The Topeka state journal., 1911-09-26

I
Wall St. New York, Sept. 2e.-STOCKS-
Inc STOCK market today showed the in
Iluence of an increased demand for issues
which had been forced downward relent-
J lessiy during the past week After an
otner tempestuous outburst of LIQUIDATION
at the opening the market rallied swiftly
ana despite frequent attempts to depress
the list subsequently it held well Above
the low point throughout the morning
ihe source of demand was a matter of
deDate. Apparently short covering was
proceeding on large scale. the influence
OF this buying being supplemented by
supporting orders when needed.
Attorney General Wickersham's state
ment of enforcement of the antitrust law
did not relieve the situation. 1t contained
no answer to the one question which is
uppermost concerning the fact of the
United States Steel corporation.
Pr1ceS fluctuated in a nervous manner
during the second hour, the violence Of
the rally affording handsome profits to
early purchasers, who realized freely the
selling was counteracted by a renewal
OF the buying which was a feature of yes
terdays late rise st. Paul was peculiarly
susceptible to the pressure covering less
proportionately than other stocks and
falling rapidly on light selling. Reactions
around midday prices were ruling within
a fraction of yesterdays closing.
The bond market was firm with the To-
bacco issues up two points.
A fresh outburst of selling converged
largely on the Copper stocks and st.
Paul. The Copper group relapsed to the
low figures Of the dav. sbowi1e. losses of
about 115. St Paul, at a decline of more
than points, touched 107sz, which equal
led its low figure of yesterday. Union
Pacific and United States Steel failed to
give way to their previous low figures Of
the morning but they, in common with
Reading and the Hill stocks ruled about
a point below last night. Shortly before
1 o'clock there was recovery of a point
in st. Paul and of fractions elsewhere
Prices of some of the railroad stocks
approached their high levels of the day
but the Industrials rallied with less spirit.
United States Steel was bought heavily
around 56sz. The Atchison report for Au-
gust. which showed a decrease in net
earnings of nearly 100000 was a much
more dismal record than had been looked
for and was reflected in a decline in the
The stock market developed pronounced
weakness again at the opening today with
large selling of United States Steel, Union
Pacific and the Copper shares. United
States Steel opened with a block or Iz,VOO
shares from 555s to 549s, an extreme loss
of IA from yesterdays close Witnan q ,
few minutes 1t fell to 54 The preferred
stock also declined IA to 1O4l4; the weak
ness of Union Pacific was even more pro
nounced. Dropping half a point between
sales it sold soon after the opening at
1855, a loss of 21s. Copper, American
Smelling and Utah Copper declined
noint each Elsewhere the market held
fairly steady. Fractional losses were the
rule with the exception of Northern Pa
cific which lost IA -
spent itself the character of the market
changed. A heavy demand appeared ana
stocks moved upward buoyantly, buying
orders for United States Steel poured IN IN
and then bounded up 31s polnts 10 -
above Yesterdays close. The stock was
bought in lots of several thousand snares-
Union Pacific rose 27s to "a above hne
previous days close Elsewhere the ear lsI
losses were eliminated. The market olo
not hold long at this level The demand
diminished at the higher range an1 priSss .,ss
fell back a point or So IhereaIteI tne
market was unsettled with fluctuations
among the active issues until The end OF
tbe first hour when the list again mounted
- az. 1,i1best pOfnt of the day. American
Tobacco securities showed further strength
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