Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-10-28
NEW YORK STOCK MARKET.
Features of the Days Dealings in All
the Leading Stocks.

New York, Oct 27-J'nited States Steel
common fell = points 10 30 ON the Stock
Exchange. today. That movement WAS
the most striking effect upon the securi-
ties market of the governments dssolu-
ton suit against the United States Steel
Corporation Owners of United States
Steel securities in all parts Of the coun-
try and in foreign lands, alarmed at the
suit. threw their holdings upon the mar
ket Trading in these securities ran To
enormous proportions. During the day
$50 600 shares of United States Steel were
sold. The general list developed pro-
nounced weakness ON account of this
movement, but there was no demoraliza-
ton except in the market for United
States Steel itself.
Violent as were the fluctuations the
effect of the suit upon the market un-
doubtedly WIS lessened greatly by tn.
Wholesale liquidation of Steel stocks
which eliminated in the upheaval of last
month The market a whole was less
turbulent than during the height of last
r>nrth's dist'rrba nc. which was prompt
ed by the fear that such a suit as has
now been filed would be brought, or that
the Steel Corporation would deem it wise
to avoid such action by voluntarily dis
solving The drop in the price of United
States Steel itself however, was greater
than on any other day of the previous
decline and its low price of 30, today, was
l 5-S below the bottom of the Septem-
Der drop. London's prices gave notice be-
fore the market opened here of what
was to be expected The rush To sell
was so great that the market was thrown
into confusion and sales at prices rang
ing all the way from So to oSA were mace
at the same time The opening was a
block of IS 600 at these figures Prices
of all the standard issues gave way. Be
fore the end of the first hour the decline
was checked on strong support nut the
market soon became weak again ana
prices fell lower than before. Through
out the morning prices rose anu zen IN
! a feverish manner. shorty aiter Hooil'
, United States Steel touched o. the low
est price recorded since 1863. Declines
elsewhere among the active issues rang
ed from two to five points. Both the
standard railroad stocks ana the lhdus-
trials suffered.
Efforts made to prevent United states
Steel from breaking through 80 were sue tho
cessful and i'm the early afternoon the
market rose slowly. Trading pecaIhs
much quieter, and by the close supstah ,
tial recoveries had been made oIileai
states Steel ended the day at % Is, a ne,
! loss of 6 3-S. The preferred stock cloSsu
at l03 II a net loss of five points Inc
| 5 per cent. sinking fund bonds closed at
| 100 81, loss of /
! In spite of todav's events in the stock
market. it is doubtful whether the gov
ernmeut's action has greatly lncreaseti
! the unrest which has been prevalent ~
I Wall street for some time. 1t has Deen
/ generally expected that the suit wouiu
be brought and the feeling most general
! ly expressed today was one of RELIEF ina
| the uncertainty on this score was ended.
| Extreme weakness was manifested py
manv of the speculative bonds Blocks
! of from s1O0000 to $500 900 of American
/ Tobacco As We're sold. driving them down
l is to 80 Ia, with a rally to 81. The 6's
We're weakened to about the same extent
and remained heavy. Losses in other is
, sues reached point or more in many
cases. Total sales. par value $3.50, 900.
United States bonds were unchanged on
i call