Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-09-27
STOCK MARKET
IS IN CONFUSION
At CLOSING HOUR
Fluctuations Feature Wave of
Selling During Feverish
Rallies.

NEW YORK, Sept. 27.-Oficial an
nouncement that the L: s. Steel Cor
poration does not intend to dissolve
impaired an air of positive buoyancy
to the stock market at today's opening.
Initial transactions in Steel common
consisted of a block of $4,000 shares
at from 591a to 81 as against 56K at
Yesterdays close. L. S. Steel preferred
opened with a gain of 2s4 which was
soon extended to So, Union Pacific
opened at a gain of 24 which soon ex-
tended to So. American Smelling ad-
Vanced 3 points at the opening with a
later gain of an additional point.
Amalgamated Copper advanced 2ss,
Northern Pacific and Lehigh Valley
21a, Reading "a and general gains of
/ to . points. Opening transactions in
American Tobacco 6 per cent. bonds
were on a huge scale at an advance of
4 of a point and the u. S. Steel sink
ing fund ) per cent. bonds were up
rs. Prices shaded a point or more
from the opening, but the undertone
continued strong.
II Is. authorizations were unusually
wide curing the first hour owing to the
excited trading. rices vibrated fire.
qnently a point or two before the mar
slet settled down to a normal condi-
ton. Following the bull at the OPEN
ing imm0..se blocks of stocks were
thrown on the mari. 8 Buyers al the
low or leVe, who ad a large profit IN
sight sold extensively, as did spec@la-
tors. who considered thai a reaction
as due owing to the rapidity or the
advance. There was al eSu re-
action. whici reached ga points In Le-
high Valley, an from ] TO Ia else
where. u. S. Steel sagged to 591a, Il
preferred stock, which had touched llS,
ell 10 109. transactions in Steel com
mon amounted to 275,0o0 shares in the
first thirty minutes, which was con-
siderably more than Was sold in a IKE
period during II of e recent violent
declines.
BY II o'clock the market was NOV
ing al~ng In a more even way, with
prices sagging. Ruling quotations
ranged from TO 21s points o yes
terday's close.
Noon--Trading in stocks assumed the
largest proportions of any time WITHIN
several years during the first part OF
today's session. The volume of tran
sactions during the recent OF
selling in no case approached the move
ments of the first -FOUR today in which
the total number of shares dealt in was
sos, 900. nearly twice the amount han
dled on last Fridays slump, Eluetua-
tons were on an unusually wide range,
and the market soon showed the eff
fects of profit-taking sales. Before
Moor a large part of the early gains
were eliminated.
The violent movements were largely
the result of speculative operations.
Although the advance reflected the re-
lief which Wall street felt at learning
definitely thai the e.. S. steel Corpora
ton would not dissolve voluntarily, the
readiness with which stocks We're sold
after the first abrupt rise showed that
tho had not been entirely
relieved. it was said that a brokerage
house who's purchases had been In
strumental in raising the price of steel
from below 81 sold the stock heavily
this morning.
Proit-taking and new short selling
reduced the early gains steadily until
nothing was left but small fractions in
some important issues. such as Union
Pacific, Atchison, Canadian Pacific.
Great Northern preferred, Northern