The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-05-17
AWAKENING IN
STOCK MARKET
BY Associated Press.

New York. May 16.-The supreme court
decision in the Standard on case caused
an awakening of the stock market from
its long period Of inactivity and prices
went upward with a rush at the opening
to-day. Gains ranged from large frac-
tons to nearly 3 points and the market
was very active Standard On opened on
the curb at SIS, loss Of 4 S-4 points, but
a few minutes later more than recovered
the loss, selling at $50.
On the stock exchange there were wide
openings In several of the more active Is
sues. United States Steel opened with
Sales of Is 900 shares at from n TO IS
with a maximum gain of is. Reading
sold from 1856 1-2 to 1877 IA, gaining
same amount on heavy dealings. Other
gains were Virginia-Carolina Chemical
ga, international Harvester 2 1-2, Cen
eral Electric and Consolidated Gas ] ga,
United States Rubber and Lehigh Valley
1-2, Southern Pacific / 1-2, Atchison
l Is and Northern Pacific, Delaware and
Hudson and Amalgamated Copper a point
Secondary prices were lower, profit-ta
ing sales appearing in sufficient volume
to set values back sharply. United States
Steel reacted a point. The market soon
adjusted itself to the lower level and then
began to creep gradually upward, with
activity increasing largely on Their ise
Buying by the short interest was on an
enormous scale, but bull operators took
on large lines of stock with renewed con-
fidence. Prices at II o'clock were from
fraction to IL above the initial figures,
with Union Pacific showing rise of
points. United States Steel was quoted at
Is 1-2, and Union Pacific 1873 ga. A fea-
! ture of the trading was the strength
shown by many industrial properties.
American Tobacco jumped 10 points on
the call.
The largest gains Of many months were
! this morning on the stock market, which
| interpreted the Standard OIL decision as
| being decidedly favorable from the Wall
| Street viewpoint. The strength and activ-
! ity of the market was due also to no small
! extent to relief which was felt that the
decision had rendered and that the I'M
certainty which has restricted business
| for months was out of the way.
Predictions of increased activity in the
! market after the decision was announced,
whatever II might be, were fully borne
/ out, for in the first hour more than 400, 900
! shares Of stock were traded in, three
! times the amount of business done at yes
terday's entire session.
Activity decreased for a time in the
! second hour, but prices were maintained.
| Later there was another surge upward
| and large amounts of stock changed
| hands at still higher levels. One block
| Of 1900 shares of United States Steel
| brought rs 1-2. Commission houses re-
ported large influx Of outside orders.
! Noon prices were from TO 3 points
| above yesterdays closing figures for the
principal stocks. Bonds also were strong
and active.
Bull operators continued in complete
| control Of the market and squeezed the
| shorts mercilessly. Considerable additions
/ were made to the forenoon advances in
! spots and the list showed symptoms of a
| renewal of extensive pool operations. The
| usual leaders, United States Steel, Read
| ing and Union Pacific touched IS rs,
| l5S S-8. ISL IL, respectively. On the curb
| both American Tobacco and Standard on
| fiuCtuated with great violence over a
| range of from 10 to 20 points.
| The advance was checked temporarily
late in the afternoon when the height OF
| profit taking sales proved too much for
the list to absorb without breaking ground
| Recessions, however, were only fractional
and the. list was rising spiritedly again
| at o'clock.