New-York tribune., 1905-07-27
STOCK MARKET OPERATIONS.

Dulness prevailed in the stock market again
yesterday the aggregate transactions being
about 1900 shares less than the small total Of
Tuesday But, although listess. the tone was
good throughout the day. and the close
firm. with gains outnumbering losses There
noticeable subsistence Of alarmist reports
on spring wheat from "crop experts" in the
Northwest. and such crop bulletins as came in
were Of a favorable sort. The United States
Steel statement was well received. and the long
rumored initial dividend on Erie second pre-
ferred stock was announced just before the close.
These circumstances combined to make for
tinued strength in stocks although they did not
incite any general advance in prices There
indication of entrance Of "the public"
into the market. which was still in the hands
Of traders OF the smaller sort. Money continued
very easy, the call rate ranging from 124 to
rer cent Foreign exchange was strong. the
demand rate making further advance of about
II points, this rise perhaps rejecting prepara-
tions for transferring TO London a part OF the
heavy japanese balances held on deposit in this
city.
The United States Steel report for the April
May-June quarter, which was not issued until
after the close of business on Tuesday, showed
net earnings closely approximating the prelim-
mary estimates made in well informed quarters.
Its heavy appropriations out of surplus for de-
excited favorable comment in the lean quar-
ters Of last year these funds had received little
replenishment. The amount of untitled orders
on hand on June 80. too, although several hun
dred thousand tons less than three months pre-
viously, was the largest on any June 30 since
the Steel Corporation began operations. And
the Street, in considering these figures did not
overlook the fact that since the first OF this
month the steel industry has taken on new life
the orders from railroads in the last ten days
for steel rails. for example. having aggregated
fully 100000 tons, Of which orders. it is a fair
assumption. the United States Steel Corporation
has received large share. But il is the Gus
tom OF Wall Street TO ''sell when the good news
is out" and so the Steel stocks were sold al
though the offerings were well taken, the COM
mon stock. resumption Of dividends on which
seems still remote closing unchanged from
tuesday and the preferred ending the day With
a net advance of = point
That a dividend would soon be declared on the
second preferred stock of the Erie Railroad has
for some time been generally believed in view of
the prosperous condition OF the company's
finances. but opinions have varied as to the
amount of the dividend. The per cent rate
which has now been fixed, met the most opti-
mistic expectation. and it's announcement caused
an immediate and sharp general advance in the
last few minutes of the trading the Erie issues,
In which the largest business OF the day was
done, closing at the highest of the day. The
principal gain in the second preferred
which advanced 2$s points The grain markets
showed declining tendency, ali Of the principal
wheat options. both on the local Produce Ex-
change and the Chicago Board of Trade
closing under Tuesdays final prices On the
Cotton Exchange the announcement of the De-
partment Of Agriculture's revised estimate of
acreage caused a wild gyration OF prices the
leading futures advancing 10 TO % points and
then dropping 30 to 40 points But the cotton
PIT is no stranger 10 excitement. and wide huct-
uatons and the apparent paradox OF a sharp
decline IN prices on report showing decrease
In acreage are perhaps not surprising when the
recent developments TO the trustworthiness of
the government reports on cotton are taken into
account. and the fact is borne in mind that the
revised estimate is based upon the same data
used in making up the original acreage estimate
for June.