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Show Si ' I Deluge of Selling of Steel on Wail Street ' New York, Sept. 22. A deluge or Belling orders in the commdn stock of United States Steel at the opening of the stock market today broke the price of that security over 4 points. The selling was tho result of contln-S contln-S ued fears that the reports from Wash- . ington that tho Steel corporation ' could not continue In Its present form j L and would have to dlssolvo were true. In the first half-hour. 2G0.000 shares of ' the common stock wore sold. ' The London market gave forecast k that the heavy selling of Steel stocks, I which was Inaugurated yesterday in ' this market, would be resumed on a i heavy scale again today Steel com-s com-s inon was down about 4 points In London, Lon-don, and, when the gong sounded on j the exchange here, there was a rush ; t- to sell The first transaction was a j f sale of 45,000 shares from 51 to 55 1-2, ' f compared with yesterday's closo of 5S '. 1-2. '; t After a violent break In prices, a ' f decided change of front occurred ' Prices were pushed up even more rap-Idly rap-Idly than they declined in the early trading United Suites Steel pre-' pre-' ferred moro than made up its loss. '. rising from 103 to 10G. as compared ' with yesterday's closing price of ? 105-S. The common rallied 4 points, ; ! from 53 1-4 to 57 1-1, recooverlng all ) , but a frnction of its decline. , : Almost the entire list, with the ex- ception of United States Steel com- ' i mon and tho Hill shares, rallied above yesterday's close. Canadian Pacific : ' made a net gain of 5 points, Union : ; Pacific 2 3-8, SL Paul 1 1-2 and Read- i ing 1. Bethlehem Steel preferred m. was sent from 54 12 to 58 1-2; Gen-Ik Gen-Ik eral Electric from 12 ,to 145 ;-4 'm Great Northern preferred from 120 to 3k, 123, and Northern Pacific froni-4.1L.?-4 f ' to 114U-S. - t t-- j- m Tho market, ignojrifl all influences other than the Steel situation, and i the defeat of Canadlnn reciprocltv r The violence of the rally was was duo in large part to a rout of the bears "When It became evident that suhstan-y suhstan-y tial support was being ofrered, the bull leaders took the market In hand , Tho transaction wac one of the larg est in recent years and caused Steel common to sell nt the lowest point ;, since 1890 i There was fairly hcay selling- in Steol preferred, 2,000 shares being sold at 103 1-2, a loss of 2 1-2 points I from the closing of last night. Within a half hour after the market mar-ket had opened, 260.000 shares of common com-mon had been thrown on the market, and the price dropped to 53 1-2 Evidences Evi-dences of banking suppoit v;cre visible visi-ble and many operators who had been working on the short side of the mar-Vet mar-Vet took occasion to cover their shorts. The slump in Steel had its effect throughout the general list, and there were declines of from 1 to 1 points In industrials and railroad slopks It nas noted, however, that the decline - i which the imxrkct had had within the - last six weeks had given it much ) strength to withstand the unexpected ;quIdnUng movement in Steel securi-I securi-I tits Keak spots In the raidroad list and other Industrials had, been eliminated elim-inated by tho mid-summer liquidating mocment Representatives of tho United r States Steol corporation continued si' lent regarding tho various reports of ; voluntary dissolution of the corpora-! corpora-! tion. It seemed to bo the general belief be-lief In Wall street that tho steel cor-f cor-f poration had received intimation from ; tho federal government that it could ' " not continue In Its present form. I Another factor in the decline of the (i stocks of the Steel corporation was 1, tho continued reports of a diminishing business In steel products with a re-1- sultant general cutting of prices and lift the probablo necessity of reducing j n T,"iigos. I Brokera on tho stock exchange said If Ay could not recall a more extraord-I extraord-I M tuary sceno than ihat was witnessed ! Jn die first half hour. Under tho tre-? tre-? I mendous preasuro of Steel, which i T . broko badly, the railroad list held ro-4j ro-4j Oloarkably firm. The railroad stocks 4 1 moat affected were tboeo which had $ beon purchased in anticipation of a 1 3 victory for Canadian reciprocity. i 5i On his arrival at his offlco today, J J Elbert H. Gary, chairman of the Steel i $T corporation, declined to discuss tho I a dissolution report in any respect I h Counsel Boiling of the corporation p likewise docllned to bo interviewed, j I The defeat of Canadian reciprocity I j added to the weakness of the market, t ', ' Commission houses report a largo i amount of selling for Canadian ac- V : j count. The railway shares, which had j , held comparatively steady during tho IT ' stocks, weakened today. The loss was ft previous 6.vs of tho slump in Steel V most extensive among tho northwest-3; northwest-3; ; em roads, which were expected to ac-iy ac-iy sumo tho gTea,to5t benefit from rod-ijl rod-ijl proclty, Northern Pacinc, Northwcst-IJ'I Northwcst-IJ'I ern, Canadian Pacific, St. Paul, Union H-i Pacific, Southern Pacific, Atchison, A Reading and Erie first preferred lost Stl. from 1 to 1 points Support wap glvon tto tho railroad list, however, t6 avort further demoralization. The railroad Kf list rallied from 1 to 2 points, Bomo 'Ml GtockB showing net gains. |