Show OF PAST New Ne York Aug face of if some In lie tho professIonal latho element based on fear of oC the I technical position lie tho stock market last week stood firm and then forged upwards The fact that the lie price level thus attained represents the highest touch touched cd since 1 1900 OG with a rapid a In fn average to the highest In Inthe the tho New York stock records constitutes the ground or of the ings Over oer lie stability of prIces at the present altItude The Thc of the market marIet mIght be said to be the United States Steel which focused attention b by the lie reason reMon or of the lie dividend meeting on Tuesday ay and the tho publication on June 30 0 of lie earnings for tho he quarter The July earnings of the corpora l lion showed substantial recuperation which has occurred In the trade when compared wIth the preceding quarter and with the lie corresponding quarter of last year but the margin still to tobe tobe be restored Is wide ide The same Is true of the tonnage of unfilled orders on hand at al tIme tho beginning or of tho pres preson on out t fJ quartet ua Growing demand from railroads for nil all forms of equipment ad added cd a strong factor to this feeling It Is pointed oUt in criticism of oC the United States Steel exhibit that it shows no resumption of the special outlays for now new construction made lavishly up to the tho tIme limo of oC the lie late hate financial depres depression slon sion the resulting increase of sums available for divIdends whIch will fol follow low ho the discontinuance of these outlays is a large element In all ad advancing the lie stock to Its present high price Commercial financial industrial nn and agricultural condItions and pros prospects poets continue such as to afford n a buttress to stock market To the copper trade trado I b found a l rather marked divergence from the general improving tendency Prices o of the metal have agaIn and time the high rate rato o of forces offer on the market at concessions wIthout bringing out lenand sum sufficient dent to take tako up supplies Crop ad I Ices have been heen hIghly from I the grain fields Including corn and wheat but the reported deterioration of cotton was the cause of anxiety I The premonitory symptoms of oC the interior demand for Cor currency for fOI crop I moving purposes anti and tho thie increase of mone requirements In mercantile I branches has stiffened Interest rates hul has not Impaired confidence in Inthe I the security or of the lie money market Funds are arc procurable with facility abroad In anticipation of the Inter hater I outgo of merchandise exports and the tho placing of som new American se with foreigners makes an ad I of exchange These factors havo lowered foreIgn exchange rates a the Interest rate advanced but did not end the tho outgo to South AmerIca |