The daily morning journal and courier., 1905-05-22
STOCK MARKET FEATURES
RECONCILIATION AS TO WHAT
 MAY HAPPEN.
Last Weeks Selling and Downfall of Prices-Tke Bank Statement-Gossip -The Pressure on the steeis.

The bulls were lacking last week and the bears were audacious and success ful. ,s..
 Nothing in sight, however, calls for a panic or panicky feeling. There are too many good features in the situation to justify much that is pessimistic.
 The bank statement was worse than had been expected, and this started further liquidation, with new low rec ords for the year in some issues. Unit ed States Steel shares were again un- der pressure, the common touching 70 before 11:S0 o'clock, and the preferred getting down to SPA by that time. Reading broke abruptly between sales, and Amalgamated Copper was very weak. The remainder of the list fol- lowed these leaders. Selling orders from many parts of the country continued to pour in and many stop-loss orders were closed out. zts
 Liauidation in United States Steel stocks got under such headWay that nobody seemed willing to step into the breach and stem it. The bulk of the selling orders in these issues came from out of towr--from those who had bought well above thirty, and who fear ed they would see a repetition of the decline of two years ago. Pools also contributed to the selling of various is- sues such as St. Paul, Reading, Amer ican Locomotive, Smelling, New York Central-these interests not having been able to distribute all their long holdings before the sharp break came a month ago. .,.s x2s.,.s-....-,
 Professional manipulation for a de- cline, operating on several convenient unfavorable conditions, has been re- sponsible for the bulk of the fall. AS the market goes just now it seems un-, able to hold one position for any length of time,. running from an oversold to an overbought state and only becoming active as it grows very weak or very strong.
 It seems certain that the stocks in which the big speculation of last win ter and this spring occurred have been pretty thoroughly liquidated, and that, if they go lower, it will be from selling that creates short interest, and not of the kind which represents the over
 
 From the present temper of Wall street, stocks are more likely to react more easily than to rally, or, in other words, they will probably reflect bad news more readily than favorable re- ports. This condition may continue un- til after the winter wheat crop is made. By that time there ought to be a re- covery in the iron and steel trade.
 Henry CleWs says: 'The speculative situation has been somewhat improved by the elimination of weak accounts, and through drop of from 10 to 20 points. General business conditions are satisfactory, and if security values were only at a more tempting level there would undoubtedly be renewed general buying, providing present dis turbing issues could be promptly set ted The immediate outlook for the market, however, is for periodic rallies, followed by reactions which may result in ultimately bringing the market to a lower level. Speculative activity dur ing the summer will probably be large ly influenced by unsettled outside con- 5tiitions, as well as by the fact that the season is approaching when many oper- ators will be absent
 A year ago the United States Rubber company offered a certain amount of it's common and preferred stock to em- ployes, a phase of cooperative owner- ship or profit sharing that is none too common in this country. The shares were offered at 10 for the common and A for the preferred. The market then was at about the lowest of the year. Since Rubber common has sold as high as 451s and the prsferred at 11S1S. In addition the preferred has received 8 per cent in dividends. Therefore, the buyer of a year ago has besn able to realize nearly three times as much for the stock as he paid for it.
 In the annual report of the rubber company last week, president Colt re- fers for the stanch cooperation and the greater zeal that has been shown by employees by sharing profits with them.
 The three offers of preferred stock made by the United States Steel cor poration in the past three years aver age 5 for it, so there is a good profit to those smployes who have carried their stock through the various fluctu- ations.