Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-22
U. S. Steel Weakness Induced
Selling Today.
A REACTION INEVITABLE
Declines From Small Fractions Up to
One Point.
LOSS MATERIALLY EXTENDED
Amalgemated Copper Active - All
Railway Shares Showed Losses
in Some Degree.
LOSS MATERIALLY EXTENDED
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK July 22-Nobody apparently
made any attempts to assign specific rea-
sons for the course of prices In today
stock market that were not peculiar TO the
mechanical circumstances of the trading. In
n market possessing the general character
istics OF the present one. a reaction was
more or less inevitable even in the absence
OF any outside impelling cause. During the
last nine business sessions upon the stock
exchange the railroad list, with the ex-
ception of single day, mas left on showing
a net ad rec.
This is a rather unusual record to De
maintained in a professional speculation.
and not even the temperance In the adver-
Using columns of the newspapers of the
Lawson prophecies were sufficient to check
the general and natural desire TO convert
paper profits into credits at bank. AT all
events it was apparent from the very open
Ing of the market there was reversal IN
the technical circumstances of the dealings.
The initial quotations for small number
of stocks were indeed higher than those
which prevailed at the close of business on
Saturday, but before the end of the first nal
hour of business declines extending nom
small fractions up TO one point had been
recorded. These losses we've in many cases
later materially extended
In the absence of any more definite ex-
PLANTATION of the drift OF prices. the traders
hit upon the pronounced weakness IN the
United States Steel shares an influence
calculated to induce selling in other direc-
tons.
The evident liquidation i United States
Steel common was in all probability Suffi-
GENTLY accounted for by the REIMBURSEMENT
of the Idea that the forthcoming dividend
the stock might be reclared at an ad-
vanced rate, and there was also some talk
with regard to the strike of the miners in
the Minnesota coal fields and of the pros
pect that the labor troubles there might
extend to other departments of the corpora
ton plants.
Large Copper Dealings.
Amalgamated Copper dealt in upon
a fairly large scale. but the dealings there
were not distinguished by any particular
features of interest, nor We're these else
where in the industrial and miscellaneous
stocks.
Practically all of the railway shares
showed at one time or another maximum
losses Of from one 10 two points Notable
weak features were Erie common, Canadian
Pacific, Union Pacific and in smaller de-
gree Southern Pacific. The last-named
stock showed relative strength in the early
dealings on a renewal of last weeks ru-
mors of an enlarged dividend payment. but
the stock subsequently declined In SYM
pathy with the remainder of the market.
Northern Pacific and Great Northern pre-
ferred likewise scored substantial declines,
and much less was heard of the recently
much-discussed readjustments of the con-
troll of the Burlington property.
fractions Neglected.
The traction shares were neglected dur
Ing the greater part of the business, but
Brooklyn Rapid Transit was heavy.
The London stock market was dull and
irregular. and operations here for foreign
account were limited to the sale of about
5000 shares of stock.
The local dealings were maintained upon
about the same scale of activity as of last
weeks averages.
Money-market conditions remained ex-
ceedinSlv easy, and the banks begin the
week with a gain in their transactions
with the subtreasury of nearly S2,00O,O0O.