Evening star., 1909-07-06
SELLING CHECKS RISE
Liquidation Notably Heavy in
United States Steel.
SEQUEL TO PARIS TALE
Reaction Exercised a Sympathetic
influence.
FRACTIONS ARE PROMINENT
B. R. 7. Suffered Decline-Ral1y
Follows Break in Third
Avenue.
Special Dispatch to The Star.

Special Dispatch TO The Star.
NEW YORK. July 6.-With the resump-
tion of business upon the stock exchange
this morning. after the triple holiday,
fairly firm tone was exhibited at the
outset of the dealings. but following di-
rectly upon the opening of the market
very heavy selling appeared in certain d.
rections. and this liquidation served to
check the rising tendencies of the mar
ket at large This selling was particular
ly heavy and more or less concentrated In
the instance of the United States Steel
shares, and as was to be expected the
consequent reaction in these issues ex-
ercised a sympathetic influence upon the
general market.
The selling of the United States Steel
shares was apparently based upon the
publication this morning of positive asser-
tions contained in press dispatches from
Paris that the French finance minister
had finally and definitely refused his as
sent to the listing OF portion OF the
common stock of the United States Steel
Corporation upon the Paris bourse. The
statements TO this effect were not fully
substantiated in private adviees, which,
indeed, set forth that the negotiations
were still under way.
Another active stock which scored a
round decline was Brooklyn Rapid
transit, ana the weakness IN tndt case
was associated with the decision of the
public service commission in which the
company is permitted to charge ten
cent fare to Coney Island only on Sat
urdays, Sundays and holidays. Third
Avenue also broke sharply at the out
set of the market for sufficiently ex-
plotted reasons, but the stock later en-
joyed a material rally.
Some Striking Exceptions.
The Industrial and miscellaneous issues
were, for the most part. somewhat heavy
after the opening of the market, but the
declines in few cases passed beyond frac-
tional limits. and there were some stril-
ing exceptions to the common drift, cases
in point being General Electric, National
Lead. American Smelling and Amalga-
mated Copper.
Broadly speaking, the railway list ex-
hibited firmer tendencies than prevailed
in other quarters of the market although
price movements in that direction were
also Irregular. Southern Pacific opened
at a sharp advance and ruled very firm
during the greater part of the day, as
did Union Pacific. Other firm features
We're Northern Pacific. Great Northern
preferred, Delaware and Hudson and
b. & o.
Southern Pacific was quoted at par
ficularly sharp advance in the London
stock market above parity with its local
closing figures of last Friday, and Ameri-
can shares were generally firm there.
Foreign houses were buyers on balance in
the local market of upward of 10000
shares of stock. chiefly of the so-cailed
Hartman Pacifics.
Interest in Crop Report.
There was very little in the development
over the protracted suspension of business
of general importance land the days sit
uatien was likewise devoid of features OF
interest. A great deal of interest was ex-
pressed in the forthcoming report of the
Agricultural Department upon the state
of the crops. although the grain market
itself also moved irreguiarly
Money market circumstances showed no
material alterations. while the general
conditions in the foreign exchange market
suggested the likelihood of exports of
gold upon a considerable scale with the
course of the week.
There was considerable discussion with
regard to the current proceedings in Con-
gress, and more especially with regard
TO the tax upon corporations. but it is
doubtful whether the conclusion drawn
exercised anything more than negative
influence in the transactions in the stock
market