The daily morning journal and courier., 1905-05-19
Railroad Earnings.

--CrOp Damage RepOrta--Bears on
 Top---Good Railroad Earnings.
 There was another serious slump in stocks yesterday, and the bears were on top with the bulls not in evidence.
 The hammering was plainest in the street stocks.
 The argument that the production of pig iron had oyertaken consumption and reports that some of the mills of the steel plant were on five days timo were used as clubs on the market not withstanding the continued large deliv- cries of steel products and the heavy thrilled orders still on hand, both Wall street and London accepted the pig iron situation as meaning a turn in the tide, hence the heavy domestic and foreign selling of United States Steel stocks.
 Of the total foreign selling of 35,00O portion was in Steel common and pro- ferred. The latter opened in London a point below the parity, and it was this that really set the early pace for our market. zs, a
 The abrupt break in Amalgamated Copper, which is generally considered a pretty good weather vane. of the gen. eral market, was popularly regarded as meaning that men close to the Standard Oil contingent thought the recovery in stocks had gone far enough for the time being. s.
 During the first two hours of busi- ness nearly 70 per cent. of the business was in Steel, St. Paul, Copuper and Union Pacific.
 Stocks broke sharply in the last hour, with extreme declines of f points in < St. Paul, in Union Pacific, and core spondingIy in other issues. There was a heavy outpouring of securities, par ticularly of the grangers and Steel is sues. All supporting orders appear to have been withdrawn by the men who had been marking up prices.
 Not since the summer of 1896 has there been so much talk of adverse po- litical possibilities. The Panama Canals purchases of material at the lowest prices was declared by every bear to be the strongest possible argu- ment in favor of tariff revision. II was even asserted the news would sweep through the country like wild- fire Also. that the demand for the < abolition of the duties on iron and steel products would be overwhelming. The traders cheerfully sold United States Steel stocks and other on the strength of their own run1ors. @s
 The Northern Pacific shareholders yesterday dropped all members of theil directing board affiliated with the Union Pacific interest.
 It is expected that the United States Steel shares will give the market its cue for some days. The industrial sit. uation which they represent seems to be more of a factor than the western railroad prospects which Union Paci. fic and St. Paul have been trying tc reflect,
 This liquidation should not be par. ticulsrly: serious matter for the speeu. lative community to contemplate More light, however. will have to be thrown upon the real importance of the iron trade reactions before full return of confidence is possible.
 A violent rise in wheat, with a flood uf crop damage reports from Kansas Oklahoma and other sections, may have increased the selling of the gran. gers, but the heavy selling of the Stee stocks was a prime factor in the early weakness .-J
 The Baltimore and Ohio April In. crease in net of S15S. .00O, that of Mis-, souri Pacific of $106,799 for March, ant the gross gains os $5S,679 for the sec. ond week of May by the Kansas ant Texas and of $40,0O0 by the Missouri Pacific indicate good traffic conditions
 The behavior of St. Paul stock ant every appearance of being run up fol the purpose of enabling those who put it up to get out of their stock. <
 The Evening Post remarks pithily or pitilessly: If the big men can nc Y longer be pictured as amounting ont another's heads with oil, then it is eas jest to conceive them as smiting under each others fifth ribs. The middle ground is not half so convincing. To. days market, therefore, received tht announcement from the shareholders meeting with a rapid downward move. ment."
 Ceorpe Baldwin the well-knoyn a,i