The Birmingham age-herald., 1911-09-21
STOCK MARKET
 IS UNSETTLED Investors Seem To Fear Further Corporation
 Dissolutions

New York, September 20.-Wall street showed increased nervousness today as to the intentions of the government in re- gard to enforcement of the antitrust law. Selling of stocks was conducted on scale which seemed to indicate that some investors were in fear of further dissoia- tion proceedings against large corpora tions. This was notably true of United States steel which once more was called upon to shoulder the heaviest burden.
 The long and severe attack upon this is sue had telling effect today. The pre- fered stock and bonds gave way, she former selling at 110A, the lowest pflee since 1909 and the latter at 100, the lowest since 1908. Fs.@E4 e.fFeY F#s
 The common also reached new low .yoint on the year, 627s, the losses in each case exceeding three points.
 Elsewhere insthe market declines Were general. The chief losses were among the industrals, running aslhigh as five points Railroad stocks in most cases declined little more than point. On late rally the railroad shares recovered their losses and partial recovery was effected among the industrials.
 Wall street for several days has been listening to reports that one by one the great corporations are to be dissolved, providing the federal government can bring it about. Announcement today that the government would permit the Inter national Harvester company without Q dissolution suit to adapt itself to the Sherman law, while affecting that stock fsvorably at the time, did not serve 10 bring about better feeling but on the contrary was followed by the heaviest selling of the day. The attack on United States steel was assisted by reports Of impending reductions in wages at steel mills Steel men were said to have abandoned hope of stiffenng of prices this fall and to have decided that a suo- stantial lowering in wages was inevitable Steel prices now average about s7 ton below the rates prevailing in 1907, and the reduction has been made with no corres- bonding change in the scale of wages. The weekly trade review reported a furth- CT falling off in business together with some new price concessions.
 The copper shares showed marked weakness today, on statements in regard to abandonment of efforts to restrict pro- auctions. The weakness of these shares also reflects the belief that the large buy ing of Europe, especially Germany will be at least temporarily curtailed by the business reaction abroad.
 Houses with London connections were heavy buyers of stocks. Foreign pur- chases of Union Pacific alone were cs- tmated at more than 10.G00 shares and the total amount taken probably exceed 40,000 shares.
 The belief that the Moroccan question is on the verge of peaceful settlement un- doubtedly is largely responsible for th's change of attitude on the part of Europe. International bankers said today that shey regarded an advance tomorrow in the Bank of England rate-to four per cent as highly probable, the fact that the bank declined to discount under the rate today pointing to such action
 The bond market was weak. Total sales, par value s2, 2,19000o. United States ponds were unchanged on call.