The Topeka state journal., 1911-09-27

Wall ST.. New York. Sept. 27-sTOCKS-
4rading IN stocks assumed the largest
proportions Of any time within several
years during the first part of today's ses-
sion. The volume of transactions during
@ ane recent outburst OF selling IN no S'-se
approached the movements OF the first
hour today in which the total number OF
shares dealt in was e05,O00. nearly twice
the amount handled on last Friday 8
slump. Fluctuations were on an unusual
~ wide range and the market soon show
ed the effects of profit taking sales Be
Iore noon large part OF the early gains
were eliminated.
The violent movements we're largely the
result of speculative operations Although
lne advance reelected the relief Which
Wall Street felt at learning definitely that
the United States Steel corporation would
not dissolve voluntarily the readiness with
which stocks were sold after the first
abrupt rise showed that the nervousness
had not been entirely relieved.
Profit taking and new short selling re-
duced the early gains steadily until moth
ing was left but small fractions in some
important issues such as Union Pacific.
Atchison, Canadian Pacific, Great North
ern preferred, Northern Pacific, Reading
and Southern Pacific. Persistent selling
of St Paul forced 1t from III to los or l4s
below yesterdays closing United states
Steel reacted to below SO and the steady
drop in this stock encouraged fresh dem
onstrations by the bears.
The common stock OF the United States
steel corporation at the opening of the
stock exchange this morning opened at
5s1a to 81, an advance Of 81 points over
was for $4,000 shares. The Steel prefer
red opened at an advance Of ~ points.
Official announcement that the United
states Steel corporation does not intend
to dissolve impaired an air OF positive
buoyancy to the stock market at today's
opening Initial transactions In Steel
common consisted of a block of 3S 900
shares at from 595k to 50 as against 565k
at yesterdays close. United States Steel
preferred opened with a gain OF pa, which
was soon extended to 5a. Union Pacific
opened at a gain of "a which soon extend
ed to 31z. American Smelling advanced 3
points at the opening with later gain
OF an additional point. Amalgamated Cop
per advanced 29s; Northern Pacific and
Lehigh Valley 21z; Reading 2h and general
gains of 1 to points. Opening transac-
uons in American Tobacco six per cent
bonds were on huge scale at an advance
of = Of a point and the United States
Steel sinking fund five per cent bonds
were up rs Prices shaded a point OF
more from the opening but the undertone
continued slow.
Fluctuations were unusually wide dur
ing the Ilrst hour owing to the excited
trading. Prices vibrated frequently a
point or two before the market settled
down to a normal condition. Following
the bulge at the opening immense blocks
Of stocks were thrown on the market.
Buyers at the lower level who had a large
profit in sight sold extensively as did
spectators who considered reaction was
due owing to the rapidity OF the advance
There was irregular reaction which
reached ga points in Lehigh Valley and
from 1 to 11z elsewhere. United States
Steel sagged to 59iz. The preferred stock
which had touched 1i3. fell to 1O9. Trans
actions in Steel common amounted to
275,000 shares in the first half hour which
was considerably more than was sold in
a like period during any Of the recent
BY II o'clock the market was moving
along in a more even way with prices sag
ging. Ruling quotations ranged from / to
~ points above yesterdays close.
New York sugar and Coffee Market.