The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-07-16
STOCKS MARKED UP
OPENING SLUMP FOLLOWED BY M
PROVING PRICEstPRAGTICALLY
ALL DAY
THE RECOVERY Is GENERAL
Though Some Shares show Net Re-
cessions From Saturdays Close
Improvement In Corn
Situation Helped.

NEW YORK, july 25.-Toda-'s stock
market was striking illustration of
faVorite Wall street aphorism that the
expected never happens. The general ex-
pectation in Wall street this morning was
for day OF continued liquidation IeaH
violent declines of prices. AS a matter
of fact the first smashing blow dealt TO
the market by the accumulation of selling
orders over Sunday, which were launcn-
ed almost simultaneously when the presi-
dent S gavel fell, made the, low prices of
the day There was gradual but con-
tinued recUperation during the whole of
the remainder Of the day, except for
some fresh recessions at the. close when
the room traders were taking their prof
its on the days rally. A scrutiny of the
days net changes reveals some consider
able net losses. but also several sharp
net gains, while the sharpeSt losses at
the opening. We're reduced to unimportanc
proportions or entirely wiped out The
natural inference from these events Is
that a considerable portion of the selling
which was neceSSitated by the unfayor-
able development of the labor situation
in the steel, trade. was effected last week
While reaSSurlnS opinions were being dol
ed out to the public of the extreme i'm
probability of the dispute reaching the
open issue of a strike. But the. uninitiated.
outsiders with United States Steel hold
inSs undisposed OF. made a notabIegdem-
onStration this morning in their urgent
efforts to unload, only to find that in
siders were prepared to support the mar
kcE and accept their offerings. A con-
steel stocks came up from London,
where in fact, declines below Saturdays
New York parity of AZ for United States
Steel common and for the 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 ~
on running sales of 20 coo shares and
of the preferred s. points. Speculative
Wall street. which has long been imbued
with theory that a care for the United
States Steel stocks was the ultimate OBJ
ject of practically all the bull movements
since these stocks were issued, showed
extreme alarm over the violent slump
in the steel stocks and saw visions of
catastrophe. 1t soon became evident how
ever, that whatever Preparations had
been necessary to enable the friends OF
the United States Steel stocks to with
stand the pressure upon them had been
made last week. The relief afforded by
last week. liquidation was an important
factor in todays resiliency 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
In this connection 1t is worthy of note
that the Chicago premium on New York
exchange fell from . cents last week to
cents today. The rally in the market
was very feverish and erratic until the
opening prices in the corn market dis
closed the weakness of that cereal on tha
prospects of rain in the corn belt The
continued weakness of corn was an in
fluential factor in the sustained recovery
of stocks. The opening declines in the
leading grangers and Pacific Southwest
ems reached from 8 to points, Union
Pacific leading. Elsewhere in the list
the losses ran variouSly from to
points. The recovery in the United States
Steel stocks was not sustained elsewhere.
the common closing 3a4 lower than on
Saturday and the preferred 2B.
The railroad bonds market was not 50
acutely affected as stocks, and showed
some gains in the late trading Total
sales. par value. $2450,G0o United States
new As the old As and the IS declined Il
per cent on the last call
STOCKS
Furnished by Charles H. F. Smith &
Co., members of the New YORK. Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago and New
York. Closing prices are bid.