Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1911-09-22
ALEXANDRIA VA FRIDAY EVENING. SEPTEMBER 22 1911
NEW YORK MARKET
STILL EXCITED.
Steel Centre of Attraction. Stam-
pede of Holders of Stock in Billion
Dollar Combine.

New York, Sept. 22-Alarmed over
the raids on the stock market growing
out OF the rumors that the government
planned to force reorganization of the
!, United States Steel Corporation, J. P.
Morgan and the syndicate OF bankers.
/ having international connections, hur-
ried to the rescue today. Within the
brief period OF half an hour, they
changed panic to optimism. Not since
the furry of 1907 has the power OF
money been so forcibly manifested on
the floor of the Stock Exchange.
The market opened demoralized.
The exchange was flooded with selling
orders, and with the opening. conditions
bordering on chaos prevailed. Steel
common dropped five points i'll fifteen
minutes, steel preferred fell like lead
and most of the Standard Railway sys.
TENS followed suit. The air was filled
with wild rumors and reports ofimpend.
ing failures. For the first half hour
even the old timers on the exchange
we're inclined to believe that panic
vas impending and could not be
averted.
Then the Morgan power began to
evidence itself. Brokers usually con-
sidereo as representative OF that firm
began buying the standard railway
shares. They were assisted by the floor
representatives of the international
banking houses and they took all offer
ings with a nochalance that indicated
that millions were behind them. The
selling movement was quickly checked,
not alone in railways but in all OF tie
iudustrals, including steel. by noon
the tone was buoyant and all of the
morning losses had been recovered.
For market purposes it was explained
that the crusade against steel was engi-
neered by noted bear operator, and
it was seml-oftcially announced that
the big interests behind the corporation
, have decided to stand pat. They will
refuse to dissoIue and have the opinion
Of their eminent counsel that dissolu-
ton suit iy the government can be
readily d. fcai d 1t was stated by rer-
Sous ronnc, tcI "tlh the management
that the company had completed its
plans TO fight any such action, and
would welcome it as giving the looked
for chance TO develop in court testimony
to offset the report expected from the
Stanley congressional investigating
committee which is expected to be very
damaging.
New York, Sept. 22.-Not since the
days of the 1907 financial panic has the
stock exchange been so excited as today.
Long before the time for the opening,
the floor OF the exchange was jammed
with members most of whom had COM
missions to execute. The news from
London showed that most OF the Ameri-
can list was under pressure there and
this added to the apprehension.
AS on yesterday, steel was the centre
of attraction. Hardly broker on the
floor but had selling orders in the stock
of the billion dollar combine, and the
initial transactions reflected stampede
OF holders. There was a wide variation
in the opening transactions, the crowd
being so large that the price ranged all
the way from 54 to So I-2 in different
parts. At the end OF the first fifteen
minutes, the price of the common stock
OF the big trust had dropped to 50 Ia, or
five points below last night close. For a
time, it seemed panic would ensue
as Great Northern preferred dropped
four points: Northern Pacific 2%, and
Canadian Pacific IN on the belief
that ths defeat OF reciprocity at yes
terday's Canadians elections would
materially affect their earnings.
Before conditions got out of hand
however, support came from the big
fioancial houses, aud the market be-
came steadier.
Then came a recovery OF nearly a
point in all Of the issues although the
tone remained demoralized.
That the big interests behind the
market did not intend that the rail-
way shares should be sacrificed TO
what they termed an utterly uncalled
for fear on the part Of the traders
| WAS SLOhh stppO'c Aot hAS@>
stocks came from all the big banking
houses with international connections.
The result was that within forty-6ye
minutes all OF the initial losses had
not only been recovered but substan,
: ,ial gainswere recorded in Union Pa
citic, Southern Pacific, st. Paul, Erie,
t and Lehigh Valley. This had the
effect OF rallying the industrials and
e there were recoveries in most of them,
t the recovery in steel being nearly two
points.
New York, Sept. 22.-The defeat
Of reciprocity in Canada yesterday
} resulted in one of the most exciting
r opens of the grain marked here IL
9 years. Northwestern offerings were
almost demoralized, Minneapolis ad
!. vanciug Is cent and Duluth 6 l.:
: cent. Winnipeg was 12 lower.