Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-09-22
MARKET CLOSING
HEAVY; BEARS IN
HASTY RETREAT
Talk of Big Pool in L. S. Steel
Gives encouragement
TO Bulls.

NEW YORK, Sept. 22.IThe stock
market was again deluged with sell
ing orders for L. S. Steel at the open
ing today. The first sale of the eon
mon was 45 1000 shares, a block of al
most unprecedented size. which sold
from "a to 551s, an extreme loss of "A,
On subsequent transactions the price
fell to 59ls. In the first ten minutes
OF trading 10o, 400 shares were sold. The
preferred stock sold at 1897, n loss of
Pa. The remainder of the market was
seriously upset. The defeat of Cana
dian reciprocity was chiefly responsible
for large losses among the railroad
shares. Great Northern preferred fell
back AZ, Northern Pacific "a, Erie first
preferred Ia, Canadian Pacific, Lehigh
Valley and Atehison Ia aud Union
Pacific, Southern Pacific, st. Paul, Mis-
souri, Pacific, Reading and Northwest
ern one. The decline in General Elec-
trio continued and the stock lost four
points.
Noon-After a violent break in prices
on the stock exchange this morning a
decided change of front occurred,
Prices were pushed up even more
rapidly than they declined in the early
trading, United States Steel preferred
more than made up its loss. rising
from 1903 to 106. as compared with yes
torday's closing price of 1855. The
common rallied 4 points. from 53h to
57A. recovering all but a fraction of its
decline. Almost the entire list, with
the exception of United States Steel
and the Hill shares, rallied
above Yesterdays close. Canadian
Pacific made a net gain OF ) points.
Union Pacific 2ss, st. Paul 11s and
Reading /. Bethlehem Steel preferred
was sent up from 541a to 5Sia, General
Electric from 142 10, 1454, Great
Northern preferred from 20 to 1913 and
Northern Pacific from 11l& to 1l41s.
The market ignored all influences
other than the steel situation and the
defeat of Canadian reciprocity. The
violence of the rally was due In large
part to a rout of the bears. When 1t
became evident that substantial sup
port was being offered The bull leaders
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 to cover
their contracts. P~roht-taking sent
prices off sharply again before mid
day. however. United States Steel re-
acted ~ and Canadian Pacific 2
| points. The bond market was easy.
I p. m.-Trading fell off to a marked
degree during the noon hour, but the
undertone continued feVerish. There
were fractional reeessions from best
prices, particularly in L. S. Steel, which
felt the weight of further liquidation.
. p. m.-Another selling movement of
formidable proportions overlook the
market after | o'clock. 1t again CELL
tered around Steel, but spread 10 such
| allied issues as American Smelling and
Amalgamated Copper. American
Smelling got nearly ) points from its
high price and that stock as well as
Amalgamated Copper fell to the lowest
of the day. Railroad shares were SYM
pathetically affected, Union Pacific sell
ing over . points under its earlier high
est, while Canadian Pacific fell over 4,
u. S. steel gave way from 5Ii4 10 Big,
but rallied above Sc again when the
whole market hardened substantially.
The decline conceded with adviees
from Washington indicating the inten-
ton Of the department Of Justice to
bring further suit against corporations.
3 o.. m.-The market closed heavy.
Finding that they could dislodge little
| stock by another drive against the
| copper shares and making no impress
! sion whatever on United States Steel
and the active railroads, the bears
peat a hasty retreat and bought stock
in large amounts. United States Steel
| again mounted to 81, Reading to 1879
| and Union Pacific TO f60.
Talk about a hnndred-thousand-
share pool in United States Steel,
which had been hanging over the mar
ket, having been liquidated this morn
ing. afforded encouragement to the
bulls in bidding up prices. Fluctua-
tions i'm the latter part OF the day
we're on a normal basis. Prices, aside
from the Hill group and the copper and
steel stocks. ruled mostly well above
Yesterdays closing. There WIS a re
| newal Of prodt-taking in the final deal
ings and fresh liquidation In United
States steel.