished by the authori-
tative report that imports of iron had
begun at $3.50 a ton, duty included. and
that contracts for foreign ore aggregat-
ing 100000 tons had been concluded this
week.
Money was easier today than it has
been for a week. The bulk of the call
loans were made under per cent and
the time money market was about one
quarter of 1 per cent easier for all
periods up to and including five months.
At the same time New York exchange at
Chicago fell further to a discount of Is
cents.