Evening journal., 1905-07-15
STOCKS ADVANCED
TO A HIGHER LEVEL
Prices Were Better Last
Week Than Since May
Decline

Stocks advanced during the week TO |
the highest level OF prices since the |
May decline. The opening was inaus-
picious. as the Western crowd liqui-
dated speculative holdings preparatory
to leaving town for the summer and
this selling on Tuesday drove prices
Off from two to three per cent ACTIVE
ity and strength In the Hill stocks on
Irumors Of extra dividends and the gov
Iernment crop report were responsible
for an advance on Wednesday. Devel-
opments Of importance were the over
whelming success OF the Japanese loan,
the increase In the Baltimore and Ohio
dividend rate. and the crop report. Hin
stocks scored the greatest gains, re-
lcording sharp advances OF several
points. The Pennsylvania group. ext
lcept Baltimore and Ohio, was inclined
TO sag. and Reading. the recent mar
ket leader lost l2 per cent. The
grangers. and especially st. Paul and
Atchlson, We're i'm good strength on the
Favorable crop outlook. II. G. q /. and
lPittsburg Coal preferred were the ex-
lceptions to the general strength. The
week closed at recessions from the
high prices of Wednesday but the
floating supply Of stock showed no ap-
lpreciable increase and prices remain
ed steady
General business conditions are en-
tirely satisfactory The iron and steel
trade is sound In every respect. and
promises early resumption Of activity
L in the lighter grades Of finished steel.
Pressure for delivery of structural
steel is heavy. and the demand is so
large that there is a probability that
lorders viii be placed abroad TO ensure
lquick delivery. Inquiries for rails are
altogether abnormal for this time of
1.-THE year. SO far as the outlook for
the future Is concerned. steel stocks
lare worth moro today than ever be-
fore.
The government crop report for July
surpassed expectations. and should nc
further damage occur, ensures to the
country enormous crops both OF spring
land winter wheat and OF corn. Adding
Ito the increases in the American wheat
crops an increase, Of 4O,O00.00O bushels
lin the Canadian crop there is prom
Used n total wheat yield OF 10000, O0(
bushels more than was harvested IN
1904. The corn crop is indicated to be
l114000.00O more than the indicated
lcrop at the same time a year ago.
Increases have already taken place
In the dividends Of Baltimore and Obi,
land Reading and in due time the Nor.
folk and Western dividend win be ad.
lvanced. For Pennsylvania these in.
lcreased disbursements mean a goot
IDEAL. The stock looisl exceedingly
lcheap, and is easily worth 100 undei
present conditions. Dividend action OF
the Hin stocks and on Union Pacific
has doubtless been withheld pendini
better assurance in regard 10 the crops
but the Union Pacific meeting is e
AXE plaNs next week. and n per cent
lrate is expected. The long-deferreS
melon cutting" for the Northern Pa
lcifc and Great Northern stoclSholder
viii probably take place in the not IA
distant future. and we look confdentl.
for much higher prices for these Sc
curities.
Unfavorahle factors IN the situatio
, ARE transitory in character None
rates viii probably advance In IN
autumn, and railroad rate Legislation
exercise considerable influence; mean
time. crop scares may occur at an
time. on the other hand large bank
ling interests are uniformly bullish ol
the situation. and look TO the favorabl
crops, excellent business condition
and increases in railroad dividends L
send prices 70 a much higher level. Tn
market may decline a few points, bu
the tendency is upward. end we fee
no hesitation whatever in advising IN
purchase OF good stocks.
Yours very truly,
j. S. Bache & Co.