Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-15
BULLS AND BEARS

sound and healthy. and I believe the large
| producers are not in favor of unreasonably
high prices. notwithstanding what proper
lions the demand assumes. The demand
| for copper over the last two weeks has
been exceptionally brisk. and many million
pounds have been disposed OF on a basis of
Is cents for lake and electrolytic. The In
! crease In the consumption of copper Is due
largely to the Increased volume Of business.
Industries that use copper are active.
stocks ara low and not few manufactur-
ers are anxious about future supplies The
copper now going abroad was purchased
weeks ago. but the demand for foreign
consumption continues large, and 1t looks
as though the prosperity OF the industry
was assured for this year at least. i would
not care to forecast beyond this year. There
Is an absence OF speculation and boom in
the copper business at present and the out
look could not be brighter.
Concerning the stock market A o.
Brown Co. say: I'VE see no indication
of weakness in the situation, and believe
that the upward trend will be maintained,
although the movement promises to be
somewhat slow and rather irregular"
Bartlett. Frazier Darlington say: 1t is
the opinion of many bankers that the bank
statement from this time on until actual
remittances for crop moving purposes are
begun will show an Improvement. Bullish
talk on the general list is heard in the best
informed quarters, and 1t is strange in
deed If all predictions fail to come true.
The market just now Is entirely profess
sional. We were told today by one of the
men VINO Is recognized as a power If not
the power in Amalgamated Copper that
the copper trade was never In such good
condition and that the situation of the
Amalgamated Copper Company is really re-
markable 1t will surprise US If the next
dividend is not at the rate of per cent"
Dick Brothers & Co.: UNLESS there
should be some disturbance in the money
market. we look for higher prices next
week.
The weekly financial review of J. s. Bache
| d Co says: increases have already taken
place In the dividends of Baltimore and
Ohio and Reading and in due time the Nor
folk and Western dividend will be advanced
For Pennsylvania these increased disburse-
mentS mean great deal. The stock looks
exceedingly cheap and is easily worth 100
under present conditions Dividend action
on the Hill stocks and on Union Pacific has
doubtless been withheld pending better as
surance in regard to the crops, but the
Union Pacific meeting is to take place next
week and per cent rate is expected
The long-deferred melon-cutting for the
Northern Pacific and Great Northern stock
holders will probably take place in the not
far distant future. And we look confident
ly for much higher prices for these securi-
ties Cnf1vorable factors in the situation
are transitory In character. Money rates
will probably advance in the autumn and
raiiroad-rate legislation exercise consider
able influence; meantime. crop scares may
occur at any time. On the other hand large
banking interests are uniformly bulIsh on
| the situation, and look to the favorable
crops, excellent business conditions and in
! creases in railroad dividends to send prices
TO much higher level. The market may
| decline few points. but the tendency is
upward and we feel no hesitation whatever
| IN advising the purchase OF good stocks.
IN their weekly market letter Atwood.
Vlolett 81 Co. say: 1T is certain as any
Wall street probability can be that a bear
market OF any consequence Is out of the
question with the most important factors
| in so favorable a condition. Reading and
Baltimore and Ohio having within the past
| two weeks increased their dividends and
| with good prospect that Norfolk and
Western and Chesapeake and Ohio will fol-
| low, we again call attention to Pennsylya-
MA. This company has large holdings in
| the securities of companies mentioned and
| Is greatly benefited by the increased diyi-
| dend distribution of these roads We shall
| be much disappointed if Norfolk and West
| ern, Chesapeake and Ohio, Baltimore and
ONO and Pennsylvania do not reach higher
prices soon. We have also continued faith
! in Erie. which many regard as the second
Reading. A year ago Reading sold at
Fries present prices. Since then Reading
At@'S oc'ohScO SiAty quilts
| Reviewing the Pittsburg stock market for
| the week, Henry Sproul & Co say: The
| Pittsburg stock market was given black
| eye the past week by the decline in Pitts
| burg coal preferred of points from IS to
| 90, with only fractional recovery to 56s.
| closing rather nervous around the latter
| figure. Failure of the board of directors to
make meet on the quarterly dividend was
| the cause of the decline. The common in
| sympathy also declined ~ points to ID.
| The river coal issues remained unchanged
at previous weeks price
Cruclble steel, f1reproofing and brewing
issues were fairly strong and active, but
were about previous weeks prices. Pitts
burg Plate Glass at 40 and American
Sewer Pipe at 81 were and 3 points higher
while Ptttsburg Oil and Gas was also In
better demand and 81 higher at 81 On
| listing OF United Copper and followed nv
the announcement of a dividend the stock
advanced $3.50 per share to 26h. At this
writing National Fireproofing directors
declared the regular quarterly dividend of
| IN per cent to stockholders of record July
II. Nothing new in the bank or trust list
and although bonds were in good demand
there were very few changes. Money re-
| mained at per cent"
According to the Chronicle the total bank
clearings Of all the clearing houses of the
CItcO otdteS lOT the week snow an Increase
of $27.727 900 over last week and s542. PA. :
533 over the corresponding week of 1904 or
a gain of 23.6 per cent. The principal cities
record the following increases: New York
3G.5 per cent; Boston. 17.S per cent: Phila-
delphia, 21.4 per cent: Baltimore, 226 per
cent; Chicago. 9.S per cent; st. Louis, 3.3
per cent: New Orleans. 59.7 per cent
Foreign exchanges seem likely to go to a
lower level than usually holds at this sea-
son. A fall of nearly 1872 in demand ster-
ling followed the low rate for this month
at which the market opened for the week
The actual decline was from SO 9Oa4 81 to
4S6.65. The foreign present situation rad
no bearing. A definite influence has been
the advance In time money rates The
months money advanced to per cent for
actual business, and this increase in rate
was followed by higher quotations for four
and five months money. Drawing of loan
and finance bills has resulted.
There Is revived talk of warfare between
| the Pennsylvania and Gould interests In
the speculative community the Gould stocks
are unquestionably unpopular.