Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-29
BULLS AND BEARS.

1
NEW YORK. July 29.-Sofne of the mani
| testify worked-up excitement In certain
quarters over the appearance of yellow
| fever at New Orleans may now be expected
| to subside If the reports are true that come
from Chicago that the end Of the sugar rail-
| road rate war Is in sight. The Chicago dis
| patches say that the proposition to change
the dffferentfals. which are the bone OF
| much contention between the gulf lines and
the eastern trunk lines. will be discussed at
meeting in this city next week.
X
The Chinese boycott would probably dis
lntegrate rapidly should American import
ers decide to retaliate.
Weekend comment by stock exchange
houses Is bullish. J. s. Bache & Co say In
their financial review: Earnings of the
Steel Corporation for the June 30 quarter
While not the largest net earnings on rec
ORD. approach so nearly to the highest fig
ures as to be satisfactory beyond question
Inc corporation is steadily strengthening
Its position. 1t is developing the foreign
Held and will probably soon have a sub
sidiary in Canada.
Exports of copper continue heavy and
the steadiness OF prices at around the H.
cent mark mas been one of the features of
the business situation for over a year
Stocks Of copper hand are at a mini
mum and the home demand is large and
increasing.
There is room for legitimate improve
ment In the price of the copper shares, and
with continuance Of prosperity it is sure to
come Not only is this true of coppers and
steeis. but of many other leading Industrial
SHARES Attention which has more or less
been absorbed in the railroads will In time
include these issues, and in bull market
many of them will set much higher figure.
CT matt ie. q;
day that passes without crop damage adds.
materlally 10 its strength.
Leading fnancers realize the prepon-
derance of favorable influences, and are
holding for high prices. The general pros
perity of the country, it's splendid financial
position. splendid crops, heavy railroad
traffic and earnings and increases in divi-
dends are all factors which make financial
history, and which in time must be reflected
IN higher range Of prices
Atwood. Violett & Co. say in their week
ly market letter: I'VE are in a year of
plenty, crops are abundant money easy
railroad traffic large, activity great in gen
erai business. gold production increasing
and immigration into this country exceeds
all records this year. The food of new re-
cruits to the wealth and hrawn of the coun-
try aids in the development of the resources
OF the land We see no cause for a serious
setback to the market
Dick Brothers & Co. say: 80 far as the
immediate future Of the market Is con-
ccrned we only repeat what we have
osen writing for some time past that I'm
our judgment conditions favor a more ac-
tive speculation and a high range of prices.
ana that while there may be irregularty
which Will tax patience we believe that
stocks fought at this level will show sub
stantial profits along later on
In an interview with Koretiyo Takahashi
Japanese france commissioner published
IN the Statist in London this morning
ana cabied over here, the commissioner
says that when 1t was first decided TO Dor
row, Japan held that 1t would be best for
her own interests and fairest to those max
Ing the loans to give special security NJ
Iakahashi adds that she can continue to
do this, pledging railways and public works
Japan's profits from railways are more than
million pounds annually, her profits from
the tobacco monopoly more than three
million pounds and from the camphor
monopoly over one million pounds. Be
sides. the land income taxes may be largely
included.
Asked If Japan would have to borrow
should peace be declared NJ Takahashi
answered in the affirmative. pointing out
that large sums should be necessary for
the development of Formosa, Korea and
Hokkaido.
Should Japan have protection over
Manchuria until China was in a position
to give etfectual protection he continued
it would be necessary to put out a con-
siderable sum there also. Should in
demnity be paid by Russia NJ. Takahashi
added. it could be used to pay off the in
ternal loans and provide for the winding
up of the war, but there would still be
large sum required for the DEVELOPMENT
of Japan and her dependencies.
Dun's review says: commercial tend
provemeut Confidence expands as the
crops are secured The industrial stua-
ton is in striking contrast to conditions
prevailing a year ago, when there was
such idleneSs."
Bradstreets report says: Crop reports
and trade advices are more unanimously
favorable than at any preceding time this
season..
The foreign exchange market started off
at a slight advance above rates quoted at
the close of last week and held steady for
the first two days. On Wednesday sterling
rates advanced sharply and continentals
followed. Demand sterling rose to 4s6. pa
4.S6S5, a gain of over quarter cent on the
pound over Tuesdays ruling rate. The
high level was maintained until Thursday,
when he market began to decline. falling
sharply to 80 at the close. After again
rallying 10 points yesterday morning to
So 30 the market subsequently broke. sell
ing down to IS and closing a 4.S61sa4 $500
for demand sterling compared with 4.S6. 4Ua
sc 45 at the end of last week.
All other classes of remittance pursued
a course similar to that of demand sterling,
and after rising smartly In the middle Of
the week fell quite abruptly before the
end, leaving off with only small net gain
in rates for the week.
G. Schumacher & Co. say OF the foreign
exchange market: I'VE are told that the
decline in rates was caused by lack of de-
mand and a rather liberal supply of cotton
II % be ,rhiCh M