Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-09-29
MARKET CLOSES
HEAVY, ALMOST
SANS FEATURE
Cumulative Effect of Foreign In
fluence Reflected in Trad
ing in Last Hour.

NEW 1Oth, sept. 1S.-IHe ueCiueu
weakness of Americans in London re-
suited in some irregularity at the open
ing of this market. but large buying
orders were quickly effective in send
ing up prices. United States Steel
opened with a block of 1000 shares at
so to 601a, as compared with yester-
days close of SOY. The demand for
this issue was keen and price was
rushed up to 61h.
There was a wide opening in Union
Pacific also. quotations on the first
block ranging from 1914 to 100, a max
imum advance of Is. The gain was
soon increased to a point. Reading
also advanced a point. American To-
bacco securities, which recently have
been showing decided strength, weak
ened today. the preferred stock losing
II and the 4 per cent. bonds ia. Anal
gamated Copper, Louisville and Nash
Vile and Canadian Pacific lost a point.
IL a. m.-Round amounts Of Union
Pacific and United States Steel were
thrown on the market in al endeavor
to check the upward movement. Both
Union Pacific and United States Steel
Immediately reacted over n point and
sank slightly below yesterdays clos
ing. A fresh start upward was soon
made, and on this movement the en-
| tire list rose higher than before.
Heavy buying of the American To-
bacco stock and bond issues was a con-
siderable factor in pulling up the mar
ket. United States Steel rose IL above
yesterdays closing. touching 60.
Wednesdays high price. Reading
gained IA, Union Pacific ia and st.
Paul and Missouri Pacific 1. Other
stocks of less Importance went up l
TO 21s. American Tobacco preferred
was pushed up 2 points above las
night and the 6 per cent. bonds Ia.
The 4 per cent. bonds recovered their
initial loss of Ia and a fraction in adj
dition.
Noon-The course of the stock mar
ket during the early session was gov
erned almost entirely by the activities
of the short interest. When that fac
ton engaged in further covering the
market moved upward uninterruptedly.
but as soon as renewed selling was re-
sorted to the advance halted.
President Taft's low speech was APP
parently ignored as a market factor, as
were also the uncertain conditions
which prevailed abroad, especially in
the Berlin bourse. During the second
hour prices fell moderately under SELL
Ing for both accounts. Northern Pa
ci1c, which had not shown much SYM
pathy with the advance in Union Pa
cifc, yielded suddenly to a point below
yesterdays closing. Toward midday
the tone became steadier and specula-
ton grew quiet.
United States Rubber showed an inn
provement of 3as and General Electric
8. Bonds were firm with notable
strength in American Tobacco IS,
which touched lis. Wabash as rose over
a point.
1 q. ma reactionary tendency was
manifested by the market at midday,
the result presumably Of profit-taking
sales, together with a moderate renewal
of operations fog the decline. The
three leaders. L. S. Steel, Union Pacific
and Reading were down a point or more
from the top and trading fell to slen-
der proportions.
9 d. m-Dispatches from Berlin tell
ing of disturbed political and financial
conditions, the sale by London of 25.-
900 shares In this market, and the
declaration of war by Italy against
Turkey, combined to weaken prices
considerably.
Both Union Pacific and u. S. Steel
were unloaded heavily. the former fall
ing to over a point below yesterdays
closing. u. S. Steel sold down to below
60, compared with 62, it's earlier high
figure. Other representative issues also
reacted to a parity with last nights
closing or below. Canadian Pacific was
extremely weak, showing a loss of 2R.
3 p. m.-The market closed heavy.
Speculation in the last hour was al
most featureless. The market reflected
cumulative effect on the ~unfavorabl'
foreign influences and lost further
ground.
Bear operators were encouraged by
the turn of affairs to put out extensive
short lines, but a good many of the
active issues showed indications OF
support around yesterdays closing
prices. National Biscuit dropped four
points on a few transactions.