The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1905-07-26
NEW YORK.

The determination of the department
to revise the cotton acreage figures, re
suited in a sharp rise in, that commodity.
In fine, the crop news OF the day was
deemed satisfactory by the Street and
the early gain in the grangers and no
tably in Canadian Pacific reflected the
prevailing sentiment concerning the out
look for the harvests. But it was toward
the Steel report that the public mind
was directed, and now that the figures
are known, there would appear 10 be no
adequate reason why the advance move
ment which uSheTed in the week should
not continue. The United States Steel
Corporation shows net earnings for the
quarter ended June 80 aggregatfng $50 -
Suo,lls; or we'll within the SO. 00O. 900
Which was the estimate made in this
coIuTnn three weeks ago These earnings
SHOW an Increase Of more than 81 900 900
over those OF the preceding quarter
but what is far more important tina n
TINS IS that the net earnings for the
month OF June surpassed those of any
prior month this year, In fine, the report
OF the steel corporation for the bygOne
quarter sets at rest all those rumors of
q heavy falling off in business during
June which have been rife for a month
or more.
The most significant feature OF the
steel Corporations report is the item of
engaged tonnage on hand at the expiry
OF the quarter. This amounts to the
very remarkable figures for this the dull
season OF the year, of 4S29S55 tons
hese booked orders show a falling off
OF 1880 tons from the engaged tonnage
on nand at the beginning Of the last
quarter, but they exceed By 700 600 IONS
the engaged tonnage booked on July /
last year, and constitute a remarkably
heavy tonnage for the summer quarter.
r rom these figures Ii may be confidently
IEtdicted that The. net receipts Of the
United states Steel Corporation for 1905
viii! exceed $10j. coo 600 and the new wear
viii probably witness the common stock
restored to a dividend basis.
A mild boom in Copper stocks has been
getting under way for several DAYS and
yesterday made Itself apparent in New
DIRK London. and Boston The bJIIish-
ness of Boston houses on Conner stnll[s
Whlcn nave their principal market in
iAe nun was said by some observers to
De little TOO oUtspOlIeu 20 be quite CON
Nlhclhg. Dut the strength of the same
class OF securities at London was ad-
mltted to be impressive. The attitude
OF me foreign markets and trade pre-
e!cuonS 81 l5-cent copper lent some
strength TO AiamgamaLcd here. where
The only obstacle to an upward move
ment OF some proportions seems To he
the decp-rooted belief that ,he pool
stands ready TO unload stock fol which
II pald prices ranging from the present
level up to 50.
1t is suggested In some quarters that
the return of the now almost celebrated
fishing expedition should influence the
active list Dulllshly in proportion to the
bearishness of its departure. Several
of the fishermen Have already returned
and Mr. Gates himself will be back be-
fore the end of the week In all serious
moss, the street looks for considera Bile
degree Of oDtimism-Which in Wall
Street means faith in higher prices
from the Gates following. II is under
stood 10 have sold out practically all
its stocks before the wheat rust scare
arrived. ard. therefore. 20 be in posi-
ti0n 10 buy heavily when the leader
Of the group adopts an aggressive course
again. The Gates firm bought the Steel
stocks yesterday, and the execution Of
these orders was thought to be more
representative of the Western cIiques
position than some of the orders which
;he firm executed last week, Mr. Gates
ST. being likely 70 have good informa-
t!Cn on the nature Of the steel Corpora
iCu quarterly FeUDTJ