The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1911-09-28
CONFUSION IN
STOCK MARKET
Fluctuations Were Wider
Than at Any Time Dur
ing Recent Sessions

New York. Sept. 2s.-Confusion
prevailed throughout today's trading
on the stock exchange. Fluctuations
were wider thai at n previous ttlSe
during the turbulent sessions OF the
last few weeks. The range Of prices
Of leading stocks in some cases reach
ed six points. Not for many years
aside from. times Of panic. have such
fluctuations occurred within a single
session. Total sales of stocks were
1,726,5O0 shares. by far h largest
Of the year.
Dealings in United States Steel
broke last Fridays record, reaching
721,0 900 shares, the largest number OF
shares of this stock ever traded IN
in one day. Transactions IN Readins
and Union Pacific also were abnor-
mally heavy, reaching 1870 shares
in the cast of the former and 279.500
shares for the latter. On the strength
Of the United States Steel corpora
tons statement that 1t would lot dis
solve voluntarily prices were carried
up violently at the outset, gains IN
some cases amounting to hve P9lnts.
The market soon gave way. Under
the influence of a series of severe at
tacks its gains were lost, and at the
close some of the leading issues were
two points or more below the previous
days final range.
The statement Of the United States
Steel corporation proved ineffective In
staying the tide of selling as that Of
Attorney General Wickersham. AL
though the statement effectively put
al rest the reports on which the heavy
| decline in the stocks Of the corpora
ton was based, Wall street refused to
accept 1t as sufficient reason for over
coming its nervousness.
The immediate effect of the state
ment was a stampede of h short IN
terest. Before the opening here prices
were marked up in London and when
trading began in this market the vol
ume of business was almost without
a precedent. Within the first fifteen
minutes more than 100000 shares of
United States Steel were tdaded in.
At the end of half an hour the total
had grown to 275,0O0. The opening
was a block of $4,000 shares at So 1-2
Transactions were by the thousands of
shares. individual sales running up to
$500. The preferred stock gained
more than five points. Advances
among the active list generally ran
up to four points.
The selling reached ominous pro-
portions in the early afternoon and
that the early rise had been taken
advantage of for further liquidation.
and during the remainder Of the SEES
sion stocks were offered whenever the
opportunity presented. Bear traders
were encouraged by the failure of the
market to hold its advantage and
hammered the list relentlessly. The
market exhibited extreme nervousness
with abnormally wide fluctuations to
the close.
A violent decline in Wabash Sc.
curities contributed to the weakness
Of the market. The debenture tours
fell 10 1-8 to A.. and both the com
mon and preferred stock broke
abruptly. Subsequently the bonds re-
covered half their loss.
The heavy losses in net earnings for
August reported by Union Pacific and
Southern Pacific constituted a further
disquieting influence. The weakness
Of st. Paul was conspicuous. giving
rise to talk Of a possible dividend re-
duction. This stock. In common with
Atchison and both the Wabash L.
sues. fell to the low point Of the year.
1t was reported that the st. Paul d.
r%ectors had decided upon radical steps
Of retrenchment. The weakness Of
the Hartman stocks was ascribed in
part to further reports that the labor
dispute on those roads had reached a
| critical point. 49,
With its completely Of home affairs
the market gave no heed to the agree
ment reached in the Moroccan dis.
pute or to other developments abroad.
London traded more heavily in this
market than for many months. takinp
perhaps $4,000 shares OF stock IN
balance. "
Further cuts In the prices of som.
steel specifications were reported. The
steel trade reviews pointed out. fur
Their contraction In business due large.