Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-05-19
MARKET CLOSES
HEAVY; GRADUAL
STOCK SETTLING
@-s------
Fall in the Fertilizers Shows
Dissatisfaction in Pot
ash Settlement.

NEW YORK, May 19.-An irregular
toni characterized the opening of the
stock market today. Trading was &C
tive and thu tendency of most of the
market leaders was toward lower
prices. The first transaction in U. 5.
Steel was the sale of 200 shares at Il
decline of q. Union Pacific fell back
the same amount, Atchison and Amer
lean Smelling X and Southern Pacific
and General Electric a point. There
were a few advances, among them
being a gain of ~ by Canadian Pa
cific and a point by Rock Island.
II a. m.-Amalgamated Copper was
marked up rapidly to 67%, and the
general market also stiffoned slightly,
but when the buying of Amalgamated
Copper ceased temporarily the rest Of
the list fell back sharply. The upward
movement MAS esumed later by Read
ing, which crossed $50 for the first
time III many weeks, and there was an
immediate response by other leaders.
Union Pacific. u. S. Steel and the cop
per stocks were bought heavily at ad-
vancing prices. Western Union was
unusually active and strong, rising IL.
MISUNDERSTANDING Chemical gained a
point.
Noon-Trading in stocks was on a
smaller scale this morning and the
buoyant tone of these arduous three
days was missing. The market showed
the effects of a lessened demand, par
ticularly from the outside, and prices
wavered. The higher quotations estab-
lished by the previous advance de-
creased the demand and there was also
a falling off In the bidding from the
short interest which has covered large
lines. Following the demonstration
against the short interest in Reading,
the market again began to feel the
volume of realizing sales. which has
been apparent on all advances, and
these offerings forced back some of the
important stocks below yesterdays
closing. Among these were Union Pa
cific, U. S. Steel, st. Paul Missouri Pa
cifc, Erie, American Smelling and
Pennsylvania. Some minor sp~ecialties,
including Iowa Central, were brought
forward and scored handsome gains.
Bonds were firm.
1 p. m,-Reading's advance was can-
celed and Erie and Southern Pacific
We're depressed a point under yester-
days closing before the market re-
ceived effective support. Reading ran
up to near 160 again and Union Pa
ciic and st. Paul sold higher than
In the morning. Trading became more
active at the higher levels, but when
the demand began to slacken the list
yielded a fraction and trading became
dull.
2 p. m.-The series Of up and down
movements rather puzzled the profess
SIGNALS, the making holding hardly long
enough in n direction to assure prof
liable trading. Close observers main
tained that considerable stock had beer
distributed during the enthusiastic buy
ing of the last few days, and that the
market was showing growing evidence
of lac of the sustaining force of the
short interest which had beer driven
in. During the latter half of the day
the speculation was dull, narrow and at
times ~hesitating.
3 p. m.-The market closed heavy.
Selling orders for both accounts in the
fortified stocks apparently reflected
dissatisfaction with the terms of the
settlement of the potash dispute with
German interests. The group went
down from l to 8 points, with Virginia
Carolina Chemical leading.
Elsewhere there was a gradual
settling down to a lower basis with
the lowest prices of the day made for
the active stocks. Amalgamated Cop
per sold under yesterdays closing. as
did American Smelling and other metal
issues.