The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-10-28
MARKET
CLOSES HEAVY
BY AsseeIa9sa preas.

New York, Oct. 27.-rhe stock market
vac thrown into a state OF 6enno-aiiza-
lie fSa sris for ds.soIasssn issitutsd b. the
government against the United States
Steel Corporation. Preceding the opening
Eere there he'd keen heavy sales CT steel
Yorlt !-terestz at loszee extending to Z
points. Initial dealings in steel here were
en- a huge scale, the nrSt cftsrtns ccn-
sisttng CT 2s.eo0 shares at from IS to
and the Steel sinking fund bonds de-
cIiaed Ia. These leases were soon In
creased. The entire ltst. Including other
!ndustrials and standard railway shares
point to 2 points IN Union Pacific, Read
ing, Atchison, Great Northern, preferred,
Lehlsh Valley, General Electric, Republic
Iron ara Steel, preferred, Arralsenated
Corper and American Smelling.
Hssty short covering and some support
ing orders turned the course Of the mar
ket upward soon after the opening and
there were numerous rallies of g point or
more. United States Steel rebounded to
81 3-4 and the preferred to los. The
higher level invited enormous selling ord
ers, which ultimately demoraliZed the
market for steel common and II fell to
50 is. an overnight loss Of s 3-s and
within SIS Of the lowest point of the year.
Union Pacihc( Reading, Lehigh Valley,
american Smelling and Anlalgamate ted
So an sagg ;o Peiow t sa prHvi9 5
and Reading to 1S7 3-4 Trading was in
enormous volume in all quarters of the
market, the sales of United States Steel
reaching approximately 250,0G0 shares in
classes displayed extreme weakness with
many dealings Of to 8 points.
Trading in United States Steel stocks
dominated the market throughout the
fell in sympathy with the steel issues,
which fiuctuated violently. Selling orders
continued to pour IN from al parts of the
country and from Europe, and efforts
to support the market accomplish ed nc
more than to bring about occasional rail-
lies, which each time were followed by
renewed selling. Heavy losses extended
through the list including the standard
railroad stocks as wei las the industrtals
Huge blocks of United States Steel as well
were unloaded and the stock defied all
restraint, dropping until it touched 80 Is.
This figure was 3-S points under the
final prices of yesterday, and was the
lowest made by the stock since 1909. In
the general market leading stocks ruled
from to 1-2 below Lest night. Interna-
tfonal Harvester fell points. Bonds
weak.
Liquidation of United States steel IN
creased as the price made 1t way to so.
Thousands of shares were pressed for
sale and q block Of 1900 shares forced II
back TO so. This figure Seered to be the
crucial point al which the bun forces
were massed for the prices climbed
SreadIlv thereafter through all O1feTLnZs
to 81 as. With the turn Of the tide in
Unied States Steel the rest Of the mar
ket began 10 gather strength. but the
recJveries were only fractional and when
its steel reactej~Ies, 40 SIS. the. rise else
where held. Trading diminished greatly
when the recovery was In pNaSEsEs
Bear selling desisted when it became
manifest that the bull forces were arrayed
in support of United States Steel This
con lection led to the gradual liquidation
of outsta nding short contracts when stee
worked its way up TO 81 with recoverieS
elsewhere exceeding point for the active
securities Business was in much sT1a LEI
volume on the movement but the orderly
way in which the general market moved
aroused hope that the forced liquidation
CAUSED by the dissolution suit agains
the United States Steel corporation has
ceased.
The market closed heavy Increasfn:
confidence was shown by the bull contin
gent as the rally in United States Stee
failed TO bring out fresh selling orders
and they bought literally of the standarl
stocks. United States Steel touche;