The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-07-16
VHL STREET STOCKS
Market Was Illustration of
Wall Street Aphorism.
EXPECTED NEVER CAME
Continued Liquidation and
Decline Looked For

New York. July 15.-Today's stock mar
ket was q striking Illustration Of IA
vorite Wall Street aph0r-sm that the ex-
pected never happens. The general ex-
pectation in wan Street this morning
was Of a day OF continued liquidation and
violent declines in prices As q matter OF
fact, the drss smashing blow dealt 20 the
market BY the accumulation OF selling or
ders over Sunday which were executed
almost simultaneously when the presi-
uent's gavel feIl. made the low prices o.
the day. There was a gradual but con
Uinued reciprocation during the whole OF
the remainder OF the day. except for
some fresh recessions az the close when
the room traders we're taking their proilts
on the days rally. A scrutiny CT the day
net changes reveals some considerable net
losses. but also several sharp net gains,
while the sharpest losses AZ The opening
were reduced 10 unimportanr proportions
or entirely wided out The natural in
ference from these events 5 that con
siderable portion Of The selling Which Was
necessitated BY the unfavorable develop
meut OF the labor situation III the steel
trade was effected last week while reas-
suring opinions were being doled out 10
the extreme inlprOb2bility OF the dispute
reaching the open issue Of e strike But
the uninitiated outsiders with United
States Steel holdings undisposed OF made
a notable demonstration This morning ID
their urgent attempts 20 unload, only 10
find that the insiders were prepared 10
support the market and accept their Of
ferings. A considerable part OF the lie IL
dalton n the Steel stocks came from Lon
don, where, in fact. declines below Sat
urdays New York parity OF ~ for Uni
ted States Steel common and for United
States Steel preferred had been recorded
before the opening here The New York
prices did not get as low as those FOR
London. but the extreme opening decline
for the common was "A on running sales
OF 10000 shares and Of the preferred
points. Speculative Wall Street, which
has long been irnbusd with q theory that
z care for the United States Steel stocks
was the ultimate object OF practically all
the bull movements in the stock market
that hare occurred since these stocks
we're issued, showed extreme alarm over
the violent slump IN the Steel stocks
and saw visions OF catastrophe Il soon
became evident, however. that whatever
preparatlOns had been necessary 20 ella-
bic the friends OF the United states Steel
stocks to Withstand the pressure upon
them had been made last week The
relief Afforded BY last weeks Aquid2-
ton was an Important Ld--lE III lI7At+f
resiiliency OF all stocks The large por-
ton Of the cash received from the ints-
rior last week by the banks is reported
10 have been for the purpose OF reSJor-
ing impaired margins on stocks In tins
connection II is worthy OF note that the
Chicago premium on New YORK exchange
fell from sc last week 10 cents today.
The rally IN the market was very feveTish
and erratic until the opening prices IN
the. corn market disclosed the weakness
OF that cereal on the prospects or rain n
1 the corn belt. The continued weakness OK
corn was an influential factor in the sus-
tanned recovery OF stocks. The opening
/ declines IN the leading CHANGERS and "a
4 cifc Southwesterns reached from 20 ,
points. Union Pacific leading. Elsewhere
/ IN the list the losses ran variously nom
/ 70 A points. The recovery IN the United
states steel stocks was not so sustained
as elsewhere. the common closing -
! lower than on saturday, and the pre-
/ ferred rs. The railroad bond market was
not so acutely affected az stocks ana
showed some gains IN the last trading
Total sales. par value sZ45s,oo0. The
United States new fours, The old fours
/ and the 6ves declined = per cent on the
| last cali.
Closing urfces OF stocks were as follows.