The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-23
RECOVERY IN STOCKS
THIS is ONLY PARTIALLY THE CASE
HOWEVER, MARKET IRREGULAR
Principal Active Stocks Are Lifted Several
Points Above Tuesday, When the Mar
ket Turns Downward and Closes Easy,
With Half OF the GAINS Lost.


NEW YORK, July 22.@The price level
of securities made some recovery today in
an irregular market. The opening rise
met renewed selling, especially. in the
United States Steel stocks, which caused
a wavering in the whole list With a re-
taxation OF the urgent pressure upon
these stocks the market took on a better
tone and started more steadily upwards
IN Were occasional slight reactions,
out the trading fell away to nominal pro-
portions at the recessions, until the last
nour OF the session. Then the market
paused for time and turned downwards
on growing volume of selling and closed
easy. =
The principal active stocks had been
Hiteo from to ) points over last night S
close and the reaction left them not
more imam half the extreme gains The
upward movement Of prices was accom-
panied by as little news as the recent Sc
we're declines, but the pressure to sell
was not felt and a partial rebound was
normal The demand from the Shorts was
an important element in the buying as a
matter or course after SO violent decline
as that which has been occurring No
otner 1nducement to cover shorts was
needed than the failure to dislodge stocks
with the recent customary ease.
Alarming Rumors Unconfirmed.
The alarming rumors of financial DIFF
ncultles which were numerous 1%terday
all failed of confederation today and this
formed negative influence on the buying
size OF the market. Some of the COM
mission houses profesSed to have some
buying orders of an investment character.
Ihese were not in large amounts and
they did not follow the market far on
any advances. The rise in the dividend
rate in Erie first preferred from a to 4
per cent basis made itself felt to some ex-
tent in the market. Many past hopes
OF dividend increases, raised by the large
surplus earnings reported by various rail-
road companies have been held in abey-
ance since the period of putting surplus
earnings back into the improvements and
sometimes IN addition issuing bonds for
additional improvement funds
Some of the high prices of last year
IN stocks were based upon probable divi-
| dend increases which were confidently
counted upon, and comparatively few of
which were realized. The Erie increase
is the first incident to revive any hope
that some of these expectations may be
realized later in spite of the prevalent
competition for ready funds among rail-
road corporations. "a
Grain Markets Without Influence.
The early strength in the grain markets
was logically against stocks, but it was
failed equally to hold stocks at the top
level. Reports of railroad earnings for tile
day were not as favorable as in other re-
e cenf Eases feg Man Mssog se s &c in
to a. net decrease of $66, l31 by the en-
HANGED cost of operations. Pittsburg, c.,
G. &c st. Louis gain of $3Q5, 451
In gross for June was reduced to a net
gain of only SCI, 264 by the higher oper-
ating cost On the other hand, Chicago &
North-W Western registered a gain of over
10 per cent in gross earnings for June,
while that stock fell / u on the stock ex-
change. There was notable falling off
in the number of inactive stocks to show
wide declines on the marketing of small
blocks. Colorado Fuel preferred was the
only notable example, 100 shares of TIKI t
stock selling % points lower than the
last preceding sale.
The active bond issues were firmer, but
weakness Of some of the investment issues
made the market irregular. Total sales,
par value, S2175,0 900. United States bonds
were unchanged on the last call.