The Sentinel=record., 1911-09-23
WALL STREET IN CONFUSION
HUNDRED DISSOLUTION OF THE U. s. STEEL CORPORATION
 CAUSES NEAR PANIC
Failure of Reciprocity Adds to the Unsettled Conditions and the Steel Market Sees outburst
 of Selling.

New York, Sept. 22.-The steel market was overwhelmed today ny a wild outburst of selling, which for time resulted in demoraIization and swift depreciation in market values.
 Alarm at the tune of approaching dissolution of the United States Steel corporation Resulted in an enormous volume of selling by hold CTS of the corporations stock in all parts of the country and in Europe
 The defeat of reciprocity in the Canadian elections contributed to the unsettlement of the market. Not since the panic which grew out of the NoEthern Pacific corner ken years ago has such a convulsion or the stock market occurred. Wall Street was in utter confu- l sion. Officials of the steel corpor- ation maintained their sflence ana the situation remained virtually un- changed. The only fact standing out from the confused rumors ana opinions was a definite statement from Attorney General Wickersham that no arrangements for the disso- lution of the corporation had been made and that no such action naa been proposed to the department or Justice. This put an end of tho widely circulated reports that the lcorporation had proposed a plan of dissolution to the department of jus tice with the idea of averting d dls scluton suit.
 Persons in close touch with the lsituation, said the corporations or Iflcials had formed no definite plan of procedure. Judge k. II. Gary, lohsrman of the board read caretnl ly the statement from Washington indicating the determination os the department of justice to pursue with yigor the investigation of corpora lliOHor Dul ucciAhcu AO tchiiht'Ht HPVH it. At the conclusion of the day oi stress and turmoil Wall Street was as completely in the dark as at it's beginning.
 The scene on the floor of the stock exchange during the height of the lexcitement was almosst unprecedent- ed. Long before ten o'clock the brokers had gathered in a mass around the post at which steel shares are traded Orders to sell more than 100000 shares of United States Steel common had accumulated over might. When the gong signalied the opening of the trading at 10 o'clock roar went up from the crowd. Brokers struggled with each other in widest excitement to carry out their orders. For some time it was impossible to learn the prices AT which sales were being made, so great was the confusion the crowds lin the brokerage offices lowering about the tickers awaiting the first quotation.
 The opening transaction was q block of $45,0O0 shares, lot of al- most unprecedented size. The price Iquickly fell five points to 53 1-a, me lowest figure since 1909 and de- feline of more than 26 points from the high price of the year establish ed in February. The preierrei stock fell 5-s to 1os, it's lowest since 1908. Both issues shared n tbe recovery.
 Steel common closed at 56, loss Iof 2 14. The preferred entirely re- covered it's loss.
 Transactions in steel common amounted to 717S0O shares, the larg est amount of single stock traded lin on the exchange since Aprfi io, l19O2 when S64,OO0 shares of south- ern Railway changed hands. It was lthe largest total of steel ever trad ed in. The days total for all stocks was 1.S9S.60O shares, the largest Of the year.
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