Evening star., 1909-02-18
LUMP IN THE PR|CESS
General Weakness Caused by
Some Sharp Declines.
MANY STOCKS affected
u. S. Steel Shares Dealt in Upon
Tremendous Scale.
HUGE BLOCKS CHANGE HANDS
Americans Weak in London-For-
eign Houses Heavy Sellers in
the Local Dealings.
Special Dispatch To The Star.

Special Dispatch to The Star.
NEW YORK, February 1S-It was the
common notion and expression of opinion
that the general weakness of today's
stock market was specifically induced by
tho sharp declines which took place In
certain individual securities. These were
the United States Steel shares and Union
and Southern Pacific. There were quite
positive reports current in the early part
of the day that after the close Of the
business session announcement would be
made of radical reductions in prices on
nearly all forms of manufactured iron
and steel with the exception of steel rails.
1t is we'll known in trade circles that
there has already been a great deal Of
rate cutting, particularly by western
mills. and it was believed that the United
States Steel Corporation would eventually
conclude to meet the cut prices
The United States Steel shares were
dealt in upon a tremendous scale, notably
in the instance of the, common stock. and
huge blocks of the security changed hands
at almost constantly falling quotations
In a minor degree the further decline
in copper metal and copper stocks, both
here and in London. was an additional IN
fluence in such unsettlement as the gen.
eral market exhibited AS was to be ex-
pectcd, practically all of the miscellaneous
and industrial shares were sympathctl-
cally affected by the weakness in Anal
gamated Copper and the United States
Steel stocks Pressed Steel Car suffered
a particularly severe decline. although in
that instance the break could readily be
referred to the exceedingly poor state
ment of earnings made public yesterday.
qff15J anya DOf- ffldd .delactiS
Other round declines in this department
were noted in Colorado Fuel and Iron.
American Car and Foundry. National
ouI nd fric
Cotton Oil was exceptionally firm.
fractions Dull.
The traction shares moved in line with
the general market, but were relatively
dull.
The course of Union Pacific and South
ern Pacific appeared to exercise the same
influence upon the railway list as that
of the United States steel stocks In the
industrial quarter. Rumors were again
current, both here and in London. with
regard to the health of the head Of the
L Inion Pacific system, and in spite of
authoritative denials were quite persist
ent.
American shares were generally weak
in the London stock market, and foreign
houses were heavy sellers in the local
dealings. disposing of upward of 10000
shares.
In the early part of the day Atchison
and Baltimore and Ohio were exception
ally firm. but they gave way later in
sympathy with the course of the rest of
tie market.
Railway Declines.
Aside from Union and Southern Pa
cifc there was no news or gossip in con-
nection with the transactions in the rail-
way list, although number of declines
running from one to two points were
scored there
There was very large increase in
the volume of business in the stock
market. but rather significantly a dimi
mutton in the transactions in bonds. Cen
uine liquidation was reported In a num-
ber of securities. and particularly In the
United States Steel shares. and I'm addi
tion operations palpably for the short ac-
count were conducted In greater volume
than has been witnessed for some time
Money market and foreign exchange
conditions were little altered. and fair
" large shipment of gold to South
America was ignored.