New-York tribune., 1911-09-28


OF 2 point
Union Pacific and Reading which
with steel common made up more than
two-thirds Of the total transactions NJ
l6IS.4tA shares. ended the day with
net losses Of and 2ls points respective
ly. The high for Union Pacific reached
soon after the opening. was lGl7.. and
from that figure it declined to 155it.
closing at 15G Reading. after touching
1895. dropped to 1875 and then rallied
90 135. at which it closed.
The rush to buy stocks which caused
such sensational opening of the mar
ket was attributed almost entirely to
the statement given out over the sigma
| lures Of J. Pierpont Morgan and cN-
Judge L. H. Gary on Tuesday night de-
claring that no negotiations had been
conducted looking toward the disintegra-
| tion Of. the United States steel Corpora
tion and that no voluntary dissolution
was contemplated. Another thing that
| aided i'm the movement was tine definite
announcement that Germany had ac-
cepted the French proposals regarding
Morocco
As II was a forcgone conclusion that
! these two announcements would boost
/ the market the bears anXiously waited
for the opening intending to cover their
short contracts as rapidly as possible.
so as To save what they could of the
paper profits they have piled mp during
the last week.
Like Sardines Around steel Post.
! The steel post was the Mecca for trad
ers. for there it was that the pyrotech-
MICS were expected 60 take place, and
| these expectations were more than real
ized. From early in the morning buy
ing orders in Steel had poured into the
| brokerage offices. and long before the
! gong sounded the opening Of the market
traders were packed so tightly around
/ the steel post that it was almost impos-
sble for any one Of them 10 lift his arm
above his head.
The market opened with a roar that
/ could he heard all over the Street. as the
brokers fought desperately to execute
their orders 10 buy Steel Clothing was
torn i'm the struggle, and many Of the
! traders almost tainted with exhaustion
before they were able 10 fulfil all their
/ orders 10 buy the stock.
! In the first two hours 100000 shares
/ Of steel common were traded in Tt was
/ the largest amount ever sold i'm such
short space Of time The total for the
/ dav was 700 5OOs shares. which was
within few thousand shares Of the
number sold on Friday Of last week,
when rumors that the Steel Corporation
was tn he proceeded against by the gov
ernmont caused heavy liquidation i'm the
stock.
I While steel common was easily the
/ leader i'm the market, the other issues
we're by no means neglected. the crowds
around the Union Pacific and Reading
posts being almost as large as the one
| that surrounded the Steel post, and the
excitement being almost as great Other
stocks that were i'm active demand were
AmaIgsmated copper American Smelt-
| ing and Refining Atchison, Chicago,
Milwaukee & St Paul Lehish Valley
and Southern Pacific. These, with the
three leaders. made MP the great bulk
of the trading. although a total Of 13S
! issues were dealt i'm during the day.
Hall Of List Ends Day Higher.
Of the different stocks traded in about
one-hslf showed met gains ranging from
small fractions up 10 r. points At the
close of the market. while the rest
showed net declines running from Is Of
point to 3la points, this last being IN
Wabash preferred, which, with the COM
mon. was weak on rumors that the COM
rany was about 10 20 into the hands Of
| 2 receiver. These reports which were
| subsequently denied in official quarters.
grew out Of a decline Of more than 10
points i'm the roads per cent bonds,
due t. the calling Of a loan for which
quantity Of these bonds were pledged As
| collateral
4 large part Of the buying orders that
swamped the market at the opening
were credited 10 the shorts who I'm their
anxiety 10 extricate themselves from the
hole into which they had been forced by
the Steel directors announcement fairly
bid prices mp against themselves. The
difficulty Of the bears In covering their
short contracts was increased bv the
fact. according 10 brokers. that a large
quantity of buying orders from the in
ILL -.-.,1 gfrt-4E.rr-gI f- tho leading