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Show ill UUillu Taft's Speech in Detroit Helps to Disturb Wail Street New York, Sept 21. The stock market mar-ket was thrown into confusion today by soiling of United States Steel stocks on an enormous scale. From almost every part of the country orders or-ders poured in to sell stocks of tho "billion-dollar combine." Confusion prevailed on the floor of the stock exchange ex-change as brokers struggled with each other around the Steel post to dispose of their holdings. The preferred stock slumped five and a half points to 105 1-2, its lowest price since 1908. The common fell to 59 1-2, a loss of four po!nt6, Its lowest record since 1909. On Septembor 1 the preferred sold at 115 and the common at 7p. During tho forenoon transactions in Steel stocks exceeded yesterday's total of 250,000 shares, Tho long slump In Steol is generally general-ly ascribed to the fear of many-investors, that dissolution of the corporation may be necessary in-order to comply with the federal government's views in regard to the enforcement of tho anei-trust law. ,' President Taft's speech on this subject sub-ject at Detroit, on Monday, caused uneasiness on this score. Wall street has heard reports during the last'few jiays that the greatcorporation would ""' " (Continued on !Pago Seven.) oo HEAVY DROP IN STOCKS (Continued from Page One ) dissolve voluntarily. These reports, however, were the only known basis in fact "If I could say anything 1 would willingly do so," said Chairman Gary of the corporation's board. He declined de-clined to comment on the report that wages of steel employes would be reduced. re-duced. Prices also gave way rapidly clse-whero clse-whero among the Industrials. Lethlc-hcm Lethlc-hcm Steel preferred, Republic Steel preferred, National Biscuit, Sears Roebuck, Roe-buck, American Beet Sugar, General Electric and Union Bag and Paper preferred lost one to flo points. The Standard railroad issues held corupar-atlch corupar-atlch steady. Union Pacific sold at a new low record rec-ord for the year, and tho losses elsewhere else-where In the railway group extended from 1 to 2 oplnts. There was a smart rally from tho low level, and especially in Steel common, but tho undertone continued extremely feverish fever-ish and unsettled. Dealings In the Steel Issues couttn-! couttn-! ued tho dominant feature, Ti ansae- tlons in the common comprising lots i of from 1.000 to 4,000 shares. The market closed weak. . final j rail against United States Steel broke it to 58, the lowest of the day but tho decline wa more orderly nnd thcro was less excitement than at any time of the day. Iarge blocks running up to 0,000 shares changed hands and tho aggregate business done in this ibsue for the day -was well over MK),-000 MK),-000 shares. Prlxis weakened moderately moder-ately and there wore breaks In obscure obs-cure specialties. |