New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-22

y
from 63as to IS. closing at 5SA, its low
est since May 1s, 1909, when t touched
5G1a. II was in October, 1909 that II
reached its high record figure Of 947s. 70
which it had climbed from 41I4 in Feb
ruary. The preferred, which three
weeks ago stood at 11494. dropped yes
terday from 1893. TO 1o4l4. closing at
1O5Ss. its lowest price since 1905. when
it had gone as far down as S7la. The
sinking fund bonds were little affected
by the liquidation and decline in the
stocks. moving only from 1Ol at the
opening to 1909 at the close.
General Market Declines.
The general market declined in SIM
rathv with the Steel issues but much
less sharply. and the net changes were
as a rule only fractional the exceptions
being certain Of the specialties, in which
losses running from / to points were
recorded The railroad stocks. espe-
cially. were firm, and support was said
10 have been given them. Reading, In
which the transactions were 16S.HO
shares. the largest outside of steel COM
mon. declined only q, and Union Pa
cifc on sales Of 151. 1OJ shares, lost II.
international Harveste-, which, Ike
United states Steel. IS reported to he
about 10 undergo a dissolution, voun-
tarv or involuntary, made a net gain OF
3, point. while the preferred declined IL.
Since the Detroit speech Of the Presi-
dent a few days ago, in which he an
nounced his approval Of the Sherman
law as Interpreted i'm the Tobacco and
Standard oil cases, and gave notice to
the trusts" that compliance with its
conditions would bc required, the re-
rorts have been persistent that the
United States Steel Corporation would
be found TO be within the list of the
combinations which would not lie al
lowed 10 continue ir their present form.
II has been rumOred that the Depart
neut Of Justice has decided 20 bring an
action for dissolving the corporation and
even that the papers N the suit nave
baen nrepared. and other reports have II
that the steel Corporation has come 10
the decision 10 effect voluntary disso-
tuition and reorganization, instead OF
waiting for the bringing Of an action
and contcsting il in the courts.
Judae Gary Silent on Reports.
Leading interests in the steel Corpo-
ration are preserving absolute silence In
regard 10 these reports. Ex-Judge 4. II.
Cary chairman Of the board Of the steel
Cornoration. said in answer 70 questions
whether or not the corporation was con-
sidering the advisability Of voluntarily
dissolving. IN order TO comply with the
Sherman law:
~ sbould be very glad TO say some
thing regarding this matter but as
things stand l 90 not feel that l can
90 So
Judge Gary added that no inference
could safely be drawn from his disin-
crnation 10 make statement on the
subject. II was learned yesterday from
/ Good sources that there had been no
/ Conference between the Steel Corpora
| ,ior representatives and officers Of the
Department of Justice, although it is
understood that informal discussion Of
rho subject has been held and that the
Attorney General has also discussed
uttb attorneys Of other so-called trusts
The question Of the standing of their
/ ,lients under the antitrust law. the
LAWYERS calling upon him with the de-
sire 10 be advised what changes in or
ganization should be made in order that
! the corporations might carry on bust
ness in compliance with the law.
| The enormous selling Of Steel com
uon Yesterday and the comparatively
large liquidation in the preferred, an in
vestment stock. now selling at only
1 few points above par, although paying I
per cent cumulative dividends. were
widely believed 20 represent the convic-
/ ton in the minds of large stockholders
that the steel Corporation must be dis
solved. and there were rumors that that
conviction had been strengthened by
! knowledge that the second part OF the
report OF the Commissioner OF Corpora
lions concerning the Steel Corporations
operations would be so adverse 10 the
corporation that the bringing OF a dis
solution suit by the government would
speediIy follow its issuance.
The work Of dssolving the Standard
on combination and the American To-
bacco Company is proving extremely
/ complicated but IL regarded by Wall
| street a 3 less difficult than would be the
/ task Of dissolving the United States
! Steel Corporation. The latter has out
Continued on fourth pnRe-