New-York tribune., 1905-07-26
STOCK MARKET OPERATIONS.

If any influence could be said to be prepon-
derating in yesterdays stock market it was the
crop situation, which was, at least in the morn
ing hours. the subject of principal discussion.
But the volume of the days trading small,
and in the afternoon the business Of the Stock
Exchange moved at snails pace, the disposi-
ton being general to await the figures of the
United States Steel Corporations quarterly
statement, to be issued after the close of busi-
ness, before making fresh commitments
either side. The close was firm, but dull.
Throughout the session the trading pro-
fessional, with commission houses doing hardly
anything.
The rally of Monday continued for brief
period yesterday morning prices advancing in
the first hour but before the market had
relapsed into dulness, the tendency being
languidly downward.
The stock market is fairly in the crop
scare stage, ana, is usual at this season
each year, the most contradictory reports of
conditions in the great grain growing territory
are being received. Last week wheat went up
and stocks went down advices from various
crop experts detailing the dire ravages of
black rust in the spring wheat tracts Of the
Northwest. These reports We're declared on
Monday. and again yesterday, to have been
grossly exaggerated. The weekly report yester-
day OF the government Weather Bureau. a dis
interested authority, announced that spring
wheat was advancing favorably and that, al
though black rust had been observed at scat
tered points in Minnesota and the Dakotas seri-
Gus injury was not probable If weather condi-
tions should continue favorable. Similar testi-
mOny borne in letter from the president
of the st. Paul road to Roswell Miller chair
man of the board, as to the condition and pros
poets of the spring wheat along the lines Of that
great railway system. The winter wheat har-
vest. the Weather Bureau report further said
was practically completed, yield and quality be-
ing good. On reports such as these the wheat
market, both here and in the West continued
its decline in the early ira f1g yesterday as the
stock market continued TO advance Then came
renewed reports from obscure sources of the dis
covery of black rust, and wheat prices sharply
advanced, the stock market responding by a ces-
sation Of its early activity and slow easing off
in prices.
The preliminary estimates-which were no more
than anybody's guess-of the amount of net earn
| ings for the June 80 quarter. which were made
public after o'clock yesterday by the board of
the United States Steel Corporation has varied
two or three millions each way from the S3O-
UoOOOO mark The Steel stocks were decidedly
strong in the early hours yesterday, being bid
up on confident predictions of an excellent show
Ing of earnings, but in the afternoon a rumo-
was circulated with energy that they would not
| exceed 000 and on the selling upon that
report they lost their early advance The actual
figures about $303000OO are in line with con-
Sentative expectation and are regarded as max
ing an entirely satisfactory showing
Much curiosity had been manifested as to the
amount of the untitled orders on hand on June
80. This item is also gratifyingly large in view
Of the many reports current of late as to a serI-
Gus falling off in the volume of business of the
various steel manufacturing companies as ii Is
shown to have been only about $4,000 tons
under the record amount of 5597 500 tons ON
March 81, and 1857 600 tons in excess of the
aggregate Of untitled orders on the Steel Cor
poration's books on June go 1904. A feature OF
the statement which excited favorable comment
was the increased appropriation from surplus
for additional property, construction and cap
ital obligations and the setting aside Of an ad-
tions and expenditures.
The stocks Of the railways operating In the
Southern States little affected by the vel
low fever news from New Orleans the dis
patches from which city still conflicting as
to the probable seriousness OF the outbreak In
a midsummer market professional as yester-
days IL not to be expected that any atten-
ton would be paid to such subjects the steps
which are being taken toward ending the Russo
japanese war