The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1911-10-27

Wall St. New York, Oct. 27-STOC,ES-
The stock market was thrown into state
of Generalization at the opening today as
a result of the suit for dissolution institu-
ted by the government against the United
States Steel corporation. Preceding the
opening here there has been heavy sales
of steel common in the London market nv
New York interests at losses extending
to points.
Initial dealings in steel here were on a
huge scale, the first offerings consisting of
%, 600 shares at from So to 531S, a maximum
decline of points. The preferred shares
were off points and the steel sinking
fund bonds declined 112. These losses were
soon increased, the entire list, including
other 1ndustrlalS and standard railway
shares was affected, declines ranging from
a point to points in JnioN Pacific, Read
ing, Atchison, Great Northern preferred,
I4ehigh Valley, General Electric, Republic
Iron and Steel preferred, Amalgamated
Copper and American Smelling.
Hasty short coverings and some sup
porting orders turned the course Of the
market upward soon after the opening
and there were numerous rallies of point
or more United states steel rebounded
TO 54Sz and the preferred to 1O5 The high
er level invited enormous selling orders
which ultimately demoraliZed the market
for Steel Common and it fell to 52ls, an
over night loss of 6ss and within Is Of the
lowest point Of the year. Union Pacific,
Reading, Lehigh Valley, American Smelt-
ing and Amalgamated Copper all sagged
below their previous low figures
Union Pacific fell to 1885 and Reading
to 1874. Trading was in enormous volume
of United States Steel reaching approx
mately $50 600 shares in the first hour. In
dustrial stocks of all classes displayed
extreme weakness, with many declines Of
. to points.
Wall ST. New York. Oct 26.-STOCKS-
Trading in United States Steel stocks DOM
mated the market throughout the morn
ing. The list in general rose and fell in
sympathy with the Steel issues which
fluctuated violently. Selling orders con-
tinued to pour in from all parts of the
country and from Europe and efforts to
than to bring about occasional rallies
which each time were followed by renewed
selling Heavy losses extended through
the list including the standard railroad
stocks as well the industrials Huge
blocks of United States Steel were unload
ed and the stock defied all restraint. drop
ping until it touched SOS. This figure was
So points under the final price of yester-
dav and was the lowest made by the
stock since 1909. In the general market
leading stocks ruled from to 81 below
last night. International Harvester fell
points
Bonds were weak
Liquidauons of United Steel increased as
the price made its way to 80. Thousands
OF shares were pressed for sale and a
block of 1850 shares was sold when II
reached 50. This transaction was followed
by the purchase Of 100 shares at 5o1s and
then a block OF four thousand shares
forced it back to so This figure seemed
to be more to the crucial point at which
the bull forces were Inassed. for tn eprice
climbed steadily thereafter through I'll Of
ferings to 51Ss-
rest Of the market began 10 gather
strength but the recoreries we're only
fractional and when United States Steel
reacted to SOS the rise elsew mere halted