The Topeka state journal., 1911-09-22

Wall st New York. Sept 22.-STOCKS-
After a violent break in prices on the
stock exchange this morning a change of
front occurred. Prices were pushed up
even more rapidly than they declined in
the early trading United States Steel
preferred more than made up its loss, r1S-
ing from 103 to 106, compared with yes
terday's closing price of 1855 The COM
mon rallied four points, from 53A to STA,
recovering all but a fraction OF its de-
cline
Almost the entire list with the exception
of United States Steel common and the
Hill shares, rallied was above yesterday
close Canadian Pacific made a net gain
of points, Union Pacific 2%, St Paul 112
and Reading 1. Bethlehem Steel preferred
was sent up from 5475 to 581a; General
Electric from 142 to 145 1-3, Great Northern
preferred from 120 to 123 and Northern
Pacific from 111sz to has. The market
ignored all influences other than the Steel
situation and the defeat of Canadian re-
The Violence of the rally was due in
large part to a rout of the bears When
If became evident that substantial support
was being offered the bull leaders took
the market in hand. Profit taking sent
prices off sharply again before midday
however United States Steel reacted IL
and Canadian Pacific points
The bond market was easy
The effective support offered by banking
interests following the first wild break
steadied the market shortly after II
o'clock United States Steel common RAJ
lied 215 points from the low Level OF the
dax1 and the preferred rebounded points
Trading in these while still heavy ala not
annroximate the enormous outpouring OF
the earlier transactions. Ihe osa1lnss ~
the second half hour amounted 70 oniy
56 600 shares as compared with z45,OOo IN
the first 30 minutes The totaI rransac-
tion in the first hour were 5o5,oV shares-
-fa recovery of the railroad shares was
still more pronounced. Canadian PACING
rallied points from the lowest and Union
Pacific 25k The recoveries elsewhere We're
from to 2 points Much pressure against
the Steel stock came from LONDON me
large mart of the heavy selling orders at
the opening was said by lnternatlonal
bo1,ses to have originated at that point
Most of the London offerings were dls-
posed of at the low prices
selling orders for United States Steel at
f]7e oDeninz today The first sales OF the
common was 45. coo shares. a block of al
most unprecedented size, Wh1cn soIo from
"a to 551L an extreme loss of "A. On sub
seouent transactions the price fell to 5Sa2;
IN the first ten minutes of trading loo,4O
shares were sold .o,,, -,
of 2l. The remainder of the market was
seriously upset The defeat OF canadian
reciprocity was chiefly responsible 1or
large losses among the railroad shares
Great Northern preferred fell PACK "A
Northern Pacific ~; Erie first preferred
Ia Canadian Pacific. Lehigh Valley and
Afchison IL and Union Pacific, southern
acific, St Paul. Missouri aci1ic, Readlng
and Northwestern L The decline IN Cen
eraI Electric continued ana the STOCK lost
After the first staggering effects of the
violent slump in the Steel stocks and the
ise,,as iTarnediately concerned in the de-
faat Of the reciprocity agreement the
market began to respond to banking sup
port which extended to the representative
railroad stocks. Union Pacific rose to
15Sss placing it a point above yesterdays
closing. Rallies among other issues reach
ed a point or more and extended to
,1ofrts in General Electric. United States
steel went to 53L and the preferred to JOB
before the decentralization of those stocks
was checked. After they had rallied to
III the movement became very nervous
b1It trading was less heavy. Dealings IN
the common stock aggregated 1900
shares in the first 80 monutes but after
that +he pace sIackened considerably and
in the next Is minutes the volume of sales
was less than 10000 shares