NEWS AND VIEWS FROM THE PRESS.

Feilding Star, Volume VI, Issue 1672, 16 December 1911, Page 4 (Supplement)

NEWS AND VIEWS FROM THE PRESS.

£12,000,000 SLUMP L\ r SHARES

GREAT RAID ON STEEL SECURITIES.

A FINANCIAL RIOT

New York, October, 27

There was a great raid to-day on the Stock Exchange owing to the suit which lias been started by the Government- for the dissolution of tlie United States Steel Corporation.

The Trust's securities declined in value £12.000.000, of which £5,000,----000 represented the decline on the Common stock, and £4,000,000 on the Preferred.' SS6.OOD sliares changed hands, v.'hile the hrokers. overwhelmed with orders, engaged in a scene of mad riof.

The question is being asked. If the Government wins the suit and compels the Trust to dissolve., what will happen to Mr Carnegie's numerous . endowments, most of which are in "the form of Steel Corporation bonds? Anxious inquirers are being reassured, and the ■endowments are probably safe, as Mr Carnegie's bond holdings are first mortgage on the Steel Trust, and will doubtless be reissued in the shape of bonds with companies into which tvhe Trust may be compelled to divide if the Government wins. I

Ihe United States marshals were busy to-day serving summonses on the directors of the Steel Corporation. Mr J. Pierpont Morgan received the marshal at his home and inviting him inside, gave him a cigar while he read through the documents. An interesting phase of the situation is that one of tho counts on which the Government- will proceed against' the Trust is for the purchase of the Tennessee Coal and Iron Company during tho recent panic. The Trust refused to make the purchase until Mr Roosevelt, who was then President, endorsed it on the ground that public interest required the money market to be relieved by this course. London, October 28. Reuters correspondent reports that it is unofficially stated that' a decision cannot be given for three years, because a vast volume of evidence will have to be taken ih many important cities by an examiner, who will be appointed by the court, and will be assisted by the United States district Attorney ,for each tovllliy^