The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-23
PRICELEVEL OF STOCKS
MAKES SOME RECOVERY.
IMPROVES WHEN PRESSURE
ON STEEL RELAXES.
Alarming Rumors of Financial Diff
fculties for Important Firms
Are Unconfirmed.

! New York July e2.-The price level Of Sc
curities made some recovery today in an
irregular market. The opening rise met
renewed selling. especially in the United
States steel stocks. which caused a waver-
ing in The whole list. With relaxation Of
the urgent pressure upon these stocks the
market took on 4 better tone and started
more steadily upward. There were occa-
siOnal slight reactions. but the trading fell
. away to nominal proportions a. the recess
sicrs Until the last hour OF the session. AT
one time the market paused for time and
then turned downward on q growing VOL
Ume Of selling, and closed easy. The prir-
c!pal active stocks had been lifted from
TWO to three points over last night, and the
reaction left them not more than half of
the extreme gains. The upward movement
of prices was accompanied ny az little news
Is the recent severe declines but the pres
sure TO sell was not felt, and partial re-
bound was normal The demand from the
shorts was an important element in the
buying. as a matter of course. after so vio
lent a decline as has been occurring. No
other tncUcement TO cover shorts was need
cd than the failure 10 disUGse stocks with
the recent customary ease.
RUMORS FALL FLAT.
The alarming runors of financial diff
failed of confederation to-day. and this
formed negative on the buying side of the
market. Some of the commission hOus.,
profess 20 have some buying orders of an
investment character. These were not IN
large amounts. and they did not follow the
market far any advances. The rise in
the dividend rate on ErieS first preferred
from 10 per cent basis maze itself felt
TO some extent in the market
Many past hopes of dividend increases,
Low -g-
ported by various railroad companies have
been held IN aheyance since the period OF
putting surplus earnings back into improve
bonds fo- additional Improvement funds.
Some OF .he high prices OF last year in
stocks we're based upon probable dividend
increases which were confidently counted
uuoil. end comparatively few OF which were
HOPE REVIVED.
The Erie increase is the first incident TO
tons may be realized later, in spite OF the
prevalent competition for ready funds
AMONGST railroad corporations. The early
strength in the grain markets was logically
against stocks. but il was ignored. and the
late reaction in grain failed equally to. hold
stocks at the top level. Rerorts of railroad
earnings for the day were not as favorable
as in ether recent cases. Missouri PacifcS
gross increase for May ST s36s.923 was
enhanced cost of operation. P. G. G & st.
L. gain of S305.+51 in groA for Jure was re-
duced to net gain Of GYly ST.. 26i by the
higher operating cost. On the other hand.
Cnicago and Northwestern registered gain
Of over - per cent in gross earnings for
June. while that stock fell II. on the Stock
Exchange. There was n notable falling off
IL the number of inactive stocks 20, show
vide declines on the marketing of small
only notable example, IN shares of that
stock selling - points lower than the last
preceding sale.
The active bond issues were frmer. but
weakness of some of the investment issues
made the market irregular Total saIss
par value. S2.l75.bco. United States bonds
were unchanged on call.
Mining Stocks in New York.