Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-11-20
BAD At THE OPENING
Heavy Se|Iino Unsettles Stocks
in the First Hour.
BEARS HAMMER SPECIALS
Rally in Prices, However, and Sub
stantial Advances Noted.
RISE IS ONLY TEMPORARY
BEARS HAMMER SPECIALS
RISE IS ONLY TEMPORARY
Sales in Late Afternoon Show Sharp
Declines, With Gains
Largely Absorbed.

NEW YORK. November 2O-Heavy
selling of the leading speculative stocks
unsettled the market at the opening to-
day. Pressure was most severe against
United States Steel which was forced
down a point Union Pacific and Ameri-
can Cotton Oil lost a point. Wabash
preferred q: Wabash common 70. and
Western Maryland. Northern Pacific and
Great Northern Ore certificates r. The
Wabash is declined a point.
Bear operators kept hammering special
stocks, notably st. Paul and United
States Steel. Blocks of thousands OF
shares of United States Steel were sold
down to G2s4. Short selling and some
liquidation were based on the resumption
of the hearing by the Stanley committee.
Railroad stocks in general showed some
stability after the initial weakness.
Rally in the Prices.
Before the first hour had expired Union
Pacific had made UP its loss and Read
ing and Lehigh Valley were ruling slight
Is above Saturdays close. Purchases to
cover rallied United States Steel half
point and the whole market improved In
tone. Copper stocks were benefited by
the further Improvement in trade condl-
lions both here and abroad. Wabash sold
at On and the preferred at 1875. Third
Avenue issues were active, the stock ris-
ing over a point.
Depression on the London market and
pressure against United States Steel and
the Wabash issues combined to weaken
the stock market during the morning
trading. The demand was not large, and
prices gave way generally, although the
railroad division wtthstood the attack
more successfully than the industrials.
Short covering and the evident support
for the railroad shares We're effective in
turning the market upward after the
force of the selling movement had spent
itself.
Better Trading Possibilities.
After some brief periods of hesitation
the market began to improve more stur-
Oily in the second hour. Copper stocks
were purchased on a steadily rising scale,
Amalgamated Copper and Utah Copper
gaining a point. Reports that some of
the leading interests were asking Ii cents
pound for the product encouraged pro-
fessional buying of the group. Union Pa
cifc was pushed across ia, but the OPP
erations in standard railroad stocks were
in smaller volume than for some time.
Various specalties seemed to present bet
ter trading. possibilities to the professional
element for the time being. L. S. Steel
made up the major portion of it's decline,
but the rest of the list. in common with
this stock. became quiet on the rise.
Bonds were irregular. with Wabash As
weak.
Issues Gather Strength.
Increasing strength was shown by
stocks despite the gradual contraction in
the volume of business. Reading sold a
point over last weeks close. and Lehigh
Valley nearly as much. Union Pacific
touched l74ts. compared with 173 at the
outset. Western stocks generally were
neglected. out averaged a trifie above last
weeks figures. Amalgamated Copper lost
half Of its forenoon gain on profit tax
ing.
The sluggishness of the market led to
some selling in the late afternoon and
there also was moderate amount of
profit-taking. Union Pacific lost all Of
its advance. United States Steel came
back to near the lowest and there was
little left of the rise in Reading and Le-
high Valley. Some of the southern stocks
were strong. Atlantic Coast Line inn
proving ] point and Louisville and Nash
vile and Illinois Central IL.