Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-09-13
MARKET CLOSES
STEADY; PRICES
RECOVER SLIGHTLY
I" Steel Keeps to Low Level on
Rum0rs of Government
investigation.

NEW YORK. Sept. achievements
in stocks at the opening today we're
small and irregular. Trading was on a
light basis. Lehigh Valley and South
ern railway made the largest gains.
amounting TO a. Northern Pacific ad-
vanced IS and Baltimore and Ohio, In
ternational Harvester and American
Agricultural Chemical T.. Contrary
movements depressed Canadian Pacific
and Corn Products IS and Union Paci-
fe 4.
II o'clock-rhe marget moves in a
nervous fashion In the first hour, but
only a few of the fluctuations excee@ad a
half and business was very light. The
trend was generally lower.
u o'clock-After a period of uncer-
tainty and irregular price movements,
the market dipped downward this
morning. Traders awaited themselves Of
the strength shown in various issues
early in the day to market stocks. The
demand was limited and prices soon
weakened. In the second hour more de-
teruiined pressure was directed against
the market, and the whole list gave
way sharply. Standard railroad stocks
scored losses of a point or more in
many instances, and there was a
marked revival Of bearish sentiment.
Talk of possible dividend reductions
was current in view of the unsatisfac-
tory earnings of several large systems.
New Haven dropped "a to 129l2, it's
lowest price since 1908. Two other
stocks also sold at the lowest figure
since that year-Missouri Pacific. which
fell back "a to 33%, and New York Gem
trail Ia to 1914. ~Amalgamated Copper
also yielded la. Union Pacific and
Reading IL and Canadian Pacific,
Atchison, st. Paul, L. S. Steel. Southern
Pacific and American Smelling I to l%s.
Bonds We're easy.
| o'clock-When selling VS. suspendo .
the market rebounded a slight frac-
ton, but became almost lifeless at the
higher range of prices.
. o~'clock-Prices crumbled away again
in midafternoon under another vicious
bear attack. in which Union Pacific.
T.. s. Steel and other well-knoWn
stocks eclipsed their previous low
figures of the year. With no signs of
concerted support anywhere, the bears
raidcd prices right and left and forced
liquidation of many weak accounts.
The usual unfavorable rumors were
circulated while the declines We're in
progress. Union Pacific was driven
down to 1874, which compares with
1863 at the close yesterday, 1925, the
highest, on July %. Missouri Pacific
showed a loss of 2A, Reading 2la,
Southern Pacific. st. Paul, Canadian
Pacific. A~malgamated Copper and Con-
solidated Gas ,. l.. s.. Steel sold at
66a4. a loss of 15s. Short covering
caused a slight fractional rally. but
the market was weakening again at ,
o'clock.
8 o'clock-The market closed steady.
The fall in prices eliminated soon after
2:15, and there was an irregular recov-
cry. which amounted TO a point in
Union Pacific.
United States Steel. however, clung
rigidly TO near its low level. the stock
being affected in part by the less hope
full character of the trade reviews and
talk that the government would begin
proceedings against the company. Bust
ness shrank on the rally, as was the
case on the other %reeoveries earlier in
the session.