Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1911-10-28
new YORK STOCK MARKET
United States Steel, Common, Falls
Eight and One Half Points,
TUGE SELLING MOVEMENT
Prevalent Unrest I'm wall street
Probably Not Increased by Cow
ernment's ActiOn-Suit Gem
orally Expected.

NEW YORK, oct N.-United states
steel common fell 81 points to 50 on the
was the most striking effect upon the
securities market OF the governments dis
s0Iutlon suit against the United States
steel corporation.
Owners OF United States Steel securities
IN All parts OF the country and in foreign
lands, alarmed at the suit threw their
holdlngs upon the market and trading in
these securities ran to enormous proper
lions. During the day 10000 shares OF
United States Steel were sold
Inc general list developed pronounced
weakness on account OF this movement
but there was no Generalization except
self. ''' '>'' ''' oi"'su states S'ee' IT.
Violent as were the fluctuations. the ef
fect OF the suit on the market undoubt-
edly was lessened greatly by the whole
sale liquidation Of steel stocks which Gull
minated In the uphtaval of last month
The market as n whole was less turbulent
Lh man during the height OF last months
disturbance.
London prices gave notice before the
market opened here of what was to he
expected. Speculation abroad had been
Influenced by heavy selling orders placed
there over night by New York. The rush
70 sell was so great that the market was
thrown into confusion and sales at prices
ranging all the way from s. to 53ih were
made at the same time.
Determined efforts were made TO pre-
vent United States Steel from breaking
through 20 They were successful and I'm
the early afternoon the market rose
slowly. Trading became much quleter
ana by the close substantial recoveries
han been made. United States Steel
ended the day at 62lk, a net loss of Ga
The preferred stock closed at 1O39t, a net
loss OF points. The per cent sinking
fund bonds closed at 10O&.
In spite Of today's events In the stock
market, II is doubtful whether the gov
ernments action has greatly increased
the unrest which has been prevalent fla
wall street for some time II has been
generally expected that the suit would
De brought sooner or later. In Wall street
the value behind the various issues of
United States Steel securities has been
well known, In a general way. 1t was
pointed out moreover that during the
period or It's existence the corporation has
been expanding an average OF about $40
WOOW a year upon improvements In
tact, II is estimated that nearly $3.50 600 900
mas been expended in this manner, which
acts as a substantial offset to the $780,
10000 OF inflated value alleged by the
government.
Wall street gave it's undivided attention
today to the affairs OF the United States
steel corporation and even the favorable
september reports OF the Hartman roads
received little attention Although both
Union Pacific and Southern Pacific re
ported heavy decreases in gross returns,
both roads reduced expenses substantially
and net earnings were larger.
Extreme weakness was manifested by
many OF the speculative bonds Blocks
OF from 100000 TO $4,000 of American
Tobacco IS were sold, driving them down
IL to 90h. with a rally to o. The 6s were
weakened to about the same extent and
remained heavy. Losses in other issues
reached point or more in many cases !
total sales, par value, S5,370,O0O United
states bonds were unchanged on call
Number or sales and leading quotations
on stocks were as follows: