New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-13
Selling of Steel
OverwheInns the
Stock Market
Shares of Big Industrial
Organization Suffer a
Violent Slump

Prices broke violently on the Stoc~
Exchange again Yesterday, with stand
ard stocks losing 1 to points on heavy
sales. Shares Of the industrial com.
panies were the hardest hit, although
the selling wave also swept over the
railroad list. carrying many Of the old
line investment issues down 70 the low
est prices in a generation. laquiry
made among banking and brokerage
circles failed to disclose a satisfactory
explanation for the fresh outbufst OF
selling. and Wall Street went home last
night frankly mvstiied over the whole
situation.
While the market was in session the
rumor mills worked vigorously to keep
the Street supplied with news" The
grist included a report that the Allied
forces had suffered defeat on the West
front; a report that Mr. Brandeis would
be chosen to supervise the operation Of
the railroads. under government con-
troll, and that all private munitions
plants would be- placed under direct
Federal control.
Steel Offerings Enormous
The market displayed weakness from
the start. but the downward movement
became intensified in the early after
noon, when United States Steel com
mon, under the weight Of huge offer
ings, fell 10 the lowest price II has
touched in more than a year. This
stock opened ut s4l2 to Slfs on trans
actions of 1000 shares; it touched 50,
then began TO give way, gradually at
first. but precip itously when the shares
started 10 pour into the market in over
whelming volume. it fell TO Sl@, late
in the session and closed at BIS, net
loss for the day OF 3i2 points, and a
drop OF about 80 points from its mid
year maximum price.
Out of total of 757 800 shares which
changed hands yesterday, 2l3,500 rep
resented dealings in Steel common.
Foreign Bonds Again Fall
When Steel gave way the rest of the
market followed, and international
Mercantile Marine preferred stock fell
IA points TO 86l2. Sloss-She ffield Iron
& Steel declined 4 points, Bethlehem
Steel "B" 3ia, Central Leather "a
American Agricultural Chemical 8. A.
lantic, Gulf and West Indies 3a., MAJ
well Motor ~ and Cuban American
Sugar 32i.
Railroad stocks also lost ground, but
the selling movement in this group was
not so extensive as on Tuesday. Union
Pacific sold down 10 l05i2, a new low,
and closed liz points off at 1864.
Canadian Pacific, after selling from
128$4 to l26, closed q off at l2Ii4.
Extensive losses were suffered by the
foreign government bonds. The Anglo
French 5s declined pa points to new
low record of Is on the heaviest trad
ing in weeks. At the close $4,000
sold at 50 fat. American Foreign
Security 5s, which closed on Tuesday
at 92l2. fell to 9112. City of Paris 8
per cent notes dropped to 1874 for 4
loss OF IA points. The other French
cities issues also went lower. with the
Marseilles SIS closing Ia points off at
74S4. Russian government external 81
per cent bonds, traded in on the curb
broke from 43 to SO.
Exchange Officials Watch Trade
Brokers with selling orders to exc
cute complained of the absence of buy
ers in the stock market. The Stock
Exchange officials were said to be keep
ing close watch on the activities o.
members A brokerage firm sending
to the floor a selling order for 800
shares or more Immediately received
request for information as to the
source Of the order, to determine
whether it was a short sale or real
liquidation.
Firms who buy and sell securities
for cash reported heavy selling orders
in stocks that have been held for years
by investors. In this class were rail
road issues like Union Pacific. Atchi-
son. Louisville & Nashville and Nor
foIL G. Vastorp