Show t PRICES GO DOWN DOViN DOWNIN IN WAll STRUT Director of Steel Trust Said to toI I Have Given utterance to Discouraging Statement COPPER STOCKS ARE WEAK WIDE DECLINE IN LONDON QUO Qu l TATI ONS New York July decline in prices today got Its principal Inspiration from the tho quarterly report of the United States Steel corporation The main factor in dis discouraging discouraging sentiment was the tho statement given by one of the directors that the amount of new business of the corpora corporation tion for July had contracted 25 to 30 per percent percent cent from the business of July of last year ear a shrInkage so considerable as to give occasion for much serious thought of the extent to which the showing up In general business might go Thus It happened that stocks turned weak upon the appearance of the report of the quarterly earnings of the steel cor corporation The fact that these earnings would constitute a new record was definitely definitely known for several days before th the report was as published although the figures exceeded the most sanguine estimate The decrease In the volume of orders on hand June compared with the preceding quarter was no greater than was expect expected ed But facts apply to past conditions condi conditions and failed to appeal to stock sentiment senti sentiment ment The fact dwelt on was that the present condition In the steel trade represents represents a considerable reaction with data lacking Jacking to define the tho ultimate limits of the reaction From the purely specula speculative speculative tive standpoint the view was adopted that the market which failed of stimulation from the recently announced Intention to the Southern Pacific dividend and from the United States Steel terl earnings was not In hopeful position for tor n a rise There was In consequence much professional selling of stocks The copper stocks were even weaker than the Iron and steel stocks partly ow owIng owing Ing to the continued settlement In the market for the metal which scored n a fur further further ther wide decline In London today A contributory cause to the weakness In the group was the feeling that the outcome ot of the Ha Haywood wood trial might involve some additional diffIculties for those companies In the labor department An unfavorable crop report from a private expert was n a factor In the late weakness of the mar market market ket Sterling exchange moved awa away from the gold export point today The hl higher her rates for tor call loans have Invited offerings of bankers bills which lowered the price of exchange The pressure to sell stocks persisted throughout t the session and the market market closed weaK at t the lowest of the day Bonds were Irregular Total sales par value alue States bonds were unchanged On call |