Omaha daily bee., 1911-09-28
BULLS AND BEARS BOTH ROUTED
Buyers and Sellers Push Each Other
About the Floor.
STEEL POST CENTER OF FIGHT
Range of Prices in Some Shares
Exceeds Six Points.
EARLY GAINS LOST AT CLOSE
First Transaction in United states
Steel Thirty-Efght ThOusand
Shares, Second Largest
u Block in Recent Years.

NEW YORK, Sept. H.--One Of the most
exciting episodes in the history Of Wall
street in recent years was today's ses-
sion Of the stock exchange. Aside from
times Of panic 1t is doubtful whether
the fluctuations Of stocks ever we're more
violent The market was in confusion
throughout the day. The range Of prices
In some cases exceeded six points.
A peculiar feature was that trading
resulted in the utter rout OF both the
bull and bear factions At the opening
there was a stampede of bears TO cover
their contracts. which they were com
PEELED TO do at heavy losses. In the
afternoon the bears obtained control Of
the market and prices melted away. At
the close the bears retired victorious.
The United States Steel corporations
statement last night that dissolution or
disintegration were not contemplated by
the corporation was the pivot around
which the market moved. To some ex-
tent II relieved wall streets fears. II
did not answer the question. whether
the government was contemplating a
suit for dissolution, however, so that
the situation was unchanged in one OF
its perplexing aspects.
Prices Break Under selling.
After the first wild rush to buy stocks
Il became apparent that heavy selling
was in progress. The market wavered
and broke. All through the afternoon It
was attacked relentlessly. The gains OF
three or five points of the early trading
were lost and almost all of the active
stocks closed with net losses.
- Veteran floor traders said they had
pfever witnessed such scenes as those of
this morning. Long before the opening.
brokers began to gather about the United
States Steel post ready TO execute the
buying orders. which had been pouring in
as a result of the steel corporation's s
statement. The brokers were packed 50
closely that It was difficult for anyone
10 raise an arm above his head.
The gong which signalled the opening
was succeeded by long howl The men
surxed and swayed about the post and
then moved in a struggling mass ocress
the floor. The stronger element, the sell
ers, forced the entire group across the
floor. The brokers dragged each other
about IN such a fashion that an mex
perienced observer would have thought
that a fight was in progress. The crowd
soon roIufnoG TO tho Slcci Poott pui thCle
was scarcely q let UP IN the excited
trading.
Total transactions Big.
The first transaction In United States
Steel was 5000 shares, the largest block
within recent years, with the exception
of a 45,0O0-share block on last Friday. The
price touched &c. gain of 51s. The pre-
ferred rose 81; Lehigh Valley, 6; Union
Pacific, sE and other favorite speculative
issues from to points. Never before
had such quantities of steel stock beer
dealt In. The total for the first fifteer
minutes was more than 10000 shares and
for half an hour 10000.
The decline was as relentless as tbs
advance. Bear traders took couragt
when they saw that the gains were being
lost, and resumed operations. At times
during the afternoon the market was al
most demoralized, The close was ner'
Vous and unsettled Total transaction
today were the largest for the year.