Evening journal., 1905-08-12
STOCK MARKET
MAKING HISTORY
Advance Within the Past
Week Has Been More
Than a Record
RAILROAD ISSUES At TOP PRICE

New York, Aug l2-The weekly
financial letter OF J. s. Bache and Com
pany today says
The week just closed has been
history making period Ia spite Of the 1
fact mat trading generally was duh I
The features Of the market were the 7
spectacular advances in Lackawanna /
and in Delaware and Hudson shares, |
the strength of the Granger ISSUES, an |
American Smelling common. and re-
nowal OF activity IN the Vanderbilt
shares. The net result OF the week
was that the level OF prices OF the
active railroad issues reached ON
Thursday the highest point ever attain
ed an the financial history OF this
country, passing former top figures OF
the boom Of September, 1902. The adj
vance as more than a record. IL is
Illustrative OF the strength and stahil-
ity Of the market, OF the fact THAT the
present level of prices has been reached
gradually creeping up from day TO day
hy fractional amounts. but with the
tendency steadily upwards
II has taken the market nearly ten
weeks TO recover the decline OF May,
and the result has been accomplished
IN dun markets The public IS at last
becoming interested in price move
mcnts. and there has been quiet public
buying durng the past week OF larger
volume and better character than at
amy previous time this year.
The indications set forth in the gov
lernment crop report vindicate the cx-
lpectations .of the most sanguine. In
lcluding the Canadian crop. the total
wheat yield IS Indicated to be 79i0oo,-
600 bushels. as compared with 6Ol 1900 600
bushels a year ago. while the indlca-
tlons are for a corn crop OF 2,691000, 900
bushels. or 230 O0O.0 600 bushels more than
Twas harvested in 1904 Bumper crops
lare practically assured TO the country,
land their sale at satisfactory prices
Imeans another year OF unabated pros
perity
II IS earnings and dividends that
Interest the average man. This yelr's
dividend record has been a brilliant
one. and the long list OF Increases viii
shortly be augmented by Increased dis
lbursements by Chesapeake a Ohio and
Norfolk & Western Earnings for the
fiscal year just ended which are now
looming 70 hand, are an eloquent eN-
lplanation Of the advance IN the price
lof the leading railroad shares. For the
lyear ended June 30th. the Great North
ern earned as per cent on its Si25,00o,.
0O0 capital ST. Paul earned li2 pei
cent. Illinois Central II per cent and
tha 800 road t3 per cent. Apropo.
OF the advance in Delaware & Hudson
lit was based on the increasing value
. OF tho $50 900. 900 tons OF iron ore whicl
the companys lands contain. rathe
than upon the probability Of the pass
, ling OF control TO Vanderbilt interests
With bumper crops assured. railroa'
, and industrial companies already ar
B beginning to place heavy orders 10
s equipment and supplies. Rail order
o for 2O0. 900 tons OF heavy rails are pend
- ing, and will be probably be closed thi
b month. For the full fiscal year. tn
5 steel Company's earnings are con
r servatively estimated az $3.50 900 NET
or equal to 20 per cent on the commoi
+ stock The steel business to-day g
! more stable than in 1902 al the heigh
of the boom. The demand Is large ant
Increasing. and the manufacturers ar
, determined to keep prices within reasoi
land prevent an inflated market. Cop
per Is strong at 10 1-2c to 10 3-4c.
/ pound for Lake and Electrolytic, AM
. THE market IS "a natural one. Consump
ltion Is exceeding production. The cop
lper situation Is entirely stable, IA
/ strong contrast with the artificial II
: cent copper market of 1900, when m
{ Amalgamated Company was stOrin'
: copper 70 maintain prices.
Some Of the high priced stocks Il
. the last week have been bought b.
/ weak holders on margins, and on
: reaction such stock may be forced OF
the market at a considerable sacrifice
! to be followed by a quick recovery
! SO far as business conditions. the In
ldustrial and commercial outlook, AN
the crops are concerned, there Is littl
to be desired. II seems probable thes
factors will ultimately be reflected +
: higher prices. Meantime money rate
! lmay become an important market con
o. sideration at any time. nor would
be Surprising should prices reflect Oh
changing sentiment over the ou;com