The Birmingham age-herald., 1903-07-23
SLIGHT RECOVERY
 IN STOCK MARKET
Opened Rise Met Renewed Sell
 Ing Causing Unsteadiness
PRESSURE WAS MAINTAINED
Upward Movement Was Accompanied By as Little News as Recent De- eIInes-pemand From Shorts
 Was an important Element.

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 waverlng in the whole list. With re- taxation of the urgent pressure upon these stocks the market took on bet ter tone and started more steadily up- wards. There were occasional slight reactions, but the trading fell away to nominal proportions at the recessions until the last hour of the sesion. At the time the market paused for time and then turned downward on a growing volume of selling and closed easy. The principal active stocks had been lifted from to points over last nights clos ing and the reaction left them not more than half of the extreme gains. The upward movement was accompanied by as little news as the recent severe de- c1ines, but the pressure to sell was not maintained. The demand from the shorts was an important element in the buy ing as a matter of course, after so vio- lent decline as that which has been occurring. No other indueement to cov- CT shorts was needed than the failure to dislodge stocks with the recent custom ary ease. The alarming rumors of f. nancial difficulties which were numer- ous yesterday all failed of corroboration today and this formed a negative in- fiuence on the buying side of the market. Some of the commission houses profess cd bax 0f on inv r. ment character. They were not in large amounts and they did not follow the market far on any advance. The rise in the dividend rate on Erie first prefer- red from to per cent basis made itself felt to some extent in the market. Many past hopes of dividend increases, rais- ed by the large surplus earnings report ed by various railroad companies, have been held in abeyance since the period of putting surplus earnings back into im- provements and some times in addition issuing bonds for additional improve ment funds. Some of the high prices of last year in stocks were based upon prob able dividend increases which were con- fidently counted upon and comparatively few of which were realized. The in- crease 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 amongst railroad corporations. The early strength in the grain markets was logically against stocks but 1t was ig- nored and the late reaction in grain fail- ed 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 Racific's s gross increase for May of $36S,9 1923 was changed to a net decrease of $66,131 by the enhanced cost of operation. Pitts burg C. c. & St Louis gain of $305,45 in gross for June was reduced to a net gain of only S661, ,224 by the higher oper- ating cost. On the other hand, Chicago & Northwestern registered a gain of over 19 per cent in gross earnings for June while that stock fell one-half on the stock exchange There was a mo- table falling off in the number of inac- tive stocks to show wide declines on the marketing of small blocks. Colorado Fuel preferred was the only notable ex- ample, 100 shares of that stock selling 22 points lower than the last sale. The active bond issues were firmer but weakness of some of the investment is- sues made the market irregular. Total sales par value $2,175.0O0
 United States bonds were unchanged on call