Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1903-10-03
THE STEEL TRUST
MAY REORGANIzE
Persistent Report In New York
Is That the Squeezing
Must Begin.
WAR AND RUMORs OF WAR
Great Financial Interests Alleged to b
Realisnins Themselves, and the
Street Is Ready for Almost
Anything.

New York. Sept. 2S.-Wars of great
financial interests are rumored, a num-
Der of big steel plants have closed n
more are likely to close if rumor is
true. United States Steel securities
continue their downward course, and
financial New York wonders what will
happen.
Persistent rumor IS that United
States Steel is to be completely reor-
ganized. rs present organization has
failed to make good, for the public has
utterly refused to assist in converting
the stocks into bonds.
The immense shrinkage in market
values of these securities since their
high quotations in 1901 is appalling.
Common was quoted it's highest in 1901,
at So, preferred at 1915. Yesterday
common went down TO 10 and preferred
to COL. The D Per cent. bonds have been
well above par; Friday they touched IL.
The shrinkage in values is estimated
at something like this:
Common 500 O,VyO
Bonds loo,Voo'o'V
Total ,VD,CS
The securities at their highest quota
tons represented about 81, 100, 900, 900, so
that a shrinkage of $500, 900, 900 or As per
@ appears on the face of things.
Morgan May Surrender.
1t is reported a conference of steel
nagnates, at which Morgan was pres
ent, was held up town last night, and
that an important statement may be
given out today. The closing Of the big
steel plants is considered ominous.
a belief prevails in financial circles
that Morgan will have to confess his
inability to manage the steel trust on
It's present basis and hat complete re-
organization will be necessary. Nor
gan's attempt to convert steel stock
into bonds and cash has proved a COM
plete failure.
Stories of d~issension between the rep
resentatives of leading financial inter
ests are again current. 1t is said that
f.. II. Hartman and Kuhn, Loeb & Co.
were selling the stocks in Which they
and Hartman had a mutual interest,
and Mr.. Hartman Is said to have
threatened to resign as president of the
Union Pacific system and throw in his
interests with Morgan and his party.
The lights burned in the office of j,
+. Morgan e Co, at Broad and Wall
streets, until after o'clock on Wednes-
day evening. A cab stood in front of
the door, a solitary policeman paced
up n down in front and the few late
home-gOerS who passed through Broad
street, saw behind the drawn curtains
silhouettes which strikingly resembled
the outlines of the great banker and
his partners.
Street Was Worried.
\ conference of great Importance wah
evidently going on, and brokers who are
always ready to frame ingenious con-
lectures, saw something ominous in it.
It is seldom that Morgan stays at his
Office later than 5 o'clock. He some
times remains until 6, when he has inn
portant business but only a few times
In recent years has he stayed as late
as on Wednesday.
Wall street noted the fact that the
late conference at the great packing
house on Wednesday was followed by a
drop of several points in the Morgan
securities. 1t has since tranSpired that
e. H. Hartman was at the conference
but Wall street is puzzled to know why
this should have had any effect or the
Morgan securities.
The intimation has been given out
that Mr.. Hartman is to become the
director of the Erie, and that a haT-
mony agreement between the Union
Pacific and the Northern Securities
company is to be patched up. But this
does not explain the selling of the Nor
gan stocks.
1t Is said that Mr.. Morgan himself is
as much surprised as the public at the
weakness of steel. Many Of his clerks
are said to have bought steel common
at %, believing il a splendid invest
nent.