The star and Newark advertiser. [volume] (Newark, N.J.) 1908-1909, 1909-02-23
LARGE BREAK IN
READING CLOSES
ACTIVE MARKET
Weak and DisorderIy End to a
Sensational Day of
Trading.

NEW YORK, Feb. 23.-The market
opened in an excited condition owing
TO the heavy declines in he prices of
Americans in the London market dur
ing yesterdays holiday in New York
The metal industrials were most af-
fected as a result of steel trade CON
dltions. As compared with 46 for L. 8
Steel on Saturday at the close. there
were sales of 1900 shares at the opening
at AK and 44k, and the price suisse
quently touched 441s. Colorado Fuel
broke 21s, Sloss-Shefield Steel 2 Re-
public Steel preferred ~. Amalgamated
copper and National Lead Ia. u. 6
steel preferred rs and American Smelt-
ing rs. In the general list Reading.
WABASH preferred, Erie, Chesapeake
and Ohio, Consolidated Gas and Ten
nessee Copper were down a point, and
the majority of the most active stocks
showed large fractional losses.
IL a.. m.-Liquidation was unre-
strained in the us. Steel stocks, large
offerings forcing their prices down
steadily until the common sold 2K and
the preferred 2s below Saturdays coils
ing. Other> metal stocks also weak
ened in a sensational manner, but the
railroad list, aside from the Gould
stocks and a few others, was much less
Federal Mining dropped 10lb.
Republic Steel preferred 6, Central Rail
road of New Jersey 3, National Lead g.
Third Avenue 2k, American Car pre-
ferred 2ss. Texas Pacific, Delaware and
Hudson, nterborough-M Metropolitan pre-
ferred, Great Northern Ore certificates.
Utah Copper. Amalgamated Copper,
Copper and u. S. Realty 2, Chesapeake
and Ohio, Missouri Pacific and st. Louis
Southwestern preferred ~, Kansas and
Texas and Kansas City Southern pre-
ferred rs and Minneapolis, st. Paul n
Sault Sainte Marie preferred, Western
Maryland, Western Union and Great
Northern preferred ~.
Noon-The bears were inclined to re-
duce their short lines at the attractive
lower levels, and their buying rallied
prices. Pennsylvania rose IL over Sat
urday's price, American Car 1as, Inter-
national Pump l and many other stocks
~covere to the Saturday lexel or
above. AT a rally of q in U. S. \Steel
the demand for that stock died out, and
the whole market came almost to a
standstill.~ There was a decline of 3%
in Westinghouse Electric, Chicago and
Alton, Pittsburg, c., C. and ST. Louis.
Cleveland, c., C. and ST. Louis, and
American Linseed preferred lost 2% to
~. Bonds were easy.
l p. m.-Wholesale liquidation of
Reading started a general unloading of
other stocks, and the market broke
badly. u. S. Steel extended it's loss to
3$, touching AZ. Reading CAV way Az,
American Cotton Oil 81, Delaware and
Hudson, Chesapeake and Ohio and
American Smelling 3, Northwestern.
Texas and Pacific and Amalgamated
Copper "a, New York Central. Kansas
and Texas and Rock Island preferred
2s. and Wabash preferred and Atlantic
Coast Line 2.
2 p. ma pause in the selling
brought about a moderate rally. but
a subsequent deluge of stocks came on
the market and new points of acute
weakness developed. The standard
railroad stocks, notably Union Pacific.
Reading and New York Central, bore
the brunt of the late selling. Repub-
lie Steel preferred declined 72s, Read
ing 6&, Great Northern Ore certificates
and Westinghouse Electric 4%, Della
ware and Hudson and Denver and Rio
Grande Az. Wabash preferred Az.
Kansas n Texas, Union Pacific and
National Lead 4, New York Central,
Pressed Steel Ear and Amalgamated
Copper 3E., Sugar 8, American Smelt-
ing 3%, St. Paul 8, International Paper
preferred 2ts and Southern Pacific az.
3 p. m.-The market closed weak and
disorderly. There was heavy covering
amongst the shorts in the final hour,
and a rally resulted that a to a
point in active stocks. A renewed break
in Reading, which carried it down 1OA,
to 11S, unsettled the market again.
Allis-Chalmers preferred broke 6%,
Delaware n Hudson 6h, National
Lead 5& and New York Central, Rock
Island preferred, Atlantic Coast Line,
Illinois Central, Chicago and Alton,
Chesapeake and Ohio, Cleveland, C. C.
and st. Louis, Great Northern pre-
ferred and American Sugar, 4 to 5.
American Steel sold as low as Az.