Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-07-16
Stocks.
E STOCKS TAKEN
A. Fast a. OHered by the scared
ones-rhe shares Amply Sup
ported.


ported.
3 Associated Press)
NEW YORK. July 15.-To-day's STOCK
market was q striking Illustration OF a
~fayorite Wall street aphorism that the
expected never happens. The general
expectation In Wall street this morning
was of a day of continued liquidation
and violent declines In prices. AS a
matter of fact the first smashing blow
dealt to the market by the accumula-
ton of selling orders over Sunday,
which we're executed almost simultan-
eously when the presidents gavel fell,
made the low prices Of the day. There
wal gradual but continued recuperation
during the whole of the remainder OF
the day, except for some fresh recess
sions at the close, when the room trad
ers 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 open
ing were reduced to unimportant pro-
portions or entirely wiped out. The
natural inference from these events that
q considerable portion of the selling
which was necessitated by the unfay-
orable developments OF the labor situa-
ton in the steel trade was effected last
week. while r~eassuring opinions were
being doled out to the public Of the ex-
IRENE improbability Of the dispute
reaching the open issue OF a strike. But
the initiated outsiders with United
States Steel holdings undisposed OF
made a notable demonstration this
morning In their urgent attempts to un-
load, only to find that the insiders were
prepared to support the market and ac-
cept their offerings. A considerable
part OF the liquidation IN the steel
stocks came from London. where in fact
declines below Saturdays New York
parity Of Az for United States Steel
common and 6 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 ~ on running sales OF
20, 900 shares and Of the preferred 5
points. Speculative Wall street, which
has long been imbued with a theory
that a care for the United States Steel
stocks was the ultimate object Of prac-
tically all the bull movements In the
stock market that have occurred since
these stocks we're issued, showed ex-
IRENE alarm over the violent slump in
the steel stocks and saw visions OF
catastrophe. 1t soon became evident,
however, that whatever preparations
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 af-
forded by last weeks liquidation was
an important factor In to-day's resil-
liency of all stocks. The large portion
of the cash received from the interior
last week by the banks is reported to
have peer for the purpose Of restoring
impaired margins on stocks. In this
connection it is worthy Of note that the
Chicago premium on New York Eek !
change fell from 25c last week to sc
to-day. The rally In the market was
very feverish and erratic until the
opening prices in the corn market dis
closed weakness of that cereal on the
prospects of rain in the corn belt. The
continued weakness Of corn was an In
~fluential factor in the sustained recov-
cry Of stocks. The opening declines In
the leading grangers and Pacific south
westerns reached from three to hve
point, Union Pacific leading. Else
where in the list the losses ran various
ly from / to 4 points. The recover In
the United States Steel stocks vas not
so sustained as elsewhere. the common
closing 3M lower than on Saturday and
the preferred 2M. The railroad bond
market was not so acutely affected IS
stocks and showed some gains In the
late trading. Total sales par value
2,45o, 900.
The United States new rs. the old