Evening star., 1907-07-31
LOSSES FOR THE LEADERS
They Ranged Between One and Two
Points.
GOSSIP OVER U. S. STEEL STOCK
Santa Fe Bond Sale-Money Market
Again Active-Can Loans
About Per Cent.


SpefIai l'lspalth W iHe ''"i-
NEW YORK, July 3l.-No particularly
novel explanation could be ass gned for TO-
days horizontal reduction in stock market
valuations Practically all of the active
issues in the several departments OF the
market scored, however. losses ranging be-
tween one and two points. and there were
few exceptions of any significance to the
common drift.
The only important overnight develop
ment with any direct bearing upon the
market was the outcome of yesterday art
ernoons meeting of the directors of the
United States Steel Corporation. 1t is un-
necessary to say that the quarterly report
of the corporation, setting forth the largest
earnings record, afforded 10 ground fer
disappointment or complaint but whatever
beneficial effect might have been exercised
by that magnificent showing was more
than counterbaanced by the official an
nouncement. made after the meeting, that
the new business of the company had shown
q falling off of about - per cent since the
beginning of the present month.
Few people expected any cha ge in the
dividend upon the common stock at this
time, but there was again general criticism
upon the action OF the management in MAX
ing such enormous special outlays for new
development and construction practit ally at
the expense of the present generation of
shareholders. The corporation earned prac-
tically per cent upon its common stock
during the quarter ended June 30. yet only
one-tenth of those earnings are allotted to
the shareholders, and more than $lS.00O o
of the treme ndous n t earnings of the COR
poration are set aside for the construction
of the new plants in Indiana and Mime
sofa.
The Atchison Sale.
The only other news of any consequence
+ relating to particular stocks was that with
regard to the sale by the Atchison COM
pany of that portion of the new converti-
BILE bond issue which was not subscribed
for by the stockholders.
The money market again active,
loans on call ruling above 3 per cent.
circumstance which reduced the likelihood
of further immediate exports of gold, and
II also tended to improve the outlook for
Saturdays bank statement.
At the same time the banks lost, through
their dealings with the su5treasury, dur
ing the present week more than SlSOOO
against gain of over S2.Wn,toO in the
corresponding period OF last week. hence
II surplus reserves are to rema n intact,
considerable reduction in the loan account
will be necessary.
Further Recovery in Consols.
A further recovery in consols impaired
moderate degree of strength to the London
stock market, but little or nothing was
done here for foreign account.
The continued rumors of the serious indis-
position of prominent capitalist were un-
doubtediy a factor OF some influence
In the dealings at large. although these re-
ports were no better substantiated than
they have been previously. 1t was asserted,
on the other hand. that the individual in
question would return to his office tomor-
. row.
The now customary undue proportion OF
the total transactions was once more fur-
nished by the same five six stocks which
have paved that part for several months
past These were Reading. Union and South
ern Pacific, United States Steel common and
Amalgamated Copper.
Copper securities were notably heavy in
the London market because OF further
q decline in the price of copper metal there,
and the same explanation might perhaps
be assigned for the course Of Amalgamated
Copper stock In the local dealings. Earn
ings statements and dividend announce
ments furnished the only other news there
was relating to particular stocks.