The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-22
New York
Stock Mar ket

New York, September 2i.-wa,,
street spent eaothe. uneasy day in
watching the spectacular slc!ap III r.ie
securities OF the United states Steel
Corporation. Tradins in the stsel
stocks dominated the market. Wits
spread reports that dissolution OF the
corporation was Impending, coupled
with yesterdays severe decline. seemed
10 have aroused the fears OF investors
Selling orders flooded the market at
the opening They came from all parts
of the country and from abroad, and
their force was irresistible. The low
price of the DAY for the common was
tS, decline OF 5l2 points, and the
lowest figures since 1909. The pre-
ferred fell 6 l2 to 104 Ia a lower
price than had been reached before
since 1905.
Trading in these stocks reached
enormous proportions. The common
was sold in lots OF 1000 to 5000
shares Largely by reason OF this
selling the days transactions amoun1-
for the year ard of. this the sales OF
United States steel We're nearly one
half, or $4,000 shares,
Conjecture ran wild as to what was
in store for the steel corporation. The
report most widely credited was that
either suit for dissolution would be
Instituted by the Department OF JUS
tice or that the corporation would
Voluntarily teke steps toward thai
end in order 10 meet the views OF the
Federal government n regard TO the
requirements of the Sherman law. Re
sponsible officials of the corpora tion
refused TO discuss the reports. ana
there was no definite basis OF known
fGcts There seemed to be good
grocnds for the belief. however that the
steel corporal ton and the Department
of Justice We're united in an effort TO
avoid suit, and that If the formid-
able obstacles in the way of disso-
luton could be overcome according 80
e plan to which both sides could agree,
such action would be undertaken.
There was no hysteria elsewhere in
the market The movement in the
steel securities resulted in severe
losses among other industrisls, but the
market was at no time demoralized.
General Electric lost 5 5-s. a long
list of others, including Amalgamated
Copper, American Beet Sugar. Beth
lehem Steel preferred, National Bis
cult. Sears Roebuck. Pressed Steel
Car preferred. Railway Steel Spring
preferred and American Brake Shoe
fell from TO points.
The railroad list was relatively firm.
Missouri Pacific rose a point, despite
the unexpectedly large deficit revealed
yesterday in the annual report. Some
of the railroad shares sold off a point
or more. and al times there was
heavy pressure against Union Pacific,
but these issues rallied later, and
throughout the session offered effective
resistance to the days unsettlins in
nuences.
,trtn Tor m
outside influences. Increases in the
rates Of discount by the Bank of
England and the Bank of France were
in the expectations, in view of recent
events abroad. The position of the
Bank of England for some time has
been unusually strong, and today's
statement showed that the change in
rate was a matter of precaution rather
than of necessity. Political tension,
combined with the higher rates in the
open market, led to the step, which
might have been deferred had con-
ditions been less uncertain.
The bond market was weak, with
marked declines in the active specu-
lative issues. United States steel 5's,
however. held 100 Total sales, par
value. S2,904.o0o.
United States bonds were unchanged
on call
Total sales for the day. 1858, 800
shares.
New York, September 21.-Prime
mercantile paper. 4 ga per cent. ster-
ling exchange firm, with actual bust
ness In bankers bills at 4sS.26 for
sixty-day bills and at $3.50 to 4S65a
for demand Commercial bills, 4s2 IL
Bar silver, 52l-2. Mexican dollars
A.