The daily morning journal and courier., 1905-07-24
STOCK MARKET FEATURES
SATURDAYS DECIDED SLUMP IN
 PRICES.

Talk of Black Rust-GOOd Trading
 Market Expected-The Corn Prospects
 -The Bulls and the Bears.
 : After a long spell of rising prices the market, upon the news that black rust had appeared in the spring wheat and having got all the news for the present as to increases of dividends, took slump and there was a big half days business done, chiefly in selling.
 There are differing views as to the immediate course of the market, one view being that after this setback prices ought to rally again, conditions on the whole being so favorable, with fair prospects for wheat and bumper corn harvest, while the outlook for the steel and iron trade is good.
 Another view is that prices are al- ready at a high level, despite the set back, and this being the critical season as to spring wheat and corn, there ought to be either waiting market, with probably a good trading market, and this latter view seems most &C., ceptable to critical and conservative judges or connoisseurs of the stock market. >. .i
 The principal feature to the stock speculation Saturday was the heavy selling by western houses, which drag ged prices down to an unusual extent for a half holiday.
 The ostensible reason for the western pressure against the market was the black rust in the spring wheat region, renewed reports of which were freely current again Saturday, although wheat declined a cent. These reports are be- lieved by most people to be eXagger- ated.
 Then there Is no immediate prospect of peace terms between Russia and Ja- pan being arrived, at.
 7 The May railroad earnings show up handsomely, the gross gain being $l1,- 133,804 and the net S3573, ,1S3-a net in- crease of 10 per cent.
 There is a very intimate relation be- tween the deficit of $1,142,097 reported by the International Mercantile Marine for the year 1904 and the foreign trade of the United States. The loss was due directly to the great reduction in the exports of wheat and corn from the At 1antic ports, This decrease, including oats, was 141,918,943 bushels, compared with 1904, and 236,17S,675 bushels from the average of nine years beginning with 1895.
 The western element are pulling wheat and bearing stocks.
 Philadelphia has been large seller of Reading, not believing that the stock :. ought to sell so high on present divi- dend and with the prospect of large expenditures and coal strike to con- sider.
 The action of the Union Pacific and of the Illinois Central directors in not voting larger dividend increases was disappointing.
 More unpleasant disclosures in the Equitable affair are also looked for.
 An altogether exceptional amount of damage will have to be done in. the northern half of the wheat belt if the total wheat production is to fall any Wherejnear last years level.
 The sale of another block of Brooklyn Rapid Transit bonds convertible into stock caused fresh liquidation in that issue. The so-ca1led Berwind pool is reported to have Iiquidated most of it's holdings. The political "crowd" ap- peared to be large sellers.
 Part of the selling of Reading, and other issues as we'll, was believed to have been for account of well-known group of operators interested in the wheat speculation now getting under way who desire to release, for use in the grain market, their funds now tied up in stocks,
 There is a disposition to look for a rally before the United States Steel statement comes out tomorrow.
 A feature of Saturday was the clos ing out of speculative accounts in three stocks which had been bought at high prices because of inside knowledge as to the increase in ivldends-Baltimore and Ohio, Union Pacific and Amalga- mated Copper.