The Montgomery advertiser., 1903-07-23
WALL STREET REVIEW
PRICE LEVEL OF SECURITIES
 MAKES SOME RECovE-.Y.
With Relaxation of Urgent Pressure the Market Takes on a Better Tone-Downward Turn at
 the Close.

NEW YORK, July 22.-The price level of securities made some recovery today in an ir- regular market. The opening rise met renewed selling especially in the United States Steel stocks. which caused a wavering in the whole list. With relaxation of the urgent pressure upon the stocks the market took a better tone and started more steadily upwards. There were occasional slight reactions but the trading fell away to nominal proportions at the recession, until the last hour of the ses- sion. At the time the market paused for a time and then turned downward on a growing volume of selling and closed easy. The prin- eipal active stocks had been lifted from to 3 points over last nights closing and the action left them not more than half of the extreme gains. The upward movement was companied by as little news as the recent severe declines. but the pressure to sell was not maintained The demand from the shorts was an important element in the buying as matter of course. after violent decline as that which has been occurring. No other inducement to cover shorts needed than the failure to dislodge stocks with the recent customary ease. The alarming rumors of fnan- cial difficulties which were numerous yester' day all failed of corroboration today and this formed negative influence on the buying side of the market. Some of the commission houses professed to have buying orders of an invest ment character These were not in large amounts and they did not follow the market far any advances. The rise, in the dividend rate on Erie first preferred from to. 4 per cent. basis made itself felt to some extent in the market Many past hopes of dividend in- creases. raised by the large surplus earnings reported by various railroad companies. have been held in abeyance since the period of putting surplus earnings back into improve ments and sometimes in addition issuing bonds for additional improvement funds. Some of the high prices of last year in stocks was based on dividend increases which were confidently counted upon and comparatively few of which were realized. The increase is the first incident to revive any hope that some of these expec- tations may be realized later. in spit of the prevalent competition for ready funds amongst railroad corporations. The early strength In the grain markets was logically against stocks. but 1t Ignored and the late reaction in grain failed equally to hold stocks at the top level. Reports of railroad earnings for the day were not as favorable as in other recent cases. Missouri Pacifc's gross increase for May of s36s OPS was changed to a net de- crease of $66,l3l by the enhanced cost of operation Pittsburg c. c. and St. Louis shows a gain of S3o5. 45l in gross for June which was reduced to a net gain of only S6i .264 by the higher operating cost On the other hand. Chicago and Northwestern regis earnings for June. while that stock fell i1s on the Stock Exchange There was notable fall ing off in the number of inactive stocks to show wide declines the marketing of small blocks. Colorado Fuel preferred was the only notable example, 100 shares of that stock sell ing 22 points lower than the last sale
 The active bond issues were frmer, but weakness of some of the investment issues made the market irregular Total sales (par value), S2, 50, 900. United States bonds were unchanged on call
 New York Stock List.