The Birmingham age-herald., 1911-09-23
The Steel Corporation Stock Touches Lowest Figure
 Reached in Years
WALL STREET IS IN
 UTTER CONFUSION
Scene Upon Floor of New York Ex- change Unprecedented-Brokers Fight to Carry Out Orders
 to Sell U. S. Steel

New York, September 22.-The stock marketf was overwhelmed today by wild outburst of selling which, for a time, resulted in demoralization ana swift precipitation fin market values Alarm at the reports of approaching dissolution of the United states Steel corporation resulted in an enormous volume of selling by holders of the cor porati tions stock in all parts of the country and in Europe.
 The defeat of reciprocity in the Can adian elections contributed to the un- settlement of the market. Not since the panic. which grew out of the Northern Pacific corner 10 years ago, has such a oonvulsion of the market occurred.
 Wall Street in Confusion
 Wall street was in utter confusion. officials of the Steel corporation main tained their silence and the situation remained virtually unchanged. The only fact standing out from the confused rumors and opinions was a definite statement from Attorney General Wick ersham that no arrangements for the dissolution of the corporation had been made and that no such action had been proposed to the department of justice This put an end to the widely circu- lated reports that the corporation had rToposed plan of dissolution to the department of justice with the idea of averting a dissolution suit.
 Persons in close touch with the sit uation said the corporations officials had formed no definite plan of pro- cedure. Judge E. H. Gary, chairman of the board of directors, read carefully the statement issued at WaShingtor indicating the determination of the de partment of justice to pursue with vigoi the investigation of corporations, bui he declined to comment upon 1t. At the conclusion of a day of stress and turmoil Wall street was as com pletely in the dark as at its begin ming. Scene Unprecedented
 The scene upon the floor of the stoel lexchapge during the height of the ex citement was almost unprecedented 1 Long before 10 o'clock tie brokers ha l gathered in mass around the boar where steel shares are traded in. Or dcrs to sell more than 100000 share l of United States Steel common had ac cumulated over night
 When the gong signalled the open ing of trading at 10 o'clock roar wen up from the crowd. Brokers strug gled with each other In widest excite
 ment to carry out their orders. Fol some time it was impossible to learr
 the prices at which sales were beins made, so great was the confusion, the crowds in the brokerage offices hover ing about the tickers awaiting the frs quotation.
 The opening transaction was block of 45,000 shares, lot of almost UT lprecedented size, going at point, down. It was the lowest figure reach e since 1909 and decline of more thar 26 points from the high price of thu year followed. The preferred stock fel 2ss to 103, it's lowest since 1908. Both issues shared in subsequen | recovery. Steel common closed at 55 Ia loss of 2h The preferred entirely re covered its loss.
 Transactions in steel commoi amounted to 717,S00 shares, the larges amount of single stock trade day ol
 the exchange since April 15. 902, whel | S64,000 shares of Southern railwa changed hands. It was the largest tota
 of steel ever traded in. The days tota
 for all stocks was 1,393,600 shares, tn 1 largest of the year