The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-09-23
STEEL CAUSE Of
BIC EXCITEMENT
Bears Have a Great DaV in
the Market and Send
Prices Down
GREATEST RAID OF
STOCK EVER KNOWN
Official of Corporation De-
clares Movement World
Wide and duplicates
An Official

NEW YORK. Sept. 22.--After steel
common had reached its lowest point
In the stock market this afternoon
and the ticker showed that 1t was be
ginning to climb back again. a prom
inent director Of the Steel Trust said
to All International News Service re-
porter:
We have just passed through the
biggest bear raid to which the Unit
ed States Steel Corporation has ever
been subjected. II was worldwide In
its plan and scope. 1t had been care
fully worked out by men OF great
wealth and resources. We know their
names, or think we have excellent
reason for believing We know them.
Ii some Of them should be mention
ed real sensation would be created
For months they have been quietly
working from both ends or the line
America and Europe
They have done their worst
which Is precious little SO far as the
public is concerned, except the de-
moralization that such rapid and In
explicable declines of excellent secur-
Tues engenders. The Steel Corpora
tion itself is not injured.
The unusual spectacle Is present
ed OF about 30 per cent OF the shares
of the most heavily capitalized COM
pany In the world changing hands
within three days without in the least
effecting the control or the policy OF
the company. The company is AS
sound to-day as il YVES before the
bear raid was made. Its officers Will
continue to serve the corporation
without fear that the policies they
have been pursuing Will be changed
in the least.
Had II not been for the wide
spread stories that we were asking
the Department of Justice TO aid US
To dissolve in order that We might
comply with the requirements OF the
sherman antitrust law. the bear raid
could not have been made SO success
full
The officers of the company kept
silent. because had they denied one
wild runor. their very deniaIs would
have been so perverted that other and
more serious rumors would have
sprung overnight. The clique that
engineered the raid have lined their
pockets, and / confidently look for
cessation of their hostilitles from
this moment.
Gary il Silent.
When Ebert II. Gary, chairman OF
the steel trust. WAS shown Attorney
General Wickershanl' 5 telegram from
, Brettonwoods. at the Waldorf tonight
he declined to comment upon 1t fur
/ Their than to smile and remark. Il
am sorry, but there Is not q word
l can say"
II is a mere matter of conjecture as
to what effect the attorney general $
belared telegram to the international
News Service would have had il il
had been received and publish cd be-
fore the stock market closed. That
question viii be answered by the
movement OF steel issues tomorrow
1t indicates, OF course. that the de-
partment OF justice has not been ap-
pealed to by the big trust to help
II dissolve and reorganiZe. AS stated
by member OF the steel trusts board
/ OF directors. had this report not gain
/ ed such wide and persistent publicity
the bear raid could not have been
accomplished In so brief a time
! Wall Street was in utter confusion
all day, The puzzling situation was
aggravated by the stolid silence OF al
the steel trust officers and directors
! Why they have maintained this atti-
/ tude sobody pretends to explain, eN-
cept the director quoted. who would
not permit the use of his name.
! Wild Scenes on Floor.
! The scenes on the fioor of the stock
] eNtu&fkt HI the Heiknt the pane
were almost unrcecedented Long be-
| fore 10 o'clock the opening hour
! brokers had massed themselves
around the post at which steel shares
are traded In Offers to sell more
than 100000 Of common stock had
accumulated over night. They APP.
| parently came from everywhere. anG
they were in big blocks. When tbs
gong signalled the opening grea
| roar went up. Brokers PHYSICAL,
| struggled, with each ether In. thetl
| furious excitement to carry out thei1
| orders to sell
/ The first transaction was a bloch
of 5000 shares Of common--an al.
most unprecedented lot. The price
shot down like a plummet Ave points
to SO Ia. the lowest figure for TIVE
years Preferred Immediately fol
lowed the tumble Of common, goine
down in a Jifry SIS to l0s, it's Lowest
since 1908. Common closed at SC. q
loss of only IA. Preferred entire
~ recovered its loSS,