Evening star., 1909-07-07
HEAVY SELLING AGAIN
Price Movements Exceedingly
Irregular.
MANY ACTIVE STOCKS DROP
Frequent Attempts at Rally Steadled
Market.
DEALINGS ON LARGE SCALE
Railways Led in the Strong Shares,
Southern Pacific, r. l., N. P. and
Atchison Featuring.
DEALINGS ON LARGE SCALE
iaI Disnafch 10 The Star.

Special Dispatch TO The Star
NEW YORK July 7-As was the case
Yesterday expressions of opinion upon
the stock market by professional specu-
Iators and others interested were tinged
today with sentiments of optimism, but.
as was the case also yesterday. price
movements were characterized by eX-
ceeding irregularty At the opening OF
business a fairly steady tone was eA-
hibi,ed but before the close of the first
hour heavy selling orders appeared in
various quarters of the market which
carried many of the active stocks down
ward to the extent of one point and
over
In the early part of the afternoon
rallying tendency developed. but at the
best the course of prices. as whole,
could be described only as being irregu-
lar and ndecisive. For the varying shuts
in the appearance of the market there
was little novelty to be adduced In ex-
planaton.
There was naturally continued discus
sion with regard to the progress of the
tariff bill with its corporation taxing an
mex through Congress- and the d1sfavor
with which the corporation taxing scheme
is generally viewed was held In a meas
ure responsible for the irregular course
OF the market for securities.
On the other hand very hopeful expec-
tations are entertained with regard to the
showing to be made in the government s
crop report tomorrow and these seemed
to constitute a negatively sustaining fac
tor in the stock market
Railway Returns Gratifying.
The day returns of railway traffic were
uniformly satisfactory showings, but
seemingly cut little figure in the stock
market and even in the securities directly
concerned
Money market circumstances were un-
altered and the foreign exchange market
was distinctly easier. Announcement was
made, however. of shipment of $1.JOO, 600
in gold to South America Saturday
In their dealings with the subtreasury
thus far this week the banks have gained
a little over $60O,0O
Transactions in the stock market during
the greater part Of the business session
were conducted upon a somewhat larger
scale than yesterday and Friday, and
a very fair distribution of speculative in
terest was revealed.
In the railway list some little attention
was attracted to the exceptional strength
of a number of stocks. including Southern
Pacific. Rock Island. Northern Pacific
and Atchison. In the same department
Of the market quite extensive declines
were noted at one time or another and
for no particular reasons other than tech
nical causes In the Wabash stocks. Union
Pacific, Reading, Erie and Canadian Pa
ciflc.
Third Avenue Decline.
The traction shares were heavy during
the greater part of the day. but Third
Avenue again recovered a large part Of
an early extensive decline.
Transactions in the industrial and mis-
cellaneous shares did not vary essentially
in the tendencies displayed from those
noted in the railway hist. The United
States Steel stocks continued under pres
sure. and Amalgamated Copper was weak,
presumably in connection with further
reaction in the selling prices for the
metal. Among the minor issues in this
group an extensive decline was noted III
cast iron pipe.
American shares moved irregularly in
the London market also, and operations
here for foreign account showed small
results on balance. In view of the keen
interest taken in tomorrow's government
crop report. no little attention was at
tracted to today's very sharp rally in the
grain market