Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1911-10-27

srAMPEpG TO UNLOAD
HOLDINGS IN CORPORATION
.LiverpeeI Market Also Affected, on Or
dsrs From United States TO Sell
Federal Officers Busy Serving Sub
!; posnas-Roessvslt Charged With Be-
ina Foolsd In Permitting Merger.

poenas-RooseveIt Charged With Be.
ina Feolsd In Permitting Merger.
New York, Oct. 27.-The entire force
Of deputies under United States Mar
shal Henkel was put at the disposal
Of the government today to finish the
task OF serving copies Of the bill OF
equity in the federal suit to dissolve
the United states Steel corporation
upon officers and directors Of the al
legged trust residing here. J. Pierpont
Morgan and e. H. Gary received their
service last night, but thirteen others
remained to be served in this neigh
borhood.
According to a statement given out
at the office of the United States mar
shall at Trenton, where the suit was
fled yesterday, this service OF the Pc
titfon will be followed by subpoenaes
requiring the defendants to answer the
Detitton at Trenton on Dec. 4. 1t Is
expected that both these services VIII
be made within forty-eight nours.
Stock GAsn0lOS4 6AP0Se0o sss
The news Of the dissolution came
Yesterday some time after the STOCK
market had closed, but 1t brougnt
many brokers back to their o1nces IN
q hurry to lay plans for todays mar
ket and to take advantage OF the
earlier opening Of the foreign eA-
changes. Dealers in put and call PRIV
ileges were busy all night sehoihe
orders to London.
WORD Of the sharp declines OF steel
in London caused no surprise IN ne"
York this morning and traders were
prepared for q lively day when the
stock exchange opened at ~ clocA
Fear Of any unexpected deseiop-
menta today was dispelled by tne
length Of time traders nad 10 oises.
the news and by the fact that the
rumors Of the governments anteh-
tions had long prevailed
Wild Rush to Sell.
/. nrS,4vs .ay I. wild rush to sell United
st.feS. ateel stock at the opening OF
t,as market today as q result Of the
governments dissolution suit. Com
mon stock opened with a sale Of 2S,Oo0
shares and fell to 53k, loss OF five
noints The preferred stock fell 5x.
The floor of the New York stock
exchange was a scene Of CONFUSION
long before trading was begun the
brokers were jammed tightly about the
n;t at which steel stocks are traded
IN Orders to sell the stocks had
ro,,red in over night from owners in
every mart Of the country. who were
alarmed by the dissolution suit. When
the gong was sounded to announce the
/. orenine Of the market such din was
made by the shouting. struggling
t,aders that it was impossible for
several minutes to learn the course of
the market
Many Shares Sold.
The frsf block Of $4,000 shares was
one Of the largest ever reached in
steel blocks, altho 1t was exceeded
twice last month when the market
Was demoralized by liquidation of this
stock on the part of the holders who
feared that the government was to
begin SUIT Within the first fifteen
minutes $500 shares were traded IN.
II was soon evident that the stock
was receiving support. The first price
Of say was the low point and 1t raj
lied a point. At no time during the
early trading did 1t reach the low
fpure Of last month, when 1t was 81 ss.
Trading in the preferred stock and the
srer cent sinking fund bond was also
very heavy.
The preferred stock. after breaking
~, rallied two points. The bonds
opened with q block Of 100000 at
10O%, decline Of IN.
General Market Asset.
The general market was upset by
the excited trading in steel securities.
Union Pacific, Reading, Lehigh Valley,
and other specialties were the heavi-
est losers, altho declines in few cases
exceeded two points. Liquidation in
these stocks, however. was much
lighter. ana the market soon grew
auieter with rallies Of a point or 80
frequent among the railroad issues.
oess 10, New Low Record.
The storm broke with renewed fury
after the first recovery in prices. the
selling being on an enormous scale and
the market became demoralized.
stocks fell to lower prices than at the
opening. United States steel dropped
s< to 81, . Toss Of ~ points, and a new
low record for the year. The pre-
ferred stock fell back to 103A. Sales
of the common stock in the first hour
/ of trading were 290 shares.
standard railway issues, such as
linton Pacific and Reading. were
forced down about three points. In
dustr1ai stocks Of al classes were sx-,
treneiy weak.
The market was badly unsettled al
the morning. Occasional rallies showed
that attesnpfs were being made TO sup
port prices but recovery Sefvsd only
{ to invite . further sellins.
1eeelu Slump In Chicago.
chi@sp. oct. 27-Excitement In
wall street was reflected today on the
Chicago stock exchange. Industrial
shares displayed pronounced weakness
due 70 offerings. which frightened In
1 veGk0rs. international Harvester
fumbled III points. Sears Roebuck
common 21s, and Canadian preferred
There was urgent selling OF swifts
frem SSx 90 ssN y