The Birmingham age-herald., 1911-09-23
STOCK PRICES ft
 DW|NDLE AWAY With Liquidation Greater Railway Shares Break With Industrials

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 New York. September 22'Trading in United States Steel again threw the mar ket into confusion today. Ldquldauoh was on an even larger scale than yesler- day and the decline in prices soon altef the opening was so violent that TOT time the situation assumed most serious aspect.
 The railway shares which on the pre- vious days of the slump had held firrn no longer stayed the market but proke with the industrials. f4 M
 During the first hour selling was uine7 strained and prices dwinded 3aways United States Steel losts five points to 531b, and the preferred 2ss, to 1oS.
 Effective support offered when the mar ket was fast approaching complete de- .moralization improved the situation greatly. In the second hour it became apparent that the tide had been turned. Prices rose easily and bear traders were forced to retreat. Buying from this quar- ter accelerated the recovery and before midday the market with the exception of the Hill shares and United States Steel rose above yesterdays close.
 Another selling movement was inaug- urated in the afternoon, but it was of much smaller proportion and the market maintained it's poise.
 United States Steel, which had risen from 53A, the low point of the day, to 57l4, fell back almost as much. The cop per- shares were attacked with especial severity and lost heavily, American Smelt- ing declining nearly points The de- pression was only temporary, however
 Toward the end of the session the list showed increasing strength. Jnited States Steel rose to 57 and prices gener~ ally except for the Hill, Copper and Steel shares showed small net gains on the day. United States Steel closed at 56,. or a net loss of 2A points.
 Sales of United States Steel during the first half hour amounted to 2i5,0OO shares The total sales were 717,S00 shares, tine largest amount of United States Steel dealt in a single day being recorded and also the largest amount of any stock han dled since April 1902, when Southern rail- way changed hands. The total for all stocks was l s9s, 600 shares, or the largest of the year.
 Among the unsettling features Of the session was the absence of any authorl- tative explanation of the movement in general selling was ascribed to liquida- ton by investors who believed that the Steel corporation would be forced to iils- solve either as the result of a sult lh- stituted by the department of justice or as a result, of action initiated by the cor poration itself toward offsetting suits. IL was said Attorney General Wickershanh ; statement was received officially denying any arrangements making for the dlsso- lution or had been proposed 10 ms ue- partment ,,
 Before this time, however, it was said bv persons in close touch with the slt- nation that the reports from the oteei corporation had entered into negotiations - with the government was agalh ueiiieu' Minor influences were exercised Tn as ,stciated stoclSs,r and a sharp break 1oi7 lowed in the railroad group. The Hlii shares which had been expected to reap especial benefit, provided reciprocity was adopted were mostly affected. Great Northern preferred lost Az points, North ern Pacific, 23s; Minneapolis, St. Paul and Sault Ste. Marie, 1ai, and Canadian Pacific, 1A Early losses elsewhere aV- eraged about 1 point.
 Canadian Pacific on the rebound rose points. TH 49le
 Selling of United States Steel by Eu- ropean holders was likewise an impor- tant influence. Brokers with London con lie ctions alone. it is estimated dealt in fully 100000 shares. s
 Trading in bonds was on a large scale, but that market was not greatly dis turbed Bonds were generally heavy, Tinted states Steel 5s advancing A. Total sales. par value, s2,S50,000. United States bonds unchanged on call.