The Sentinel=record., 1911-09-28
WALL STREET
 IN A'PANIC
WILD SCENES ENSUE WHEN THE GONG SOUNDS FOR OPENING
 OF STOCK MARKET
United States Steel Reentiessly At tackled Despite Gary Statement. The Trading Was Heaviest
 of the Year.

New York. Sept 27-One of the most e&eiting episodes in the history of Wall street in recent years was today's session in the New York stock exchange.
 Aside from times of panic. it is doubtful whether the fluctuations of stocks ever were more violent. The market was in state of complete confusion throughout the day. The range of prices in some cases ex- ceeded six points.
 A peculiar feature of the days trading is that resulting in Inc ut ter rout of both the bull and bear factions. At the opening there was stampede of bears to cover their contracts. which they were compelled to do at heavy loss. In line afternoon the bears obtained control of the market and prices melted away At the close of the turbulent session the bears retired victorious from the field of battle.
 The United States Steel Corpora tons statement last night that dis solution or disintegration were not contemplated by the corporation was the pivot around which the market moved To some extent it relieved Wall streets fears. It did not an swer the question whether the gov ernment was contemplating q suit for dissolution, however so that Inc situation was not changed in one Of it's most perplexing aspects.
 After the first wid rush to buy stocks 1t became apparent heavy sell ing was again in progress. The mar ket wavered and broke. All through the afternoon it was attacked re- lentIessly. The gains of to 5 points of the earl trading were lost and almost all of the list closed with 'osses.
 Veteran floor traders said they never mad witnessed snch scenes as those on the floor of the exchange Jhis morning Long before the open- ing brokers began to get about the post at which United States Steel is traded in. ready to execute the buy ing orders which had been pouring in as a result of the steel corpora sion's statement The brokers were packed so closely that it was diffi- cult for one to raise an arm above his head
 The gong which signailed the open ing of trading was succeeded by long howl. The men surged and swayed about the post and then mov- ed in struggling mass across the floor. The stronger clement com posed of the sellers who had gath cred on one side of the crowd forced the enire group across the floor. The brokers dragged each other about in such fashion that an inexperienced observer would have Thought pitched fight was in progress. The crowd soon returned to the steel post, but there was scarcely let up throughout the day on the excited trading
 The first transaction in United States Steel was ss.OO0 shares. the largest block within recent years with the exception of 45.o0O block share on last Friday The price touched 62. a gain of Is. The pre- ferred rose 5 s4; Lehieh Valley 6; Union Pacific : s-4 and other fla vorite speculative shares from to 1 points. Never before had such quantities of steel stock been dealt in The total first i5 minutes was more than 19O.000 shares and for half an hour 275,000.
 The decline was as relentless as the advance. Bear traders took cour- age when they saw the gains were being lost and resumed operations. At times during the afternoon the market was almost demoralzed. The close was nervous and unsettled
 Total transactions for the day were the largest of the year.
 TAFT AT SPOKANE