The age-herald., 1901-07-16
STOCK MARKET
 WAS A SURPRISE The Expected Slump Did Not
 Materlalize OFFERINGS QUICKLY TAKEN United States Steel Showed Great Strength Despite the Strike lnau- aurated in the Pittsburg Dis
 trict-Prices Maintained.
OFFERINGS QUICKLY TAKEN

New York, July 15.-Today's stock mar ket was striking illustration Of favorite Wall street aphorism that the expected never happens. The general ex- pectations in Wall street this morning was a day of continued liquidation and violent declines in prices, As matter ot 1act the first smashing blow dealt to the mar ket by the accumulation of selling orders over Sunday which were executed almost simultaneously when the presidents gaVei fell made the lowest prices of the day. There was gradual but continued recuper- ation during the whole of the remainder of the day except for some fresh reces- sions at the close when the room traders were taking their profits on the days rally. A scrutiny of the days net changes reveals some considerable net losses, but also several sharp net gains, while the sharpest losses at the opening were re- duced to unimportant proportions or en- tirely wiped out. The natural inference from these events is that a considerable portion of the selling which was necessi- lated by the unfavorable development of the labor situation in the steel trade was effected last week, while reassuring opin- ions were being doled out to the public from improbability of the dispute reaching the open issue of a strike. But the un- initiated outsiders with United States Steel holdings undisposed or made a nota- be demonstration this morning In their urgent attempts tu unload only to find that the insiders were prepared to sup port the market and accept their offerings. ,ci1 RI 0f f1,a 1fpt ida ion n the steel stocks came from London, where in fact declines before Saturdays New York parity "A for United States Steel common and for United States Steel pre- ferred had been recorded before the open ing hour. The New York prices did not get as low as those for London, but the extreme opening decline for the common was Az on running sales of 10000 shares of the preferred points. Speculative Wall street, which has long been imbued with a theory that care of the United States Steel stocks was the ultimate ob- ject practically of all the bull movements in the stock market that have occurred 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 neces- sary 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 liquidation was an important factor in today's market. The large portion of the cash from the interior last week by the banks is reported to have been for the purpose of restoring impaired mar gins on stocks. It is noteworthy that T the Chicago premium on New York ex- change fell from 20 cents last week to 5 cents today The rally In the market was very feverish and cratic until the opening prices in the corn market dis closed thetweakness of that cereal on the prospects of rain in the corn belt The weakness of corn was an influential fac tor in the sustained recovery of stocks. The opening declines in the leading grangers and Pacific and Southwesterns reached from to points, Union Pacific, Reading Elsewhere in the list losses ran variously from 1 to points. The re- covery in the United States Steel stocks was not so sustained as elsewhere, the common closing SIS lower than on Sat urday and the preferred 2A
 The railroad bond market was not so acutely affected as stocks and showed some gains in the late trading. Total sales par value s2, 10000.
 United States new As. the old As and the bs declined A per cent on the last call. New York Stock Market.
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