The Bridgeport evening farmer., 1911-10-27
BEARS SMASH STEEL STOCK AMIDST SCENES
 OF WILDEST EXCITEMENT
Special from United Press.)

Special from United Press)
 New York, Oct. 27-Amid scenes of widest excitement, with brokers fight ing to get near the ''Steel" post, bears. today, smashed United States Steel stock, both common and preferred, with sharp clouts.
 Despite the pa1pable support given the steel issues by the men who fath- cred the Billion Dollar Trust" the bears would not be denied. Steel Common, which closed, last night, at 5S 1-2, opened, this morning, at 55, sold off to 53 1-2 in minute, and by noon receded to 50A, a loss of B points since last nights closing price. Even at these tremendous recessions the bears unloaded thousands upon thousands of shares of stock more than the steel men were able to take up to support prices.
 Steel Preferred, which closed, Mast night, at 1O8 5-S, opened at 104, this morning, and by noon had sold off to 103 If, a loss of 5 3-8 points. Up to noon, there had changed hands on the exchange, S34 400 shares of all stocks and $3041,000 worth of all kinds of bonds, a majority coming from holders of steel.
 Outside of steel, losses were sustain ed in International Harvesters on ru- mors that this great corporation was
  of Justice. It slumped 3 1-2 points. At 12:30 International Harvester had lost points, on rumors of trust prosecution, while the same amount of decline was recorded in American Smelling.
 At that hour, it was said in Wall street that support had been with drawn from the market by the inter ests that earlier in the morning had been trying to bolster up prices. As an indication of the great volume of trade caused by the bear raid on Steel stock, 1.140.700 shares of stock of all kinds have changed hands up to o'clock. At the same hour. yes terday, the total sale of stock was only 275,000 while on Wednesday it was only 196,700.
 Up to o'clock, the bond Ales to $4,273,000 as against $1,597,00O yesterday and s2,017.00o, Wednesday. Of this great volume of sales, 607,- 300 shares were in Steel Common and HOO shares were of Steel Preferred.
 The United States Steel Corpora ation was chartered under the laws of New Jersey on Feb. 25, 1901. It's total capitalization, then, was $1,402000 Gncluding bonds.) It is strictly a holding conpany"-that 4
  transport or sell, 1t simply owns the stock of it's constitutional com. panies
 The concerns acquired were as follows:
 Acquired in 1s01-Carnegie Com pany of New Jersey, Federal Steel Company, National Steel Company, American Sheet Steel Company, American Tinplate Company. Amer ican Steel Hoop Company, Ameri can Bridge Company, National Tube Company, Bessimer Steam ship Company, Shelby Steel Tube Company and Lake Superior Con solidated Iron Mines.
 Acquired in 1904 Caireton Steel Company.
 Acquired in 1907-Tennessee Coal, Iron & Railroad Company (with approval of President Roosevelt)
 Of the $1, ,402, ,000, ,000 capitalization, $510, 900, 900 was in preferred stock, $5O8, 1000 in common stock, $303,- COG, GOO of corporation bonds and $S1, ,0O0, 900 of underlying and mis- cellaneous obligations, a total of more than $1, ,402, ,000, 900. The com mission to the Morgan underwrit- ing syndicate, according to Com missioner of Corporations Smith, was $62, 100000 in cash. The Steel Corporation, according to Smith, showed a total invest ment in tangible property on De- cember 31, 1910. of s1, ,187, ,O00, 900 as against outstanding securities of $1, ,46s, GOO, ,O00-with $2S1, ,O0O, 900 worth of "water'' in the stock. On the outstanding obligations, however the corporation was earning 12 per cent, according to Smiths figures. In 1910, according to Smith, the tangible property was worth only s6S2,000, 900 against obligations of $1, 400, 900, 900, showing $71S, 900, 900 'twatered'' stock. In 10 years, more than 25.0O0,0OO had been added to the tangible valuation of the corporation s That the United States Steel Corporation did not control all of the Steel business of the country, however, was admitted by the com missioner, who appended. the fol- lowing table showing how much of the industry was handled by the corporation and how much by the independent corporations in 1910:
 U S. Steel Inde-
 Corp'n's pendent |
 Corp'n's |
 per per