The Montgomery advertiser., 1901-07-16
WALL STREET REVIEW GRADUAL BUT CONTINUED RECUPERATIoN. It Was Day of Sharp Changes Throughout the Market.
 Steel Stocks Were
 Weak.

NEW YORK, July 15.-Today's stock
 market was a striking illustration of a | favorite Wall Street aphorism that the expected never happens. The general ex- pectation in Wall Street this morning was day of continued liquidation and violent declines in prices. As a matter of fact the first smashing blow dealt to the market by the accumulation of selling or ders Sunday which were executed almost simultaneously when the presidents s
 gavel fell. made the lowest prices of the day. There was gradual but continued
 recuperation during the whole of the re- rnainder of the day except for some fresh recessions at the close, when the room traders were taking their profits on the days rally. scrutiny of the days net losses but also several sharp net gains, while the sharpest losses at the opening
 were reducd to unimportant proportions ence from these events is that a con siderable portion of the selling which was necessitated by the unfavorable develop ment of the labor situation in the steel assuring opinions were being doled out to the public from improbability of the dis pute reaching the open issue of strike
 Sut the uninitiated outsiders with United States Steel holdings undisposed of made notable demonstration this morning in their urgent attempts to unload only to ind that the insiders were prepared to support the market and accept their of ferings. A considerable part of the Iiqui- dation in the steel stocks came from London. where. in fact. declines before Saturdays New York parity of "A for United States Steel common and for United States Steel ureferred had been re- corded before the opening hour. The
 New York prices did not get as low as those for London. but the extreme on running sales of 20,000 shares; of the preferred points. Speculative Wall Street. which has long been imbued with States Steel stocks was the ultimate ob- ject practically of all the bull move ments in the stock market that have oc- cured since these stocks were issued showed extreme alarm over the violent slump in the steel stocks and saw visions of catastrophe. It soon became evident, however. 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 weeks liquidation was an important factor in today's market. The large DOT tion of the cash received from the interior last week by the banks is reported to have been for the purpose of restoring im- paired margins on stocks. It is notewor- thy that the Chicago premium on New York exchange fell from 20 last week to 5c today The rally in the market was very feverish and cratic until the open ing prices in the corn market disclosed the weakness of that cereal on the pros poets of rain in the corn belt. The con- tinued weakness of corn was an infiuen- tial factor in the sustained recovery of stocks. The opening declines in the lead ing grangers and Pacifics and South westerns reached from to points Else where in the list losses ran variou;ly from 1 to points. The recovery in the United States Steel stocks was not sus- tained as elsewhere, the common clos ing SIS lower than on Saturday and the preferred ZB.
 The railroad bond market was not so affpCted showed some gains in the late trading. Total sales, par value, $2, ,450.0o0. United States new 4s. the old As and the 5's declined k per cent. on the last call.