Norwich bulletin., 1911-09-26
FINANCIAL AND COMMERCIAL.
AN EXTENSIVE DECLINE. Losses Reduced by an Upward Move.
 ment in Late Trading.

New York, Sept. 25-The most ex- tensive decline in stocks which Wall street has known since the long down ward movement began early last month concentrated so largely on United States Steel as during last weeks up- heaval, but extended through the en- tire list. Prices gave way in every quarter and the losses of many of the leading issues ranged from four to six points In the late trading the mar ket developed pronounced strength and stocks rose almost as abruptly as they had declined. The end of the session found losses greatly reduced.
 The day began in comparative quiet and although the market still showed signs of nervousness the first hour witnessed no unusual fluctuations. Be- fore noon, however the selling in creased to enormous proportions. Or ders to sell flooded the market, which b1oke precipitately. Almost all the leading issues fell to new low points of the year. Union Pacific. which was the object of particularly heavy pres sure, broke Is to 153 1-2. Reading lost 5, St. Paul 4. Northern Pacific, Southern Pacific, Canadian Pacific, Great Northern preferred and Lehfgh Valley 4 or more. Among the indus trials the metal shares were especial ly weak. Selling of United, States Steel was extremely large, although Reading and Union Pacific were thrown on the market in almost as heavy amounts. United States SteeTs low point was 51 5S, decline of 4 5-s. Amalgamated Copper lost 4 Is, American Smelling IA and Ana conda B. American Beet Sugar. Amer ican Cotton Oil, Virginia Carolina Chemical National Biscuit and Unit ed States Express broke 4 points or more.
 Attorney General Wickershan's in tin1ation that a tentative plan for the dissolution and readjustment of the American Tobacco. company has been agreed upon was the signal for the gan in the American Tobacco securi- ties. On the .tcurb" the common shares rallied 15 points. The preferred rose from. 91 to 93 1-2 on the stock exchange, and both the four per cent and six per cent. bonds scored good the remainder of the market, and be- fore the close the bidding became spirited. Recoveries ranged from two to four points. United States Steel and some inactive stocks closed with only fra ctiona losses.
 With the exception of the word re- ceived from the attorney general, there were no developments to throw light upon the clouded situation which has unsettled Wall street so complete ly. While todays break was attrlb- uted in part to the bear side of the market. it was evident that liquidation on large scale was still in progress. As the decline proceeded liquidation in speculative holdings was formed and for time the market was threatened with utter demoralization. Bear re- ports with no apparent foundation were circulated with effect It was hinted that the government was about to bring proceedings against other large corporations. The uncertainty which prevailed everywhere was per hsps the most baff1ing and disturbing feature, and there appeared to be lit tie hope of settled conditions until some definite indication was obtained as to the position of the United States Steel corporation and other large con- cerns under the Sherman law as now construed.
 Transactions in stocks amounted to 1,449,S00 shares, the largest total since June 30, 1910.
 Bonds also were very active. Prices were depressed sharply. but there was a recovery when stocks rallied. Total sales of bonds, par value. s4.205. 900. United States government bonds were unchanged on call.