Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-09-26
SPECULATION RIFE
IN LAST HOUR Of
STOCK MARKET
Rally of More Than Three Points
in Price of Several
Issues.

NEW YORK, Sept. 26.-The stock
market developed pronounced weakness
again at the opening today. with
especially large selling of United States
Steel. Onion Pacific and the copper
shares. United States steel opened
with a block of 10000 shares from o5ss
to 54%, an extreme loss of Ia from
Yesterdays close. Within a few min
utes it fell to "a. The preferred stock
also declined TO 4 to 104l4 Weakness
of Union Pacific was even more pro-
nouneed. Dropping II a point between
sales, it sold soon after the opening at
155ls, a loss of pa. Amalgamated Cop
per, American Smelling and Utah Cop
per declined a point each. Elsewhere
the market held fairly steady. Frac-
tional losses were, the rule. with the
exception of Northern Pacific. which
lost IL.
IL a. m.-After the first outburst OF
selling had spent itself the character
OF the marPet changed. A heavy de-
nland appeared and stocks moved up
ward bu%oyantly. Buying orders for
L. $. steel poured i'm and the price
bounded mp 3ls points to IA above yes
%terday's close. The STOCK was bought
in lots of several thousand shares.
Union Pacific rose 27s To IS above the
previous days close. Elsewhere the
earlier losses We're eliminated. The
market did not hold long at this level.
The demand diminished at the higher
range and prices fell back a point or
SO. Thereafter the market was I'M
settled. with fluctuations among the
active issues until the end OF the first
hour, when the list again mounted 10
the highest point Il the day. American
Tobacco securities showed further
strength today.
Noon-The stock market today
showed the Influence Of an Increased
demand for issues which had been
forced downward during the past week.
After another outburst of liquidation at
the opening the market rallied swiftly,
and, despite frequent attempts to de-
press the list subsequently, it held VOL
above the low point through the morn
ing. The source OF demand was a mat
ter of debate. Apparently short cover
ing was proceeding on a large scale the
influence of this buying being supple
mented by supporting orders when
needed. Attorney-General Wickersham :
statement in regard TO the enforcement
of the antitrust law did not relieve the
situation. as had been hoped. 1t ON
tanned no answer to the one question
which is uppermost. concerning the
fate of the United States Steel corpora
ton, and speculative sentiment today
was as thoroughly confused as before.
Prices huctuated in a nervous manner
the second hour. the violence of the
rally affording handsome profits to
early purchasers, who realized freely.
The selling was counteracted by a re-
newal of the buying. which was a fea-
ture Of yesterdays rise. ST. Paul was
particularly susceptible 10 pressure. re-
covering less proportionately than other
stocks and falling rapidly on light sell
ing. Reactions and rallies OF q point
were frequent, but around midday
prices were rulins within a fraction Of
Yesterdays closing. The bond market
was firm with tobacco issues up ~.
I p. ma fresh outburst of selling
convsrged largely az the copper stocks
and st. Paul. The copper group re-
lapsed to the low figures of the day,
showing losses Of about Ia. ST. Paul
at a decline of more than > points
touched 1919, which equaled its low
figure of yesterday. Union Pacific and
United States Steel failed to give way
to their previous low figures OF the
morning but they, in common with