Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-09-18
Reaction Followed a Promising
Price Opening Today.
HEAVY SELLING ORDERS
Decline of Steel Stocks Started Down
ward Mcve.
ANAL. COPPER ALSO A SUFFERER
All of the Hill Shares in the Reversal
List-Jewish Holiday Affected
Attendance.


Special Dispatch to The Star.
NEW YORK. September 1S-After n
fairly promising start today stock market
rleloped rractionary tendencies in al! de-
Iartments The direct cause of the market
Sc ark was the appearance of heavy sell
ing orders In United States Steel common.
which carried that stock downward more
than one point from its high leve, of the
morning Near the opening of business a
number OF the more active issues showed
advances oi one point. or Whereabouts, but
upon the decline in the Steel stocks the
whole market reversed It's coarse and be-
fore the noon hour showed losses equal in
proportion to the earlier advances.
There was no news at all. and no parttCu-
lar gossip in connection with the selling
of United States Steel shares. The move
ment had. In fact. some OF the evidences
of a concerted bear attack. but it was
none the less effective so far as the market
a. large concerned. The weakness in
these stocks following directly. however.
upon yesterdays meeting of the executive
committee OF the corporation. naturally
excited little disquietude
In the early part of the day Amalgana ted
Copper showed pronounced strength. but
that stock also dropped abruptly in SYM
pathy. apparently with the movement i'll
the United States Steel shares Copper
metal was frmer In London. but declined
further In the local market Nevertheless
the largest dealers In the metal declare that
for the first time since the dec inc In prices
Set in there were some signs of revival
in the demand
New York Central Dividend .
Transactions elsewhere in the market
were unaccompanied by particular develop
ments of consequence The regular quar-
terry dividend OF Ia per cent was declared
upon New York Central stock with no
particular effect upon the quotations for
that security.
All OF the Hill shares were especially
strong at the opening of the market, no
tahly for Northern Pacific. but these two
lost ground with the course of the morning
Union and Southern Pacific Reading
= Pennsylvania and AtChison followed the
same general lines.
Attendance upon both the London and
loca. stock markets was considerably re-
dured on account of the observance of the
Jewish holiday.
London Market Dull.
The London stock market was dull and
genera y heavy hut little or nothing was
done there for foreign account The money
market and foreign exchanges showed lttle
alteration. and the banks continued To hold
their own evenly in their operations with
the subtreasury. doubtless because Of the
We'll ordered deposits with them OF govern
ment funds.
II did not appear II be the case that the
progress of the Standard Oil Inquiry was
an influence Of special weight in the deal
lngs, nor was there much further discussion
with regard to the phys!ca! condition of
one OF the leading perscnages in that COM
pany.
II was probably true that Yesterdays
rather extensive lisa in prices was caused
by the retreat OF the short interests and
the technical position OF the market was to
that extent weakened. On the other hand.
there could be little &c ubt that tOdays de-
cline in the market. such II was. also re-
fected IN large part renewed operations for
the short account