The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-28
New York
Stock Market

New York, September 27.--confu-
sion prevailed throughout to-day's
trading on the Stock Exchange. Fluc-
tuations were wider than at any pre-
j Sious time during the turbulent ses-
sions OF the last few weeks. The range
OF prices of leading stocks in some
cases reached pnts. Not for many
WEARS previously, aside from times OF
panic, have such fluctuations occurred
within a single session. Total sales
of stocks were l,126.5o0 shares by far
the largest OF the year Dealings in
United States Stee, eclipsd last Fri
days record, reaching 72l.S00 shares.
the largest number of shares OF this
stock ever traded in in ono day. Trans
actions in Reading and Union Pacific
also were ahnormally heavy, reaching
19S.7o0 shares in the case of the former
stock. and 27s.50o for the latter On
the strength of the United States Steel
Corporations statement that il would
not dissolve voluntarily prices were
carried up violently at the outset.
gains in some cases amounting 10
points. The market soon gave way.
Under the influence of a series of Sc
veie attacks its gains We're lost and
at the close some of the leading issues
were . points or more below the pre-
vious days final range.
The statement of the United States
Steel Corporation proved as ineffective
in STAYING the tide OF selling as that
of Acknowledgement Wickersham. AL.
though the statement effectively put
to rest the reports on which the heavy
decline in the stocks Of the corpora
tion was based. Wall Street refused to
accept it as sufficient fox overcoming
its nervousness. 1t was pointed out
that lnasmuch as the Attorney-General
had previously asserted that no definite
L, IL, r.
statement left the situation unchanged
save for the declaration that the Steel
Corporation would resist any attempt
to bring about it's disintes ration.
The immediate effect o. the state
ment was q stampede of the short
interest Before the opening hour
prices were marked up in London. and
when trading began III this market
the volume of business was almost
without a precedent. Within the fvst
fifteen minutes more than 10000
shares of United States Steel We're trad
ed in. At the end OF half an hour tho
total had grown to $4,000. The OPEN
ing was a block of $4,000 shares at
591-2 to e.. maximum gain Of Sis,
Transactions were by the thousands
of shares. individual sales running up
to 1900 The preferred stock gained
more than points Advances among
the active list generally ran up to 4
points.
The advance seemed to be largely
rather THAI buying based on moro
confident feeling. 1t was apparent that |
heavy selling was under way agh'n
and before the first half hour had en- |
pired the market reacted. Not again !
during the day did the list reach tho I
high prices scored in the early trading !
The selling reached omnous proper (
lions in the early afternoon and prices
Ipa n hat
the eATly rise had been taken advan- !
taEe OF for further liquidation. and |
dhring the remainder of the session |
-Nocl1s were offered whenever the op
were encouraged by the failure OF the
market to hold Its advantage. ard
hammered the list relentlessly. The
market exhibited extreme nervousness,
with abnormally wide fluctuations to
the close.
A violent decline in Wabash securl-
ties contributed to the weakness Of the
market. The debenture As fell 10 Is
to A. and both the common and pre-
ferred stock broke abruptly. Subse-
quently the bonds recovered half Their
loss
The heavy losses in net earnings for
August reported by Union Pacific and
Southern Pacific constituted further
disquieting influence The weaknesR
rise to talk of & possible dividend re-
duction. This stock, in common with
Atch!son and both the Wabash Issues. |
fell to the low point OF tho year. 1t
was reported that the st Paul direc-
tors had decided upon radical steps
Of retrenchment The weakness OF
the Hartman stock was ascribed In
part TO further reports that the labor
dispute on those roads had reached a |
critical point.
with its completely of home affairs.
the market gave no heed TO the agree
ment reached in the Moroccan dispute.
~ re a /
don traded more heavily In this mar
ket than for many months, taking per-
haps 10000 shares OF stock on balance. |
Further cuts in the prices of some
steel SPECIFICATIONS were reported The |
steel trade reviews pointed ont a furth- !
er contraction IN business due largely |
~ the uncertainty in regard to the |
Steel Corporations affairs
Trading IN bonds was again un- |
usually heavy, although the total fell
below Yesterdays huge sum Quota !
t!ons weakened after an initial show |
ing OF strength THE collapse OF Wa.
versely.
Total sales par value. .so.5,ooo.
United states bonds unchanged on cali /
Total Sales for the day. l.726.50o |
shares.
New York sent,roter e7.-Monev on
call steadv, l-S09 S-S ner cent rul- !
= crate -; closing bid, -, o.
steady sixty DAYS. Sl-4sl-2. and nine. !
~ days. : 3-4Gi six months 2 7e14l
per cent Prime mercantile paper.
"a Sterling exchange steady. with
f's9o5 for s!vtv-i7v Ail1e nn1 a. 4es55
for demand Con- N errini htlls $50
Ear silver. 50 So Mexican dollars az /
RICHMOND STOCK MARKrr.