The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-26
New York
Stock Market

V n ~ - SVpeShipSH o' -
most extensive decline in stocks which
Wall Street has known since the long
downward movement began early last
month occurred to-day. The selling
was not concentrated so largely on
United states Steel as during last
weeks upheaval. but extended through
the entire active list. Prices CAV
way on every quarter, and the losses
OF many OF the leading issues ranged
from four to six points. In the late
trading the market developed pro-
nounced strength, and stocks rose al
most as abruptly as they had de-
clined. The end of me session found
losses greatly reduced.
The day began IN comparative quiet,
and although the market still showed
signs OF nervousness, the first hoGr
witnessed no unusual fluctuations. Be-
tore poon. however. the selling In
creased to enormous proportions. Or
ders TO sell Hooded the market, which
broke Prccipitately. Almost all the
leading issues fell 10 new low points
of the year. Union Pacific, which was
The object ~ particularly heavy pres
sure, broke 3 is TO 15S lie. Reading
lost 1, st. Paul, i, Northern Pacific.
Southern Pacific, Canadian Paciiic.
Great Northern preferred, and Lehigb
Valley I or more. Among the indus
trials, the metal shares were especially
weak. selling OF United States Steel
was extremely large. although Read
Ing and Union Pacific were thrown i'll
market in almoSt as heavy amounts.
United States Steel's low point was
81 is. a decline OF 1 SIS. A~malgamated
Copper lost 1 is. American Smelling.
3 Ia. and Anaconda, 8. American
Beet Sugar, American Cotton Oil, Viz
ginia-Carolina Chemical. National Bis
cult and United states Express broke
4 points or more.
Attorney-General understands inti-
nation that a tentative plan for the
dissolution and readjustment OF the
American Tobacco Company has been
agreed upon was the sisnal for the
recovery. The upward movement be-
gan in the American Tobacco securi-
ties. on the curb" the common shares
rallied is points. The preferred rose
from OIL to 80 l-2 on the Stock Ex.
change. and both the 4 per cent. and 6
per cent. bonds scored good advances.
The movement extended TO the re-
mainder of the market. and before the
close the bidding became spiritd. Re-
coveries ranged from 2 TO 4 points.
United States steel and some other
inactive stocks closed with only frac-
tional 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
completely. While to-day's break was
attributed in part to powerful specu-
lative interests committed TO the bear
side of the market. it was evidcn that
liquidation on a large scale was still
in progress. AS the decline proceeded
liquidation in speculative holdings was
forced. and for n time the market was
threatened with utter generalization.
Bear reports. with no apparent foun-
dalton, were circulated with effect. 1t
was limited that the government was
about to bring proceedings against
other large corporations. The uncer-
tainty which prevailed everywhere was
perhaps the most battling and disturb
ing feature, and there appeared to be
little hope of settled conditions until
some definite indication was obtained
as to the position of the United States
steel Corporation and other large con-
Germs under the Sherman law as now
construed.
Reports of the progress of trade In
dicated little change. except an i'm
provement of traffic on some of the
eStern roaoS. A loss In gold hold
ings of more than 100000 was re-
ported by the Bank of in
It's weekly statement. The mount of
French capital withdrawn from Ger
many in the last two weeks was estt-
mated at 500. 900, 900.
Transactions in stocks amount to
l,iae,so0 shares. the largest total since
June 80. 1910. Bonds also were very
active. Prices were depressed sharply
but there was a recovery when stocks
rallied. Total sales of bonds. PAL
value, s4,2o5. 600.
United States government bonds
were unchaaged on call.
Total sales for the day, 1,44e,soo
shares.
New York. September 25.-Money on
call steady, 9 to . l-2 per cent; ruling
rate. . Ia: closing bid. 2; offered at
: Ii. Time loans steady; sixty DAYS,
3 i? per cent: ninety days, 3 "a; six
months. :. Prime mercantile paper,
i "a per cent. Sterling exchange
steady, with actual business in bank
ers' oils at s4.S325 for ~sixty-day bills.
and at s4.s656 for demand. CONNER
cial bills. S+s2 1-2. Bar silver. 81 ~
Mexican dollars. As.