Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-10-20
MARKET CLOSES
STRONG, VALUES
RISING SHARPLY
Union Pacific, Reading and Steel
Advance on Heavy
Buying.

NEW YORK. Oct. 20.-Trading was
unusually active at the opening OF the
market today. with especially large
transactions in United States Steel and
Union Pacific. Within the first few
minutes $4,000 shares of United states
Steel changed hands, the price being
forced down from so at the opening TO
5a1s as against yesterdays close or
591s. Union Pacific gained ~ at the
outset. but under heavy pressure fell
to slightly below yesterdays close.
American Smelling lost IA. BALTIMORE
and Ohio and American Car and Foun-
dry advanced a point.
II a. ma pause occurred in the
realizing sales of L. S. Steel atte the
mar ct had absorbed $4,000 shares in
fifteen minutes. Scarcely any rdllying
tendency was displayed, and the stock
weakened again to 59A. Other i'm
portant stocks also were under con-
siderable pressure. Uniof Pacific fell
from 162 to 1914, and Lehigh Valley
from 1855 to 1641a. Reading res ended
easily to supporting orders. The mar
ket hardened slightly all around be-
fore II o'clock.
ANObAl ooAib - 49,
dominated the movement of the market
during the morning. Transactions in
T.. S. Steel again reached heavy pro-
portions and the copper stocks, after
remaining comparatively inactive for
months, once more took a prominent
position in speculations. Extensive
selling. which depressed the market in
the early trading. was largely due to
r.oIf,iap fo1inuf,1u vypctaT1o xfG ahrnDt
rise, although the steel shares were
subjected to pressure from the bears.
The tone of speculation visibly I'M
proved in the second hour and there
was a smart advance,
The movement had its inception in
the copper group, spread to u. S. Steel
and ultimately gathered in the active
railroads. Amalgamated Copper, Utah
Copper and Tennessee Copper sold l to
IL above yesterdays closing. and
American Smelling z, after it had raj
lied from 64A to &c. L. S. Steel was
bought in enormous amounts and
showed more activity in the rise to 601a
than in the previous decline to 59h.
one block of $500 shares changed hands
at the top figure, and there were many
individual transactions of thousands of
EAlniNSs t7ItNNihAiNt fNlbiliiAAiA vas P1i
picked by the varied movements of this
stock and the opinion gained currency
that a large POOL was manipulating.
Bonds were irregular.
l u. m-Weakness cropped out again
in spots. st. Paul selling a point below
Yesterdays closing. and American Beet
Sugar falling los below it's best figure
TO 579s. The latter stock subsequently
rose to 80 again and became feverish.
1t is expected that action may he taken
OF the dividend question when the di-
r~ectors convene after 3 o'clock.
Round amounts of L. S. Steel were
marketed around the top and it broke
through GO, causing q general easing
off in other quarters.
. p, m.-Reading was taken in hand
and pushed up TO 140, which was the
signal for another sharp rise in prices.
United states Stbel returned to its high
level and there was a brisk inquiry
also for Union Pacific and the copper
stocks, American Beet Sugar bounded
Up to 5o% in response to the formal
placing of the stock ON a . per cent.
dividend basis. Allis-Chalmers 3 per
cent. bonds, which have latterly shown