The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-10-28
New York
Stock Market

New York. october 27.--United States
Steel common fell lie points to so
on the Stock Exchange to-day. That
movement WAS the most striking eff
feet upon the securities market OF the
governments dissolution suit against
the United states steel Corporation.
owners OF United states Steel securi-
ties in all parts of the country and
in foreign lands. amazed at the suit,
threw their holdings upon the market.
and trading in these securities ran to
enormous proportions During the day
$4,000 shares OF United states steel
were sold The general list developed
pronounced weakness because OF this
movement The only decentralization,
however, was in the market for steel
Itself.
effect of the suit upon the market UNI
doubtedly was lessened greatly by the
wholesale liquidation of steel stocks,
which eliminated in the upheaval of
steel. however, was greater than on
any other day Of the previous decline.
and it's low price of 90 to-day was
SIS below the bottom of the Sep
temher drop. Following last months
descent. the price climbed to 81 SIS.
and to-6ay's low figure represented
loss of ten points from yesterdays
high
market opened here OF what was to
be expected. Speculation abroad had
been influenced by heavy selling orders
placed there overnight by New York.
The rush to sell was so great that the
market was thrown into confusion, and
sales at prices ranging all the way
from 80 TO SO ls We're made at the
same time. The opening was a block
of $4,000 at these figures Prices of all
the standard issues gave way. Before
the end Of the first hour the decline
was checked by strong support, but
and prices fell lower than before.
Throughout the morning prices rose
and fell in feverish manner. Shortly
1903 $50 ~ p'''' s'
Declines elsewhere among the active
issues ranged from to 8 points. Do
United States Steel from breaking
through SO. These were successful. and
in the early afternoon the market rose
oasy s The b trad din close Became much
recoveries had been made.
United States Steel ended the day
at 81 Is net loss OF s-s. The
loss Of 5 points. The per cent sink
ing fund bonds closed at 100 "a,
loss of l-2. after having sole at
100 l-2
In spite of to-day's events in the
the governments action has greatly
increased the unrest prevalent in Wall
street Tor some time. II has been eX-
pected that the suit would be brought
sooner or later. and the feeling most
generally expressed to-day was one of
relief that the uncertainty on this
score was endeo. The governments
statement in it's petition that the Steel
Corporations ability TO earn dividends
was a result of "a fictitious basis rest
ing on unlawful competition" perhaps
served TO accentuate alarm on the part
of security-holders in general. wall
street gave It's undivided attention to-
day to the affairs OF the Steel Cor
poration
Extreme weakness was manifested
by many of the speculative bonds.
Blocks of from 100000 to $500, 900
Of american Tobacco tours were sold.
driving them down l is to SO IA,
with a rally to 90. The skies We're
weakened to about the same extent
and remained heavy. Total sales. par
value. S5,370,O00. United States bonds
were unchanged on call
Total sales of stocks to-day were
l55S.s00 shares.
New York, October 27.-Money on
call steady. . l-4D2 II per cent; rul-
ing rate. = 3-S: closing bid. Ia: Of
fered at 3-S per cent. Time loans
steady: sixty days, . 1903 IL per
cent; ninety days, 8 1908 ga six
months. 3-iM4 per cent. Prime ner-
camille paper l-2@i "a. Sterling eX-
change steady, with actual business in
bankers bills a. S4.S375 for sixty days,
and at St.S1m $i.ST05 for demand Com