Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-09-28
HIGH LEVEL HOLDS
Speculative Leaders Are IT..
regular, But Strong.
GENERAL ADVANCES MADE
Early Sales Show Some Fluctuations,
With Gains in Most Cases.
STEEL IN UPWARD MOVEMENT
Stock Shows Considerable Strength
and Shorts Run to Cover, While
Bulls Are Confident.

NEW YORK, September 2s-With a
much smaller volume Of trading the stock
market moved in irregular manner at the
opening today. The speculative leaders
developed considerable strength United
States Steel opened with block Of $500
At 5si4 to 81. compared with yesterdays
close of 564. and in the first few min
utes of trading it rose to 57a4. The pre-
fcrred stock gained 4. Union Pacific ad-
vsnced points,, and Reading. st. Paul.
Amalgamated Copper, Northern Pacific
and American Smelling l. Lehigh Valley.
which sold II. below yesterdays close,
quickly reversed its position and made
net gain of "a. Western Maryland lost
point and Southern Pacific a
The market showed great deal of ir-
regularity. This was due to profess
sional operations rather than to such
nervousness as existed yesterday. Fol
lowing the brisk rise after the opening
the market sank back to the extent OF
8 point in ST. Paul. Lehigh Valley, Union
Pacific and Amalgamated Copper. Then
another heavy demand set in which car
ried the whole list higher than before.
United States Steel reached ',S1s and
gains were general in other important
stocks. The Gould issues moved in
hesitating way aad there was persistent
pressure against the Wabash stocks. The
common fell to 1Ol1. a new low record.
after opening y higher. at liz, and the
preferred went down to 2oA.
Strong Tone Prevails.
strong tone prevailed throughout
the morning session. Stocks advanced
steadily, the whole market being
strengthened by a demand which grew
more insistent the day advanced.
Although gains were rapid. the advance
was orderly. and there was an absence
of Yesterdays diSquieting fluctuations.
The financial district was flooded with
rsmors TO the effect that some sort of
a statement reassuring to corporate in
terests of the country would emanate
from administration sources before long
This induced considerable short cover
ing, and little speculative buying
of steel. the principal purchaser being
an out-of-town brokerage house which
has hitherto been active in that stock
The European situation ana the iate
weakness in the London market appar-
entity were ignored. The demonstration
of strength which the market gave in
the second hour was SO convincing that
there was frantic scramble by the
shorts to cover, and bull forces operated
with growing confidence. Virtually every
stock of moderate activity rose from :
to 21s. with Reading showing rise OF
3 points. United States Steel ~, .Amerl-
can smelling 3ss and Union Pacific 3@.
Bonds were Arm. Wabash As, sold at 81,
compared with 5la4. yesterdays closing.
Union racine OeC11ucS.
Announcement that the Union Pacific
road had rejected the demands of the
labor leaders had little effect market
wise, although Union Pacific declined
almost a point from its best. Prices else
where shaded fractionally. There was
some contraction of operations except in
United States Steel, which changed
hands in blocks that ranged from 100
to $500 shares.
Specula ton took strong upward turn
again and there was every evidence that
a relentless campaign was being waged
against the unwieldy short interests.
Blocks of thousands of shares OF all the
favorite stocks were absorbed at rap
idly rising figures The advance at
o'clock reached points in Union Pa
cific, Az in United states Steel and 47s
in Reading and American Smelling. I'M
provements elsewhere ran to about .
points in many cases. including st. Pau,
Lehgh Valley and Consolidated Gas.