Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1911-10-28
Nearly One Hundred Thou
sand Shares Traded in
First Fifteen Minutes;
Low Mark Reached.
GRAIN MARKET is
ALSO SENT TIJMBLING0
Prop Knocked From Under
Dollar Wheat When Stock
FURRY Influences Prices
in the Pit.

AuIIy AnA4uS4ACCa AASCo
in the Pit.
New York, Oct, 27sstes1 corpora
tion securities slumped badly on tho
stock exchange today % q result Of
the federal suit to dissolve the Nbil.
lion dollars' steel combine. There was
an outpour Of steel stocks throughout
the day and the common sold down to
so a new low record point for several
years. The preferred was also weak
selling down to 1O3. loss Of 3-S from
yesterday. Other stocks were weak
In sympathy.
Tho door OF the New York stock
exchange was q scene Of confusion.
Long before trading was begun the
brokers were jammed tightly about
the pit at which steel stocks are
traded In. Orders to cell the stocks
had poured In over night from owners
in every part OF the country, who were
alarmed by the dissolution suit. When
the gong was sounded to announce the
opening OF the market, such b din was
made by the shouting, struggling trad
ers that it was impossible for several
minutes to learn the course OF the
market. The first block of 28,O00
shares was one Of the largest ever rec
orded in steel stocks, although 1t was
exceeded twice last month. when the
market was demoralized by liquidation
of this stock on the part Of the hold
ers who feared that the, government
was to begin suit 81
97,500 Shares Handled In is Minutes.
Within the first fifteen minutes 97.-
500 shares were traded In. It was soon
evident that the stock was receiving
support. The price Of 53h Was the
low point and 1t rallied point. AT
no time during the early trading did
1t reach the low figure Of last month's
which was 81 5-8. Trading In the pre-.
ferred stock and the 5's sinking fund
bonds also was very heavy.
The preferred stock, after breaking
s 3-8 rallied two points. The bonds
opened with block OF 100000 at
100N, q decline Of III.
The general market was upset BY
the excited trading In steel securities.
Union Pacific, Reading. Leigh Valley
and the other specialties were the
heaviest losers, although declines IN
few cases exceeded two points. LII
was much lighter and the market soon
grew quieter with rallies of point or
so frequent among the railroad issucs.
Steel Drops Seven Points.
The storm broke with renewed
furry after the hrst recovery In
prices, the selling being on an enor-
nous scale and the market became de-
moralized. Stocks fell to lower prices
than at the opening. United States
steel dropped to 81, . loss OF tx
points and a new low record for the
year. The preferred stock fell back
to 103A. Sales Of tho common stock
In the first hour Of trading were 290,-
900 shares. Standard railway issues,
such as Union Pacific and Reading
were forced down about three points.
Industrial stocks Of all classes were
extremely weak. The market was
barely unsettled all the morning. Oc-
casional rallies showed that attempts
were being made to support prices.
but each recovery served only to In
vite further selling.
The news Of the dissolution came
yesterday. some time after the stock
market head closed but It brought
many Of the brokers back to their Of
fees in q hurry to lay plans for today's
market and take advantage Of the
earlier opening Of the foreign ex-
changes.
Dealers in put and call privileges,
were busy all night sending orders to
London.
Steel common stock closed yester-
day at ssh and the preferred stock
at 108. AS basis for comparison OF
today's expected fluctuations 1t was re-
membered that In May, 1904, steel
common sold as low as 83s and that
about year ago. It touched 81 7-S at
the elimination OF a bull movement
based on the expectation of an ad-
vance In the dividend.
United States steel touched SO, d
loss Of 81s points. before the selling
became less heavy. During the after
noon the market recovered slowly
United States steel rallied IN points
and the other active stocks from 1 to
2 points.
Chicago Stocks Hit
Chicago. Oct. 27.-Excitement In
Wall street today was reflected on the
Chicago stock exchange, Industrial
shares displaying pronounced weak
ness due to offerings which frightened
investors, threw upon the market. In
ternational Harvester tumbled 31s
points, Sears-Roebuck common 2h,.
lContinued on Page S.)