The Irish standard., 1911-09-30
NORTHWESTERN
STOCKS DROP
EXTREMELY ERRATIC SESSION IN
WALL STREET FOLLOWS THE
STEEL STATEMNT.
MARKET TAKES A WILD TURN
Hill Issues fIuctuate and Close at
Losses Of Several Ponts-im.
mense Quantities of Steel Are
Thrown on 'Change.

! New York, Sept. 2S.--ln one of the
most wildly erratic and excited SEES
sions on the stock exchange that Wall
Street has ever seen. aside from times
of panic most of the securities of
northwestern roads fluctuated widely
with other active issues listed on
change. The statement issued by
the United States Steel corporation
denying that the combine intended
aissolving or disintegrating was the
The first transaction in United
| States Steel was $4,000 shares. tho
largest block within recent years with
the exception of 4500O-sharc block
on last Friday. The price touched e.
a gain Of SIS; the preferred rose ga
Fehigh Valley, 6; Union Pacific, %a
and other favorite speculative issues
from 2 to points. Never before had
such quantities of Steel stock been
dealt in. The total for the first Is
minutes was more than 10000 shares
and for half an hour $4,000.
Northern Pacific opened at 11Gla, in
comparison with ia at close on Tues
day. This proved to be the high point
for that issue for the day. In the gem
eral slump that followed. this stock
was covered down to 111,a, loss of
5 points share, within a short time
The close was only half a point bet
ter, or at net loss of two points for
the day. Total transactions in North
ern Pacific were 1900 shares.
6. N. Less Erratic.
| Great Northern preferred was lit
tie less erratic, as it. has been for
some weeks. Opening at 1917, il ad-
vanced to 124A, which represented n
gross gain Of 2M points over the pre-
vious nights final price. The general
break carried it back to 1870, while the
final rally restored only q of point
of the loss. Final quotations showed
a net loss for the day of ia. Trans
actions were 5000 shares.
Great Northern ore certificates were
dealt in to the extent OF 1900 shares.
After opening at ASK, there was a re-
cession to 43%, from which there was
40 recovery.
st. Paul common was under heavy
pressure. The initial quotation-11Oh
was only u above the close of the
day before and later the stock sold
down easily to 1O6 and rallied only
"a from that low level The total sales
were $4,000 shares.
The market was in a state Of COM
plete confusion throughout the day.
The range Of prices in some cases ex-
ceeded six points.
A peculiar feature Of the days trad.
ing was that it resulted in the utter
rout of both the bull and the bear
factions. At the opening there was a
stampede of bears to cover their con.
tracts, which they were compelled TO
do at heavy losses. In the afternoon,
the bears obtained control of the mar.
ket and prices melted away At the
close of the turbulent session the
of battle.
After the first wild rush to buy
stocks it became apparent that heavy
selling was again in progress. The
market wavered and broke. All
through the afternoon it was attacked
relentlessly. The gains Of to .
points Of the early trading were lost
and almost all Of the active stocks
closed with net losses.
The New York stock exchange has
listed $14,6O1 900 first and refundine
mortgage an per cent bonds, series II
Of 1861 of the Great Northern Rail
way Company. and $1,987,000 regis
tered bonds of various numbers and
denominations. The stock list commit
tee Is further empowered to add 50,
$4,000 additional of these bonds, or
official notice of issuance in exchange
for temporary registered bonds, max
ing total amount authorized to be
listed of $20,00O,O00.
The stock exchange has also listed
as Of Oct. 16, 1911, $2,187,400 add
tional preferred and s4,374,800 com
mon stock Of Minneapolis, st. Paul
Sault Ste Marie Railroad Company OF
official notice Of issuance and pay
ment in full. This will make the to
tai listed $4,000 400 preferred ant
$25,206,8O0. The total amount author
lied is $42,000,00O, of which $4,000
. 900 is preferred and $2S,OOO,OOO com
mon.
770 Out At New Orleans.
New Orleans, Sept. 28.-With tn,