The evening world., 1911-09-21
Preferred Drops 9 Points in
Fortyeight Hours and Causes
Wild Excitement.
Loss OF 900.
Judge Gary Smiles When
Asked If Corporation Will
\ Soon Dissolve.

efet losses Of 50 and So points In the
ommon and preferred stocks OF the
United States Steel Corporation>was the
climax OF one OF the fercest fights ever
waged against the Steel Trust on the
foor O. the Stock Exonange. Notwith-
standing the statement by United States
Attorney-Genera Wise that no action
had been Instituted b ythe Government
70 dissolve the Trust in this district,
Steel failed to manifest any recuperative
power.
The common closed at the lowest price
q the DAYS. IA for a loss OF over :
Points. The preferred issue. which dts
played the greatest weakness. scored a
fosble rally in the last few minutes and
aniahed with a decline OF 8 is points.
The remainder OF the market was In.
ssned to orsaa away from Si--i aari
stDsed irregular with losses predominant
I'M. The annual break In Steel caused
over q million and a quarter shares OF
sock TO be sold and bought during the
ssssion to-day.
The drop OF the last w days has
cost the shareholders over S5.0co,0o
vince the first Of the year they have
Lost IN market values more than NO.
0A.eo. In 1909 the common stock sold as
hish as as. which was the record
since the formation of the $1,000, 900. oo(
trust. while the pinnacle attained b,
~ preferred stock was in 1910. when
Il sold at 125 3-s.
fo-day's slump was attended by wild
settlement upon the Moor OF the New
York Stock Exchange. From almost
svery part Of the country orders poured
10 TO sell the steel stocks. which seemed
20 have lost their support entirely. Tit
baais for the unloading was said to b.
. fear Of a possible dissolution OF tn,
greatest OF trusts, President Taft
speech at Detroit on Monday havin,
tnereased uneasiness upon that score.
Il will be recalled that the. Presiden
$50: II wish to say that the Attorney
O>oeral has Instituted investigation
inte ell the Industrial companies-an'
that these are in various stages OF com
.pleuon. I repeat again that In spite o
an the denunciations we have heard o
tho decisions Of the Supreme Court II
Tie Standard OIL and Tobacco cases
'ttprs 10 not b that can formulate
cdptract In restraint OF trade that ough
q come within the statute that doe
NJ come within II under the decisioI
Of the Supreme Court"
Judge Il. II. Gary, who has Just re
turned from abroad. has persistently re
fused to discuss the present situation
That the present downward turn OF tn
market Is no, worrying him greatly
indicated by the fact that he gave
thcatre party last night at which h
appeared to be In the best OF goo
hHmor, his guests including Mr.. an
Ms. Lewis Nixon.
Judge Gary when asked to discuss
rsbort widely circulated in Wall strc'
that his corporation proposed to volur
.sSily dissolve simply smiled. lie wa
equally reticent wheii asked IL II
wages Of the steel employees would
reduced. as reported.
The earnings Of the big trust ha,
bsoa away under last year. and as u
common pays 5 per cent. and the pr
fsfred Z per cent, there n a srowif
alarm rejected In the rush of sellir
orlers. A report which had wide ct
cuDstion was that J. Pierport Norge
wos giving Washington an object lie
So by letting his pet stock dip to Il
point of suggesting "A possible panic
there was further agitation along q
limo Of Harvesting the steel interes
With Federal litigation.