The daily morning journal and courier., 1905-07-26
STOCK MARKET FEATURES
IRREGULARITY AND SLIGHT
 FLUCTUATIONS.

Were Waiting for U. s. SteePs Quarter
 Iy Report-what the Report Says
 It Has Several Special Features of
 Special Interest-Marixet Gossip.
 The stock market was an irregular and waiting one yesterday. It was waiting for the United States Steel company's quarterly report. The report arrived last evening and is as fol- lows:
 At the quarterly meeting of the United States Steel corporation direc- tors yesterday the regular dividend of 3-4 per cent. on the preferred stock was declared payable August 30. The financial statement for the quarter shows net earnings of $S0, 1905, ,115. Un- filled orders on hand June 30 amount to 4;S29,655 tons. The earnings for the quarter show an increase of $15,S14, ,S91 as compared with 1904. and a decrease of $6,337, ,192 as compared with 1903. Un- filled orders are 1887, ,95S greater than year ago. The statement contains sev- eral unusual features, including an ap- propriation of $1,00O, ,000, charged to Especial improvement and replace ment;" $5,OO0,000 on account of 'expen- ditures made and to be made for addi- tional property" etc., and $2,50O,OOO, specifically set aside for contemplated appropriations and expenditures, the character of which is not disclosed Because of these appropriations the surplus for the quarter is reduced to $3,070,681, an increase of only S293,037, compared with the same quarter of 1904.
 The market became very dull and an attempt was made to infuse life into it through active buying of Union Pacific and Reading by the western contingent, but this failed to arouse the market from it's lethargy.
 The increase of yellow fever at New Orleans weakened Louisville and Nash ville and Southern Railway. On the de- cline in the general market business in- creased somewhat.
 After showing strength during the forenoon the market developed a reac- tionary tone in the afternoon, the gen. era1 list going off rather easily The principal sellers were the room traders, who based their operations on the pub lies obvious lack of response to bull manipulation.
 With the exception of an opening de- cline of 3-4 cents at Minneapolis and cent at Chicago, the wheat market generally ruled above Monday nights closing. with gain of 1 1-2 cents at Chicago.
 The government crop report was cer- tainly favorable and better than ex- advanced favorably, with the crop nearly ready to cut in Iowa, and that although that black rust had appeared in scattered localities in Minnesota and the Dakotas, no material damage has been shown. The winter wheat harvest is nearly completed, with a good yield and quality in the principal states. Nearly the most important feature of the government report is the rapid growth made by corn, although rain is needed in Kansas. The statement as to 
 favorabIy viewed by the trade, the southern staple advanced 16 to 20 points. '.
 St. Paul was bought early by A. o. Brown 8s Co.,, who seemed to have sev- eral small orders in the stock. Koch, Loew & Co., also bought. It looked as if the greater part of the buying was in the nature of covering, buff so, it was premature.
 News developments were more favor able, as a rule, but in the present con- dition of the market, the effect on stocks was trifing. .s
 The early gains in the market were due to further covering of shorts and maderate buying by traders and com mission houses.
 The course of United States Steel stocks indicated less disposition to ad- vance them, but rather more to be ready to take profits promptly upon the publication of the quarterly report, if not before it came out.
 The regular dividend of 1 per cent was declared on Hide and Leather pre- ferred. There have been rumors that IL Would pC pctooCu OI I0uuC0us
 Missouri Pacific was suspiciousIy weak yesterday.
 Effort was made to depress M. O.P
 The bad advices on cotton are having s1l adverse effect.
 There was further decline in Pitts burg Coal pf. on what appeared to be the resumption of liquidation by people who had incide tips to buy some time ago at higher prices.
 The steady absorption of Southern Pacific refunding As is a feature of the bond market. The buyer is a large in- house, who takes practical | Iy all the offerings at 95 3-4.
 The Fries were also rather actively | bought on the chance that some action I may be taken at to-day's meeting to put the second preferred on dividend | DasiA N