The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-10-28

changing hands at that price After
raliying a point the quotations fell
rapidly to 90. which compares with
close price of So IL the previous day
The trading was very heavy in Steel.
most of the transactions being in
blocks of 500 shares and more, 100
STARE transactions being much more
numerous than 100 share ones 1t
appeared from the tape that small
investors were taking no part in the
days excitement. x Total of about
100000 shares OF Steel common and
2o.0 900 shares OF the preferred chang
ed hands during the session.
The railroad list was relatively
strong. and this vas due largely to
the fairly good earnings announced
by the Union Pacific and Southern
Pacific. both of which showed small
net increases for the month of Sep
TEN Der. Advance rumors of the re-
ports of other railroads indicate a
good showing all along the line. and
particularly for roads serving the
south and Southwest. Strength of the
railroad treasured the general pub
lie and prevented liquidation by many
frightened investors.
Market Is Weaker.
Shorts had such a good opportunity
to cover their contracts to-day that
the technical condition Of the market
Is even weaker than 1t was this morn
ing. and further successful attacks on
the market by professionals must he
expected. 1t is the belief in Wall
Street that IL the government at
tempts to move under the criminal
clause Of the Sherman antitrust Law.
and there have been intimations II
will, Morgan and all the other bank
ers will abandon the stock market
and permit the public to take charge
OF prices until such time as II may
seem profitable to interfere.
some hopeful souls were trying to-
day to take q cheerful view of things,
but this suit against the Steel Trust
means that about hundred other
corporations must be sued. The prin-
cipal corporations of the United
States will be involved and complete
confusion must result in business A
continued and positive reduction of
trade energy will follow. There Is
no means OF knowing within many
dollars what the stock of any indus
trial corporation is worth. The pub
lie is always slow TO appreciate the
severity of a profund shock such an
the steel suit has given to investments
and for that reason the full effect OF
the shock VIII not De telt LOT several
days.
Many Rumors In Air.
Early In ths day the street was full
of rumors that the Steel Trust would
answer the governments compliant
with n confession of iliegality and
plea tor reorganization under guild
ance Of the court. This theory was
abandoned when In the late after
noon an official statement was issued
by Judge Gary indicating an intention
to fight the case to finish and ex-
pressing the opinion that Steel Cor
poration would be victorious.
Judge Gary calls attention to the
fact that the stockholders of the trust
will suffer. The extent of suffering in
this direction may be cleaned from
the fact that the corporation has be-
tween $4,000 and $4,000 actual
shareholders. There are only about
10000 names on the books, but many
Of those names represent large groups
OF individual shareholders. Ihe aver
age holding of preferred stouk is
about SO shares and of common stock
nearly 100. Geographically the dis
tribution Is worldwide.
Because the Steel Corporation was
organized to save several large COM
panies and the Pennsylvania Railroad
from receivership and because 1t has
been q benevolent organixaion, CO.
operating with Its other companies
rather than fighting them. the great
financiers believe 1t will win Its case.
In fact they feel that the Steel Trust
has achieved martyrdom at the hands
OF the politicians