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Show Stock Market Experiences Experi-ences the Greatest T Day in a Year New York, Sept. 27. A wild rush to buy stocks sent up prices swiftly at the opening of the stock exchange today. The effect of the United States Steel corporation's announcement, that It would not dissolve voluntarily, was electrical. Trading in United States Steel slocks was on an unprecedented un-precedented scale The opening transaction was a block of 3S,000 shares at 59 1-2 to G2, a maximum gain of C 1-S. Within the first fifteen minutes, 190,000 shares of this stock was traded trad-ed in. The scene around the steel post on the floor of the stock exchange ex-change was one of wild confusion. Dealings In the preferred Btock of the Steel corporation, while on a small scalo, resulted in equally large gains. That 6tock: on the first transaction trans-action opened at'lOD 3-4, an advance of 2 1-2, and rapidly rose to 111. The bonds- opened at 103, a gain of 1 7-S. Tradiug In all tho active issues was on a large scale. Lehigh Valley jumped i points within the first fifteen fif-teen minutes", American Smelting 4 points. Union Pacific 3 3-4: Northern Pacific 2 1-2 and the other active stocks 1 to 2 points. After twenty mlnuUs of exctled trading, the market mar-ket fell off. Tho reactions amounted from I to 2 points. Throughout tho morning session transactions were on an enormous scale By noon the total was well above 800,000 shares. The shnrp rlso at tho opening was taken advantage of for enormous profit-taking snles and the market soon developed signs of wcakneBB. The weakness in the Harrlman stocks resulted from further reports of coming labor troubles and publication publica-tion of tho LTnion Pacific and Southern Pacific earnings for August, which showed net decreases of $456,000 and $470,000 respectively. Profit-taking and now short selling reduced tho early gains steadily until nothing wbb loft but small fractions la some important Ibbucs such as Union Un-ion Pacific, Atchison. Canadian Pacific. Pa-cific. Great Northern, preferred. Northern Pacific, Reading and Southern South-ern Pacific. PerBlstent Belling of St, Paul forced it from 111 to 10S, or 1 3- below yesterday's close. United States Steol reacted to below 59, and tho steady drop in this stock encouraged en-couraged fresh demonstrations by the bears. During the remainder of the day the market was unsottled nnd feverish. fever-ish. Transactions continued on an enormous scale. The day's trading In United States Steel was the largest on record for that stock and the total for all stocks was the heaviest in more than a year. The market closed unsettled. Fluctuations wore very wide In the Inst hour of trading. Bear operators began a covering movement and rallies ral-lies of two points or more resulted in United States Steel. Union Pacific, Heading and St. Paul. Another wave of selling broke In tho last few minutes, min-utes, eliminating the greater part of the amounts rccovored. Prices of sorao fell under the previous low points of the day, Including United States Steel, Reading. Southern Pacific, Pa-cific, Lehigh Valloy, American Smelting Smelt-ing and Amalgamated Copper. Just before the closo there was some feverish fever-ish rallies. oo- |