The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-23
New York
Stock Market

Nsw York. September 22.-wnd
trading in United States Steel stocks
again throw the market into confusion
to-day. Liquidation was on an ever
larger scale than yesterday. and the
ueenne in prices. soon after the open
th9 situation assumed a most serious
aspect. The railway shares. which on
me previous days of The slump had
ket but broke with the industriais.
During the hrst hour selling was un-
restrained and prices dwindled away.
5Sl.2 and the preferred ass to 103.
directive p offered when the
market was fast approaching complete
9emoralization improved the situa-
h.came apparent that the tide had been
turned. Prices rose easily, and bear
traders We're forced to retreat. Buy
ing from this quarter accelerated the
kei. with the exception of the Hill
shares and United States Steel. rose
above yesterdays close.
mother selling movement was In
auGurated in the afternoon. but il was
OF much smaller proportion. and the
SsrSet maintained its poise. United
plates steel. which had risen from
eSi-i, the low point of the day, to
o'l-i, fell back almost as much. Tho
copper snares were attacked with
especial severity and lost heavily,
'i'eAliIlV utCllTlnR nearly D
points. The depression was only tenn
Porary, however. Toward the end of
the day the market showed increasins
strength. United States Steel rose TO
o. ana prices generally. except for
the Hill, copper and steel shares.
showed small net gains on tn. day.
United states steel subsequently, sold
oil. closing at 56, a net loss of 2l.4.
sales OF United States Steel during
the nrst nalf hour amounted to Oh.
Gee shares, The days total was iii.
see; the largest amount of United
states Steel ever dealt in in a single
DAY, and the largest amount of any
STOCK handled in a day since April
10, 1899; when ss4.6oo shares of South
ssS'6oo. the largest of the year.
An unsettltng feature of the day
was the absence of any authoritative
Of the movement, In gem
ersi, the selling was ascribed to liaui-
eau9n by investors who believed che
steel corporation would be forced TO
1lssoive, either as the result of q suit
trce or as a result Of action initiated
ny the corporation itself to ward off
s s4on a movement. It was not until
s t5rer tHe market had closed that At
ment was received. denying that any
arrangements for the dissolution OF
me corporation had been made. or
proposed to his department. Before
that time. however. 1t was said nv
persons in close touch with the situes
uoh mat the reports that the steel
t0rporauon had entered into neEotia-
.lohs WITH the government were UNI
true. mere was no clear understand
ihe as to was in store, not ONLY
dor me steel corporation, hut Tor 9TH
eE corporations which might be AT.
1ected by the governments intentions
IN regard to enforcement of the Sher-
man law Sentiment was accordingly
confused, and the most impartial Sb-
NtTS We're nlhla m -. -
opinion as to the outcome of the pres
ent situation.
Defeat OF the Canadian reciprocity
oli', while OF minor influence in view
some extent responsible for tho SHARP ,
preak in the railroad stocks. The |
fiil shares, which had been expected
10 reap especial benefit provided reel
FroclIy were adopted, were most at
tee'ed' Great Northern preferred lost
So points. Northern Pacifc rs
Minneapolis St. Paul and sault Ste.
EariY losses elsewhere averaged about
a point. Canadian Pacific on the re-.
oognd rose 5 points,
se!!ing OF United States Steel by
Uneasy European holders was an i'm, '
portant market influence. brokers'
with London connections alone. II Is
estimated. dealt in fully 100, 900 shares
hraoing In bonds was on a largo scale,
lurbed. "'H us
sonds We're general heavy. United
states Steel SIS advanced IA Total
sales, par value. $2.s50. 900.
United States bonds were'unchanged
Teal sales for the day. 1898. 500
New York, September 22-Money on
rae, 2I;4; closing bid, 2; offered at
Ia Time loans steady: sixty DAYS
3l-4@S1-2; ninety days. 3i-5@a5.l
per cent; six months, 4 per cent
.rime mercantile paper. i3-4 per
Sterling exchange Arm with .o,,a,
BUSINESS IN bankers bills al s4.sSS5
tor sixtyAady bills and at s4's656G |
Si.S655 .fo~r.~fersnd 'p
Commercial hills s.So,.o