The daily morning journal and courier., 1905-07-05
STOCK MARKET FEATURES
PROSPECTS GOOD FOR f FUR
 THEIR RISE IN PRICES.

The Bull Campaign in Reading-A
 Look Backward-Reading's Long
 Low Record and Advance of Sixty
 POints-U. P.'s Advance of Nearly
 Sixty Points in About Year-Bis
 Exports by |. S. Steel Company.
 Reading common stock has distin- guished itself greatly in it's last big rise during which it has advanced 50 points to over 100. When it was down to fl not very many moons ago nobody sought to accumulate it except the well posted insiders At fl it would have been a ''cinch" for people usually de- nominated as "lambs'' to have loaded up with it. but in a time of depression when stocks are down low nobody among outsiders has the courage to tackle them owing to fear that prices are going still lower. So when Union Pacific got down to T only last year, after it had been to 133 in May, 1901, few had the nerve to buy it, or if they did they let go when it got to 81 or 91. All OA M4t1CIt SuEo lO SllOW tIlC WISUOlIl of buying good stocks when they are low and hanging on to them. Reading from being for years a football in the stock market is on per cent. basis and looms up handsomely at over 100 a share or rather for two shares, it being half stock so called.
 If Monday had been a day of declin- ing prices in stocks the profession crit ics would have found great deal in the news to account for the selling. The violent advance in cotton could not be interpreted as buIlish on stocks while the weather bulletins from the west, es- pecially for the winter wheat country, where there were very heavy rains, would likely have caused an advance ill wheat prices had the grain markets been open. But the wheat, cotton and stocks advanced simultaneously.
 The exports of material by the Unit- ed States Steel corporation continue on the increase, and it is likely that total shipments this year will be between 1,200.G00 and 100000 tons. Early esti- mates placed the exports at 100000 A representative of the United States Steel corporation says that the business of the American Steel and Wire com- pany continues brisk and that the daily shipments are far in excess of deliveries at this time of year. If crops turn cut as good as expected, it is be- lieved that 19U5 will break all records so far as production is concerned. No change in prices in the near future is contelr. plated
 In his talks with his friends Mir. Keene, who no longer figures as a bear in stocks, has for long time based his 1 discussions of values on the principle that this country is growing in wealth year by year and that those who seek to anticipate the effects of this constant l increase in wealth on the securities of railways and industrials will gain the greatest profit in their financial opera l tions.
 One view of the market, and very l consistent one, is that people who are | fighting the advance doubtless will lose their money for the simple reason that the larger financial interests of neces- ! stty arc committed to the bull side of speculation.
 That borrowers are beginning to be impressed With the unfavorable out | look for money in the fall is reflected 1 in the increasing demand for money for protracted periods. Japan may re- call the big sums she has on deposit here and has just decided to place another loan in this country, England and Germany of $15000O,000. Russia cannot fail to be an enormous borrower in Paris and French bankers will look to this country for gold. Then by and by money will be needed to move the crops and the bank reserves are now low and likely to continue so, All these things, however, don't count with spec ulators just at present and the big men expect to sell out what they want to sell before fall.
 All the financial and commercial ex- changes in this country were closed yesterday on account of the Fourth of July holiday. Prices for American se- curities in London were irrgular, while the tone on the continental bourses was firmer.