Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1911-10-27
WALL STREET
FEELS BLOW
United States Steel Drops to
Par, the Lowest Since
1909
LARGE BLOCKS ARE SOLD
Other Stocks Fell in Sympathy
or Are Fluctuating
Violently.

(By Special Leased Wire to New Mexican)
New York, Oct. 21-Trading in
United States Steel stock dominated
the market throughout the morning.
The list in general rose and fell in
sympathy with the steel issues, which
tiuctuated violently. Selling orders
continued to pour in from all parts
of the country and from Europe, and
efforts to support the market, accom-
piished no more than 10 bring about
occasional rallies, which each time
were followed by renewed selling.
Heavy losses extended through the
list. including the standard railroad
stocks, as well as the industriars.
Huge Blocks Change Hands.
Huge blocks of United States Steel
were unloaded and the stock defied
all restraint, dropping until it touch
ed 80 1-S. This figure was 5 3-S points
under the final price of yesterday and
was the lowest made by the stock
since 1909. In the general market
leading stocks ruled from / to 31-2
below last night. International Har-
vester fell points. Bonds were
weak.
Liquidation Increases.
Liquidation of L. S. Steel increased
as the price made its way to 50. Thou
sands of shares We're pressed for a
sale and block of 1900 shares was
sold when it reached 50.
This transaction was followed by
the purchase of 100 shares at 80 Is
it back to 80
Fractional Recoveries.
This figure seemed to be the crucial
point at which the bull forces We're
massed, for the price climbed stead
lily thereafter through all offerings to
81 3-s. With the turn of the tide in
United States Steel, the rest of the
market began to gather strength, but
the recoveries were only fractional,
and when United States Steel reach
ed to so 3-S, the rise elsewhere halt
ed. Trading diminished greatly when
the recovery was in progress.
Speculative Bonds Sold.
Large amounts of the speculative
bonds We're sold. One block of $685.
600 Ct American Tobacco As brought
80 5-S and another of 100000 were
sold at 80 1-2, compared with 81 3-S
yesterdays close.
Bad Slump.
New York, Oct. 27.-Steel shares
slumped badly on the stock exchange
today as result of the federal suit
to dissolve the "bilion dollar steel
combine. There was an outpour of
steel stocks throughout the day and
the common sold down to so, new
| low record point for several years.
The preferred was also weak selling
down to 103, loss of 3-S from yes
terday. Other stocks We're weak in
sympathy.
Bulls Rally Around Steel.
Bear selling desisted when it be.
came manifest that the bull forces
were arrayed in support of United
States Steel This conviction led to
| the gradual retirement of outstanding
short contracts, under which U. S.
Steel worked its way up to so, with
recoveries elsewhere exceeding
point for the active securities. The
close was heavy.
Market Not Much Disturbed.
Increasing confidence was shown by
the bull contingent, as the rally in
U. s. Steel failed to bring out any
fresh selling orders and they bought
literally of the standard stocks. U.
IS Steel touched so 5-S before there
was any perceptible check to the rally
and other stocks also were up from 1
to 2 points above the lowest. Some
large selling orders were executed in
U. S. Steel again in the final dealings.
but the general market was not much
disturbed.