The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-07-16
HEAVY DECLINES IN
STOCKS and GRAIN.
Labor Trouble Had Marked, Dis
tressing Effect on Steel
Securities.
LONDON PREPARED THE WAY.
Prices Smashed All Around at the
Opening, but Reacted Toward
the Close-Rain Reports
| Hammered Corn.
LONDON PREPARED THE WAY.
REPUBLIC SPECIAL.

REPUBLIC SPECIAL.
New York, July IA feeling of deep
anxiety pervaded Wall street to-day ow-
Ing to the development in the steel trouble
and the cron situation. Heavy declines in
American stocks on the London Exchange
prepared the street for Il demoraliZed mar
ket here. and the expectation was realized.
United States Steel Corporation was AZ
lower in London. and the preferred 6, while
losses in the railroad list at o'clock there
We're z points over in Erie first preferred,
Louisville and Southern Pacific.
Prices were smashed all around at the
opening OF the exchange here, and immense
blocks Of stocks were unloaded, with ap-
parent disregard to price. Steel, of course,
was the marked feature. The rush to UNI
load extended to the other stocks. In the
railroad list the Changers and the Pacifics
were the most acutely affected. Union Pa
cff1c leading with drop of points. There
were losses Of between 4 and points in st.
Paul. Atchison common and preferred, Tex
as and Pacific and Missouri Pacific. In
Pennsylvania. New York Central. B. & O.,
Erie. Rock Island. Southern Pacific, Iowa
Central preferred. Amalgamated Copper and
Sugar. there were losses of or over: Lack
awanna fell 81 and Colorado Fuel assc.
Bargain Hunters Invested.
The violence Of the decline invited some
buying from bargain hunters and insiders
offered support by buying. but huge blocks
had to be taken in continuous strings, In
dividual transactions running to 5000 shares.
First quotations were generally low for
the forenoon. The rally which followed had
by noon wiped out large part Of the early
losses.
News about corn was far more plentiful.
Rains. SO the weather maps declared. had
fallen in parts of Minnesota and South Da-
kota, and traces Of rain and lower tempera-
ture in other parts of the corn belt had
Christening effect upon the pessimists. and
the rumor mongers, and, in fact, upon all
those who, for the past few days. have
been shouting that corn was king; that the
King had been dethroned and that the
country's surplus products. and. in fact, the
country itself. was going to the ''demnition
bow-wows.'
An old operator, viewing the situation to-
day, was trying to convince number OF
brokers who were watching the fluctuations
in the cereal markets that. Notwithstanding
all the reports of burnt corn. there was a
probability of the corn crop reaching many
millions of bushels more than the .esti-
mates, and then asked: s.r-
rs 1t not better to have moderate crop
at high prices than a bumper crop ut low
prices. when you decide 1t is better to let 1t
burn than to harvest it. as has been done
in gears back?' ~
The banks are apparently passive during
these stock aurries. They are lending mon
ey on call at per cent, and they sec no
evidence OF a higher rate.
Recuperation Among GranEers.
There was no renewal. however. OF dis
orderly weakness in the market. The good
buying at the declines impressed the pro-
fessional traders with the idea that the
selling had been overdone. There was a
pretty steady recuperation. which was es-
pecially marked among the corn grangers,
In Chicago corn closed at the lowest prices
Of the day. From SIC It dropped to 1890.
Here it went from Soc to 521sc. and closed
at 629sc- Wheat was also depressed.
The reverse condition obtained on the
stock market. The late afternoon prices
were the best of the session. In n number
OF instances all Of the first losses were
erased. In a few, prices went above those
Of Saturdays closing
Some of the recoveries from the bottom
figures of the day were: st. Paul ~ Penn
sylvania 3. Union Pacific 8. Atchison COM
mon As, preferred as. Rock Island 5k. New
York Central PA. Southern Pacific IL and
Erie common 9
The steel stocks. gain amounted to 2
points in the common and in the pre-
ferred.