Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-10-27
MARKET CLOSES
HEAVY; RALLY
IN j. s. STEEL
Large Selling Orders Fail to
Greatly Affect General
Market.

NEW YORK, Oct. 27.-Hasty short
covering and some supporting orders
turned the course of the market up
ward soon after the opening, and there
were numerous rallies of a point or
more. United States Steel rebounded
70 54A, and the preferred to los. The
higher level invited enormous selling
orders, which ultimately demoralized
the market for Steel common, and it
fell to Sis, an overnight loss of 6$s,
and within 70 of the lowest point of the
year. Union Pacific, Reading, Lehlgh
Valley, American Smelling and Anal
gamated Copper all sagged below their
previous low figures. Union Pacific fell
to 1895, and Reading to 1871.
Trading was in enormous volume 4
all quarters of the market. the sales of
United States Steel reaching approx
mately $50, 900 s,.nres in the first hour.
Industrial stocks of all classes dis
played extreme weakness, with many
declines of 2 to 3 points.
Noon-Tradlng in United States
Steel stocks dominated the market
throughout the morning. I'VE lie in
general rose and fell in sympathy
WIN the Sl6Gl lSSuBGt WHltH lluIAA1LCo
violently. Selling orders continued to
pour In from all parts OF the country
and from Europe. and efforts to sup
port the market accomplished no more
than to bring about occasional rallies,
which each time we're followed by re-
newed selling. Heavy losses extended
through the list, including the standard
railroad stocks as well as the indus
trials.
Huge blocks of United states Steel
stocks were unloaded. n the stock
dehed all restraint. dropping until it
touched b0h. This figure was $50
points under the final price of yester-
day, and was he lowest made by the
stock since 1909. In the general mar
ket leading stocks ruled from 2 to
3s below last night. international
Harvester fell b points.
Bonds were weak.
| D. m.-Liquidation of U. S. Steel
increased as the price made its way To
so. Thousands of shares were pressed
for sale and a block of 1900 shares
was sold when it reached 80. This
transaction was followed by the pur-
chase of 100 shares at 50B, and then
a block of 1000 shares forced 1t back
to so. This figure seemed to be the
crucial point at which the bull forces
were massed, for the price climbed
steadily thereafter through all offer
ings to Sis.
With the turn of the tide in U. s.,
Steel the rest of the market began TO
gather strength, but the ~recoveries
were only fractional, and when U. s.
Steel reacted to SOS the rise elsewhere
halted. Trading diminished greatly
when the recovery was in progress.
Large amounts of the speculative bonds
we're sold. One block of $685., 900 of
American Tobacco As brought 90As and
another of 800, 900 were sold at 90iz,
compared with 914s at yesterdays
close.
p. m.-Bear selling d~esisted when 1t
became manifest that the bull forces
we're arrayed in support of U. S. Steel.
This conviction led to the gradual re-
tirernent of outstanding short contracts,
under which U. s. Steel worked its way
up to 81, with reooveries elsewhere ex-
ceedinR a point for the active securi-
ties. Business was in much smaller
volume on the rise, but the orderly way
in which the general market moved
aroused hope hat the forced liquida-
ton caused by the dissolution suit
against the u. S. Steel Corporation had
ceased.
3 p. m-The market closed heavy.
Increasing confidence was shown by
the bull contingent, as the rally in
United States Steel failed to bring out
any fresh selling orders, and they
bought literally of the standard stocks.
United States Steel touched 529s be
fore there was any p~erceptible check
to the rally. and other stocks also were
up from 1 to 2 points above the lowest
Some large selling orders were axe
cuted in United States Steel t.gain In
the ffnal dealing, but the general mar
ket was not much disturbed.