The Topeka state journal., 1911-09-22

Railroad Securities Affected by
the Market Conditions
And the Result of the Reciprocl-
ty Vote in Canada.

New York, Sept. pa deluge of sell
ing orders on the common stock OF
United States Steel at the opening OF
the stock market this morning broke
the price Of that security over four
| points. The selling was the result of
continued fears that the reports from
Washington that the Steel corporation
could not continue in its present form
and would have to dissolve, were true.
The London market gave forecast
that the heavy selling Of Steel stocks
which was inaugurated yesterday in
this market would be resumed on a
heavy scale again today Steel COM
mon was down about four points III
London and when the gong sounded on
the exchange here there was a rush to
sell Steel The first transaction was q
sale of $4,000 shares from 81 to 5512.
The stock closed last night at 5875.
The transaction was one of the
largest in recent years and caused the
common to sell at the lowest point
since 1909 Steel securities still con
tinued to be pressed on the market and
the common stock subsequently fell t.
531a. There was fairly heavy selling II
Steel preferred, 1000 shares being sold
at 1O31h, loss of 21a points from the
closing of last night
Within half hour after the market
had opened 260, 900 shares of Steel COM
mon had been thrown on the market
Evidences of banking support We're
visible and many operators who mad
been working on the short side OF the
market took occasion to cover. The
slump in Steel had its effect through
out the general list and there were de-
cIines of from l to 4 points in indus
trials and railroad stocks It was
noted, however, that the decline Whlcn
the market had had within the last six
weeks had given it much strength to
withstand the unexpected liquidatinS
movement in Steel securities.
Weak spots in the railroad list and
other industrials had been eliminated
hy the midsummer liquidating move
r7ent Representatives of the United
States steel corporation continued 81
lent this morning regarding the va
rious reports of voluntary dissolution
Of the corporation. It seemed to. be
fba general belief in Wall street that
the steel corporation had received in
tfmatfon from the federal government
that 1t could not continue in its pres
ent form
Other Factors in the Decline.
Another factor in the decline of the
stocks of the steel corporation was the
continued reports of diminishing
business in steel products with a re-
sultant general cutting of prices and
the probable necessity Of reducing
wages,
Brokers ON the stock exchange floor
said they could not recall more ex-
was witnessed in the first half hour
Under the tremendous pressure of
steel, which broke badly, the railroad
list held remarkably firm. The rail-
road stocks most affected were those
which had been purchased il antici-
patton of a victory for Canadian reci-
procity.
on his arrival at his office today
EIbert H. Gary. chairman of the steel
corporation, declined to discuss the
dissolution reports in any respect.
Counsel Boiling of the corporation
likewise. declined to be interviewed.
The defeat Of the Canadian reciprocity
added to the weakness of the market.
Commission houses report large
amount of selling for Canadian ac-
count. The railway shares which had
held comparatively steady during the
previous days of the slump in steel
stocks weakened today. The loss was
most extensive among the northwest
ern roads, which were expected to as
sumo the greatest benefit from reci-
procity Northern Pacific, North West
ern, Canadian Pacific, st. Paul. Union
Pacific, Southern Pacific. Atchison,
Reading and Erie first preferred lost
from 1 to points. Support was given