Evening journal., 1905-07-29
HIGHER PRICES
IN STOCK MARKET
General Prosperity of the
Country Is an Important
Factor
STEEL CORPORATIONS SHOWING
snecIal 10 The EvonIng IournaI.

Special TO The Evening journal.
New York. July 29.-The financial
article of J. S. Bache and Company to-
day says:
The course Of prices during the
past week was instructive. Trading, Il
Is true, was narrow and quite largely
professional, but the supply of stocks
OF the market was never smaller. and
on small advances in prices there
seemed no disposition TO realize. Gem
orally the market was dull, almost to
the point Of apathy at times, and such
favorable influences as the excellent
report Of the Steel Corporation and the
four per cent dividend ON Erie second
preferred were practically disregarded.
What proht-taking developed. however
was small in volume. and fractional re-
cesslons We're speedily regained. The
week closed with prices at their best
land distinctly upward tendency in
evidence.
Earnings Of the Steel Corporation for
/ the June 80 quarter amount to S30,-
3O5.l .l16, an increase OF S10.S14,S91 COM
pared with a year ago. While not the
largest net earnings on record, they
approach so nearly to the highest fig
ures as TO be satisfactory beyond ques-
tion. The corporation is steadily
strengthening it's position. It Is de-
Iveloping the foreign field and will
probably soon have a subsidiary I'm
canada. It Is the supply of raw ma
Iterials that will tell in the long run.
and each year that passes makes more
valuable the companys enormous
holdings of coal and limestone and its
700 600 coo tons Of iron ore. The In
creased charges for betterments. ex-
tensions and depreciation, amounting
to $1,000 600 for the quarter just end
ed, add largely TO the value of the
company's securities.
Exports OF copper continue heavy
and the steadiness OF prices at around
the fifteen-cent mark has been one OF
the features of the business situation
for over a year. Stocks Of copper or
b hand are at a minimum. and the home
demand is large and increasing. Th'
1 copper market is a natural one, an'
[ the tendency is distinctly upwards
;. Many of the companies are earning
s large amounts on their shares at pres
ent selling prices.
q The Amalgamated Company Is In
70 much better position than 1t was whe
t copper was selling at seventeen cent
and the company paying s per cen
5, dividends. Its ore bodies are bein
b Tested at the lower levels and foun
satisfactory. the rock at the smelter
d Is proving richer than for some tim
10 past. and the company is saving larg
II amounts by the settlement of the un
e derground warfare with Heinze. II
d certain that this latter factor win re
% suit in a permanent lowering of tn
s cost of production Of copper from IN
+. Butte Mountain. There is room for lie
a lgitimate improvement in the price o
q the copper shares, and with a continu
e ance of prosperity IL is sure to come
Not only is this true OF Coppers an
10 Steels. but Of many other leading in
p dustrial shares. Attention which ha
It more or less been absorbed in the rail
y roads will in time include these is
a sues, and I'm a bull market many q
e them will sell at much higher figures
- The situation is essentially sounC
e and every day that passes without GRO
j. damage adds materially to its strength
= Conditions abroad have shown stead
y. improvement, and the prospect {
a peace is excellent Foreigners an
d evincing a lively interest in America
le securities, and should the crops prov
y as large as indicated. bull market o
r this side would find powerful suppo
he from abroad Stocks are in stron
)r hands and neither come out on dc
clines nor on small advances.
Leading financiers realize the prepor
p lderance Of favorable influences and al
" holding for higher prices. The gener
prosperity Of the country, its sour
D. financial position. splendid crops, heaN
We railroad traffic and earnings. and II
a lcreases in dividends are all facto
ne which make financial history az
ry which in time must be reflected in
l. higher range Of prices.