Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-02-01
CLOSES
STRONG RUMOR5
HIT STEEL HARD
Report of Coming Congressional
Investigation Brings Cen
eraI RecessiOns.

NEW YORK, Feb. I-TIo stock
market showed more strength and
breadth at the opening today than any
other day in several weeks. United
States Steel opened with a block of
10000 shares at Se1s, as against 80 at
last nights closing, and advanced 70
SoA on further heavy sales. Union
Pacific was up * and Reading ad-
vanoed a on a block of $500 shares.
Northern Pacific gained ha.f d point
and Southern. Pacific 9s. Bethlehem
Steel also was strong. Republic Steel
preferred gained q point. Other issues
were generally strong, with the excep-
ton OF Wabash and Chesapeake and
Ohio.
II a.. m.-Seliing after the opening
depressed prices slightly, but after a
brief pause the market advanced again
vigorously. Northern Pacific esumed
its leadership of yesterday. and bound
ed up 25s points 10 1261b. Reading also
was heavily bought at an improvement
of over a point, crossing 159, and other
representative issues also established
high prices for the present movement
Some minor stocks also moved up
buoyantly, including Pittsburg Coal
preferred, which jumped AZ.
Noon-The pronounced strength of
the market during the morning ses-
sion indicated hat he Improvement
projects undertaken by the Hartman
companies and the u%tterances of Chair
mar Gary In regard to present condi-
tons in the. steel trade had been &C
cepted as events of unusual Importance.
This was reflected in material advances
in all the leading issues. with Northern
Pacific, which advanced 3h to 1878,
the feature. The further rise of this
stock was not explained on any ground
other than that of probable financing
by the company with attendant valu-
able rights to stockholders. Bonds
were firm.
p. m.-The explosion which shook
up the financial district was of more
interest to traders than the movement
in stocks, and business. fell off for a
while to nominal proportions. Prices
nevertheless continued To work up
wards with pool buying a feature. U.
S. Steel mounted a point TO 81. North
western improved 2%, New York Cen
trail, Distillers' securities and Great
Northern preferred 2.
z p. m.--Bull opSIdiOTs hhu CoiiPIcNS
control of the market and punished the
shorts severely. Northern Pacific con-
tlnued to soar upward the rise at
o'clock reaching 5 points, with all sorts
of bullish gossip accompanying its ad-
vance. There vas O steady absorption
of oil classes of stock at rising prices
the b%uoyancy displayed by the leaders
stimulating operations by pools in var
ious s~recialties. Sloss-Sheffield Steel
gained S9s and the Railroad Equipment
stocks were strong.
8 D.. m.-The market closed strong
Proft-taking sales, coupled with the
announcement from Washington that
another attempt will be made tomor-
row to order n congressional investiga-
ton of the United States Steel Cor
poration, brought general recessions in
the last hour.
Stocks most affected were Northern
Pacific, Great Northern preferred, Le-
high Valley and American Smelling,
which receded a point. Later on the
market steadied and there was a short
rise in the Gould group.