Norwich bulletin., 1911-09-28
FINANCIAL AND COMMERCIAL.
LARGEST SALES OF YEAR. Yesterdays Dealings in Market Showed
 Panic Fluctuations.

New York, Sept 27-Confusion pre-
 vailed throughout todays trading on
 the stock exchange. Fluctuations were
 wider than at any previous time dur
 ing the turbulent sessions of the last
 few weeks. The range of prices of
 leading stocks in some cases reached
 six points. Not for many years pre-
 viously, aside from times of panic,
 have such fluctuations occurred within
 a single session. Total sales of stocks
 were 1,l26.500 shares, by far the
 largest of the year. Dealings in United
 States Steel eclipsed last Fridays rec
 ord. reaching 121 800 shares, the largest
 number of shares of this stock ever traded in in one day. Transactions in Reading and Union Pacific also were abnormally heavy, reaching 19S,7OO shares in the ca SC of the former stock and 279,500 for the latter. On the strength of the United States Steel corporations statement that it would not dissolve voluntarily prices were carried up violently at the outset, gains in some cases amounting to five points The market soon gave way. Under the influence of a series of se we're attacks it's gains were lost, and ct the close some of the leading issues were two points or more below the pre- vious days final ranges.
 The statement of the United States
 Steel corporation proved as ineffective
 in staying the tide of selling as that
 of Attorney General Wickersham. AL though the statement effectively put at rest the reports upon which the
 heavy decline in the stocks of the corporation was based, Wall street re-
 fused to accept it as sufficient reason for overcoming it's nervousness. It was pointed out that, inasmuch as the attorney general had previously as- serted that no definite action had been taken or proposed, the statement left cit ti1,, 1I1a, eroI fo,- hn declaration that the steel corporation would resist any attempt to bring about it's disintegration.
 The immediate effect of the state-
 n.ent was stampede for the short in terest. Before the opening here prices
 were marked up in London and when trading began in this market the vol ume of business was almost without a precedent. Within the first Is min
 utes more than 190,000 shares of Unit
 ed States Steel were traded in. At the end of half an hour the total had grown
 to 275.0OO. The opening was a block of 38000 shares at 59 1-2 to 62. max imum gain of Is. Transactions were by the thousands of shares, individual sales running up to 7,500. The prefer red stock gained more than five points Advances among the active list gen. orally ran up to four points
 The advance seemed to be largely the result of speculative operations rather than buying based on more confident feeling. It was soon appar- ent that heavy selling was under way egain, and before the first half hour had expired the market reacted. Not again during the cay did the list reach
 the high prices scored in the early trading.
 The selling reached oninous propor- tions in the early afternoon and prices melted away. The market exhibited extreme nervousness, with abnormally wide fluctuations to the close. A violent decline in Wabash securi
 ties contributed to the weakness of the market. The debenture fours fell 10 Is to 47 and both the common and preferred stock broke abruptly. Subse- quentiy the bonds recovered half their less.
 The heavy losses in net earnings for August reported by Union Pacific and Southern Pacific constituted further disquieting influence. The weakness of St Paul was conspicuous. giving rise to talk of possible dividend reduc- l tion. This stock. in common with Atchison and both the Wabash issues, fell to the low point of the year. Trading in bonds was again unusu- ally heavy. although the total fell be- low yesterdays huge sum. Quotations weakened after an initial showing of
 strength The collapse of Wabas sh fours affected active issues adversely. Total
 sales par value. $6.645 900. United States bonds unchanged on call
 Dividends Declared.
 New York. Sept. 27.-Directofs of the American Mating company today de-
 clared a dividend of SPAS on the pre-
 ferred stock. payable half in Novem-
 Der and half next May.
 The American Mating corporation,
 the parent company of. the American
 Malting company. declared a. dividend
 of s4 on Gthe preferred stock, payable
 half in November and half next May.