The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-09-23
STOCK MARKET
VERY EXCITED
ny Associated Press.

New York, Sept 22.-The stock market
was again deluged with selling orders for
United States Steel at the opening today.
The first sale Of the common was $4,000
she-es, block OF almost unprecedented
size, which sold from 81 TO SO Ia. an ex-
treme loss Of IA. On subsequent trans
actions, the price fell to So 1-2. In the
first ten minutes of trading 104, 400 shares
were sold. The preferred stock sold at
the market was similarly upset. The
defeat OF Canadian reciprocity was re-
sponsible for large losses among the rail-
road shares. Great Northern. preferred.
Erie, first preferred, 1 "a, Canadian Pa
cihc, Lehigh Valley and Atchison IA,
and Union Pacific, Reading and North
electric Continued and the stock lost
points.
After the first staggering effects of
the violent slump in the Steel stocks and
the issues Immediately concerned in the
defeat of the reciprocity agreement, the
market began to respond to banking sup
port.
Union Pacific bounded up to 1888 SIS,
placing 1t point above yesterdays close.
Rallies among other issues reached a
point or more. United States Steel went
to So Ia and the preferred to 104 before
the Generalization Of those stocks were
checked. After they had rallied 1 to 1-2,
the movement became very nervous.
Dealings in the common stock aggregated
245 900 shares In the first thirty minutes,
but after that the price slackened consid-
erably and in the next fifteen minutes
the volume of sales was less than 1000
shares.
Effective support offered by banking
interests followed the first wild break,
steadied the market shortly after II
o'clock U. 8. Steel, common, rallied 2 1-2
points from the lowest level of the day
and the preferred rebounded points.
lfx,ex r. ne1o Xxi -44II
did not approximate the enormous out
pouring of the earlier transactions. Deal
ings in the second half hour amounted
to only $4,000 shares, as compared with
345. eco in the first thirty minutes. Total
transactions in the first hour were Sos, 900
shares. Recovery of the railroad shares
was still more pronounced. Canadian
Pacific rallied 3 points from the lowest
and Union Pacific 5-8 Recoveries else
where were from l 70 2 points.
After violent break in prices on the
stock exchange this morning, a decided
change of front occurred. Prices were
rushed up even more rapidly than they
declined in the earlier trading. United
States Steel more than made up its losses
yesterdays closing prices of los SIS. The
common rallied four points from SO Ia to
81 IA, recovering all but fraction Of it's
decline. Almost the entire list with the
exception of United States STEELE, common
and the Hill shares, rallied above yester-
days close. The market ignored all in
huences other than the steel situation
and the defeat OF Canadian reciprocity
When ii became evident that substantial
support was being offered the bull lead
ers took the market in hand The turn
in the trend was so swift that the short
interests took fright and began to bid
against the bulls, for stocks that cover
their contracts. prof1t-taking sending
prices OF sharply again before midday
United States Steel reacted l 1-2 and Ca
madam Pacific 2 points. Bonds were
easy.
Trading fell of to a market degree
during the noon hour. but the UNDER
tone continued feverish. There were
fractional recessions from best prices.
particularly in United States Steel which
felt the weight Of further Liquidation
Another selling movement of formida hle
proportions overlook the market after l
O'Clock. It again conferred around Steel.
American Smelling got nearly points
from its high price and that stock as
well as Amalgamated fell TO the lowest
of the day. Railroad shares were sympa-
thetically affected. Union Pacific selling
over points under its earliest highest.
while Canadian Pacific fell over 4 United
States Steel gave way from 81 Ia to
"a 1-2. but rallied above IS again when
the whole market hardened.
The decline conceded with advfces
from Washington indicating the inten-
ton of the department Of justice TO
bring further suits against corpora tons
II hope my husband fed the kitty while
l was away" I'm sure he did. From