Las Vegas optic. (East Las Vegas, N.M.) 1908-1921, 1911-09-22
$4,000 SHARES SOLD IN LUMP
is BELIEVED CORPORATION IN.
FORMED 1T CANNOT CONTINUE
UNDER PRESENT FORM.
OTHER STOCK AFFECTED
Defeat OF RECIPROCITY AZ
FEcTs RAILROADS REACH
ING INTO CANADA.

New York, Sept. pa scene un-
precedented on the stock exchange
since the famous Northern Pacific
corner, was enacted during the first
80 minutes of trading today.
United States Steel common
dropped from 58k, the close last
night, to SO IA, the lowest in many
years, under sales aggregating $780,
900 shares.
A single transaction disposed of
40, 900 shares in lump. The selling
was the result of continued fears
that the reports from Washington
that the steel corporation could not
continue in it's present form and
would have to dissolve were true. A
recovery followed.
There was fairly heavy selling in
Steel preferred, 1000 shares being
sold at 1O31a, a loss of 2h points.
Representatives of the United
States Steel corporation continued
silent regarding the various reports
of voluntary dissolution of the cor
poration. 1t was the general belief.
however. that the corporation had
received intimation from the federal
government that it could not con-
tinue in it's present form.
Brokers on the stock exchange
floor said they could not recall a
more extraordinary market than that
which was witnessed in the first half
hour. Under the tremendous pres
sure of Steel, the railroad list held
firm. The railroad
stocks most affected were those
which had been purchased in antici-
patton of a victory for Canadian reel
procity.
The defeat of reciprocisy added to
the weakness of the market. Conn
mission houses report a large amount
of selling for Canadian account OF
shares of the, northwestern roads,
which were expected to receive the
greatest benefit from reciprocity.
Northern Pacific, Northwestern, Ca
madam Pacific, st. Paul, Union Pa
cific, Southern Pacific. Atchison.
Reading and Erie first preferred,
lost from l to points at the start.
Along the industrial issues there
were some severe breaks. General
Electric which has been a heavy
loser, fell four points. National Lead
preferred also declined four points:
United States Leather preferred, 31s.
and Republic Steel, preferred. 2M.
After the violent break a decided
change Of front occurred. due ap-
parently to bank support. Prices
were pushed up even more rapidly
than they declined in the early trad
ing. United States Steel preferred
more than made up its loss, rising
from 10S to 106, as. compared with
yesterdays closing price of los 5-S.
The common rallied four points, from
So IA to 81 Ia, recovering all but a
fraction of it's decline.
Almost the entire list, with the ex-
ception of United States Steel COM
mon and the Hill shares, rallied
above yesterdays close. Canadian
Pacific made a net gain of points,
Union Pacific, 3-S; ST. Paul, IL,
and Reading /. Bethlehem Steel pre-
ferred was sent up from 541s to 5S1z;
General Electric from 142 to 145 Ia;
Great Northern preferred from 120 to
1913, and Northern Pacific from
Ill ga to LA 1-S.
The market ignored all influences
other than the steel situation and
the defeat of Canadian reciprocity.
Ire violence of the rally was due in
large part to a rout of the bears.
When it became evident that sub
stantial support was being offered
the bull leaders took the market in
hand. Profit taking sent prices off
sharply again before midday, how