The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-16
RECOVERIES in STOCKS
OPENING WEAKNESS GENERALLY
MORE THAN OVERCOME.
Friends of United States steel support
the Market Heavily-Effect of
the Corn Situation.

NEW YORK. July 15.-To-day's stock
market was a striking illustration Of a
favorite Wall-street aphorism that the ex-
pected never happens. The general expec-
tation this morning was of day of con-
tinued liquidation and Of violent declines
in prices AS a matter of fact. the first
smashing blow dealt to the market by the
accumulation of selling orders over Sunday,
which were executed almost simultaneous
ly when the presidents gavel fell. made
the low prices Of the day. There was grad
ual recuperation during the whole of the
remainder of the day. scrutiny of the
days net changes reveals some consid-
cradle net losses, but also several sharp net
gains, while the sharpest losses at the
opening were reduced TO unimportant pro-
portions or entirely wiped out. The natural
inference from these events is that a con-
siderable portion of the selling which was
necesstated by the unfavorable develop
ment OF the labor situation in the steel
trade was effected last week. while reas-
surfing opinions were being doled out TO
the public of the extreme improbability
or strike. But the uninitiated outsiders
with United States Steel holdings undis-
posed OF made notable demonstration
this morning in their urgent attempts TO
unload, only TO find that the insiders
were prepared TO support the market and
accept their offerings a considerable part
OF the liquidation in the Steel stocks came
from London, where, in fact, declines be-
low Saturdays parity of 4A for Steel COM
mon and for preferred had been record
ed before the opening here. The New
York prices did not get as low as those
for London, but the extreme opening de-
cline for the common was AZ on running
sales of 10000 shares and OF the preferred
points. Speculative Wall street, which
has long been imbued with the theory that
a care for the United States Steel stocks
was the ultimate object of practically all
the bull movements since these stocks were
issued, showed extreme alarm over the vio-
lent slump in the Steel stocks, and saw
visions of catastrophe. II soon became
evident, however, that whatever prepare
tions had been necessary TO enable 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 liquidat ton was an important
factor in to-days reSilliency OF all stocks.
The large portion of the cash received
from the interior last week by the banks
is reported to have been for the purpose
of restoring impaired margins on stocks.
The continued weakness of corn was an
influential factor in the sustained recovery
of stocks The opening decline in the lead
ing grangers and Pacific Southwesterns
ranged from TO points, Union racine
leading. Elsewhere in the list the losses
ran variousy from TO points. The re-
covery in the United States Steel stocks
was not so we'll sustained as elsewhere,
the common closing 3is lower than on Sat
urday and the preferred rs.
The railroad bond market was not so
acutely affected as stocks. and showed some
gains in the late trading Total sales, at
par value were s2.450,000. United States
new fours the old fours and the hveS de-
clined u per cent. on the last call.
Following are the days share sales and
the closing bid prices.