Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-02-24
MARKET CLOSES
ACTIVE, LOSSES
WERE CUT DOWN
Rally Continued During the Clos.
ing HOur-Sentiment
Hopeful.

NEW YORK. Feb. 24.-Refusals of
the Interstate Commerce Commission
to grant higher freight rates to the
Eastern and Western railroads was the
signal for heavy selling of securities at
the opening Of today's stock market,
Previous to the opening here there was
extensive liquidation of Americans In
points. The principal features of the
opening were: United States Steel,
which opened with a block OF $4,000
shares at a loss of Az points; Reading
with 200 shares at 1924. followed by
10, 900 at 154, compared with 1875 at
last nights close; Union Pacific, 500
shares of which sold down Az points;
large blocks OF Northern Pacific at a
loss of Al; Great Northern preferred,
which was off 7h; Lehigh Valley, 5A;
Missouri Pacific, So; Wabash preferrei ],
4A; Southern Pacific. An; Missouri,
Kansas and Texas, AZ; st. Paul, Az;
Atchison, s, and other declines ranging
from 2 to 8 points. The market was
very active and feverish, with slight
Improvement after the earlier quota
tons.
IL a. Commission houses were
heavy sellers In the market, h failure
of customers TO respond to calls for
more margin compelling heavy liqui-
dalton of accounts. After the opening
decentralization the market began to re-
fleet concerted support by powerful in
terest and stocks were forced upward
despite much irregularity and feVerlsh-
ness in the process. Fluctuations OF
half q point or more between transac-
tions were common, and various Issues
went up and down a point frequently
The top point of the rally showed the
list generally up from l to Q points
from the low level. with Lehigh Val
ley making an exceptional rally of 3A,
Speculative bonds suffered much less
proportionately than stocks.
Noon-Prices began to go off again,
with New York Central extending Its
loss to over 4 points, U. S. Steel going
back to n and other important stocks
ruling within a small fraction of their
lowest, when the supporting orders
were once more distributed and the de-
cline was stopped. Reports were CIR
CulaLeQ LndL SOIl6TellCSS "eIc bGihG
held by the leading interests to meet
all contingencies, and the operations of
the Deal faction became less aggressive.
Bonds were weak.
l p. m.-Normal conditions prevailed
in the stock market during the noon
hour, fluctuations being orderly and
business much restricted. Prices ruled
at about tho high rally point of the
forenoon.
2 p. m.-Slow progress upward was
made during the latter part of the day
on limited dealings, and there was no
trace of the excitement and nervous
ness that characterized the earlier
operations. By 2 o'clock the market
was at the best level OF the day, but
anywhere from 1 to 4 points below
yesterdays close, the latter in Union
Pacific, Reading and Great Northern
preferred.
3 p. m.-The market closed active
and Arm. The days losses were cut
down still more by he continuance of
the rally in the closing hour. Senti-
ment was more hopeful and was ex-
pressed in a steady absorption of the
we'll known stocks. The conviction
that the railroads would readily adjust
matters to meet the new conditions
found many believers.