Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-05-24
MARKET CLOSES
WEAK, STEEL IS
RUSHED UPWARD
Reading Road Goes Above Last
Nights Figures-0ther
Features.

NEW YORK, May 24.-An active SELL
ing movement was begun at the open
ing of the stock market today and
prices of most of the leading issues
were forced down by substantial frac-
tons. U. S. Steel, which was the CEN
tire of the pear attack yesterday, was
again subjected to heavy pressure, 1000
shares being sold at The outset at 79%
to 1895, as compared with 799s, yester-
days closing. General Electric declined
a point, ST. Paul and Western Union
u, Lehigh Valley IS and Atchison and
Union Pacific ". Missouri Pacific
gained a point and Western Mary
land q.
IL a. mater retrieving the initial
losses the market crumbled away rap
idly under the weight of large selling
orders in u, S. Steel. Union Pacific
and Reading. u. S. Steel failed to dis
close the support above 70 that was a
feature of yesterdays transactions, and
1roke through to 7S9s, a loss Of n
point. Union Pacific, Reading and
American Smelling showed similar
losses, and the list generally went down
a good fraction. Utah Copper was
lifted one and Pitsburg Coal preferred
IN when the market was rallying.
Noon-Persistent reports of an APP
preaching reduction In prices of steel
and Iron products were directly respon-
sible for further unsettlement of the
stock this morning. United States Steel
lost a full point in the first hour on
sales that aggregated nearly one-third
of total transactions. The movemen.
was assisted by extensive short selling
Almost the only notable exception to
the downward trend was Great North
ern preferred. During the second hour
the market was much quieter and
steady at a fraction above the oWest
! figures. Bonds were irregular.
1 p. m.-Save for a further decline in
Union Pacific to 1873, and a loss of a
point in Northern Pacific, the market
was without a special change during
the midday trading. United States
fSteel and several other important
stocks ranged within a small fraction
of their lowest prices, but the whole list
afterwards showed indications of bet
ter support. Western Union forged up
wards to S2ss.
2 p. Unloading stocks were neglect
ed in the afternoon pending news of
the outcome of the deliberations of the
steel manufacturers. The street was
.disposed to accept the circumstantial
reports that a cut was inevitable in
certain lines of the products, owing to
the systematic scaling of prices by the
Independents. Interest converged on
the pool operations in various special
ties, which displayed unusual activity,
General Electric advanced ,, Bethle-
hem Steel preferred 1h and Westing-
house Electric l.
3 p. m.-The market closed weak.
United States Steel was rushed up to
1925, yesterdays closing price, where 1t
met an abundance of stocks and broke
to 1873. Reading also %rebounded to above
last nights figures, and there was a
rally of a point in Union Pacific, but
these stocks also went back to new low
levels when general selling was re-
newed.
Lowest prices of the day were estab-
lished all around in the closing deal
ing. Republic Steel stocks became
weak following a statement by the
chairman that the company would not
adhere to the current price agreement.