The evening world., 1903-10-12
SLIGHT RALLY LATER,
WITH TRADING BETTER.
Atchison Given Good Support,
While Brooklyn Rapid Transit
Lost an Early Gain-Amal-
gamated a Fair Feature.

stocks ana bonds OF the United States
bhinbuiiiing Company from the Stock
R1chango list, the situation in Wall
street is calculated to make holders OF
Morgan-Schwab securities lie awake
nights md talk to themselves. ,Sthel
preferred went down to 81 IL to-day and
eteei common touched the record low
water ma-k-12 Ia.
Even this slump was secondary to
speculation as to what action the Board
Of Governors of the Stock Exchange
will take tomorrow when the PROPOSE
tton 10 retire the stocks and bonds OF
the bursted shipbuilding corporation 10
taken III. It Is ooftended that at the
time the request for the listing OF these
securities was made the corporation
mas bankrupt.
This implies that the men who mado
ne request knew that their concern
was bankrupt. and may lead to fur
her complications. ]. p. Morgan q
20. are In no danger Of Stock Exchange
discipline. as the house Is not a mem
ber Of the Exchange. But there are
btherB who are interested in the Ship
building Trust who can be cached.
There are listed on the Stock Ex-
ehango SIS, 600. 900 Of the first mortgage
bonds, 80, 900, 900 of the collateral trust
bonds. $40. 900. coo Of the preferred stock
and SIS, 100000 of the common stock OF
the United States Shipbuilding Com
pany. The belief is general that at the
ulose of the meeting OF the Board OF
Governors Tomorrow It will be an
nounced that these stocks and bonds
will be no longer traded In on the floor.
The slump in Steel to-day was marked
~ heavy trading In h a feature. 1t
was reported that one big holder was
compelled to let 30 Of $4,000 shares.
which were dumped on the market In
scattered punches. There Is no doubt
that many of the small investors who
rot In when common was aroun 10 are
beginning to show fright and are hg-
uring on saving O little Christmas
money. Professional spectators, be-
iieving that the stock will go lower. are
selling short, and this serves to bear
the stock stiIl
A meeting OF the Shareholders or the
United States S~hipbunding Company
has been called for Oct. 81 In Jersey
city. At this meeting many vital pro-
positions will be considered. Receiver
0niIn , pan u d3bcbb III LII tiic
purpose of 1holding the property intact,
paying or the liabilities and nghting
the foreclosure suit OF Charles M.
schwab 10 the most important question
to De debated. There 10 general belief
In some circles that the s~hipbuilding
Trust can be made n paying concern
u o reorganization Is effected and the
business is run on conservative lines. :
New York Airbrake. after opening
down IL points. later rallied and closed
of 614 per cent. Republic Iron and
Steel lost 5 and General Electric o
points. E-F
Lewis Nixon. the former President OF
the shipbuiiding company. was sub
poenaed to-day. He says that he will
be glad to 80 on the stand and tell
everything he knows. Mr.. Nixon Will
be questioned about the part played BY
u. p. Morgan & Co. and Charles NJ.
eehwab N the sale of the Bethlehem
Steel plant. about the actual value of
hhs diffarent shipbuilding plants merged
into the concern and about how Schwab
and his counsel, Max Pam managed to
secure control.
Daniel lie Roy Dresser will resume
Ms testimony before Referee Oliphant
on Wednesday. The hearing was to
have been held tomorrow. but w. d.
Guthrie, counsel for the bond holders,
% too Ill to be present. and a postpone
stient has been agreed upon. Mr.. Pam
will also be called to the stand unless
me examination Of Mr.. Dresser should
CONSUME more time than is anticipated.
Questions for Mr.. sehwab.
when Charles NJ. schwab IL put on
ehe standNin the ~Shipbuilding hearing he
will be asked:
why voting power WAS given his
Bonds hs well as his preferred and
common stockss
who evolved the plan for the
voting trust whereby for seven
years the reorEanized shipbuiId-
ing Cohrhny was to be Ia control
AZ MIR. bchwnb and his friends.
It Is believed that these questions are
part OF an effort to connect George W.
Perkins With the case and through Mr..
Perkins the Arm OF ]. p. Morgan & 90.
Mr.. Scnwab will DO asked additional
questions concerning tho pool agreement
with Harris. Gates 4 Co. for the drst
ceiling of the Schwab-Morgan Shlpbuild-
Ing stock. ~
Mr., Perkins will probably be called on
iis return fiom the West to tell why j.
-. MORGAN & Co. had part In the sale OF
The steel fdnt and why the transaction
gas not closed in the name OF Mr..
nehwab.
.. w. Young. who went to Euripe for
tie UNDERWRITERS. will be called to trstiiy
~ to the terms upon which the sub
ildidry cos1pfnies w re merged into The
uenerni company
QaestiOn for sicCook.
John ] Mtcook VII be asked to GER
THY az to tae s.eps taken by the Mr.
can. lie Trust Company in the French
ana English undetwrit,nR of the CONF
isny aud as 70 the TENS upon wh,cu
the TrusS Company Of the RepubIs was
made d pdrly 10 the trafsacaons
George II. sheldon, Chairman OF the
Reorganization Committee, Will be asFsl
20 explain the equity iof his flan By
nhieh he praposed TO change She nrst
NN"HNE4 MH.aEM ..f