The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-27
FINANCIAL AND COMMERCIAL.
MoNpAX. Oct. y

any particularly !nspiriting developments
in current news. advances Of between
one and three points occurred to-day on
the Stock Exchange in the prton Of moat
OF the prominent railway and industrial
ISSUES. Buying or selling by foreigners
played but small part in the days opera
tions, and pretexts for the higher quota
tons were not afforded in any cable de-
spat ches from the other aid" Of the Atlantic.
These cables did. however. put "A some
what more peaceful aspect upon the condi-
lion Of political affairs i'll the Far Fast
War risks at Lloyds dropped sharply
Every one understands that the Japanese
people think that their country has been
deceived by Russia in the Corean matter
and that popular feeling in Japan is strongly
IN favor Of resisting what is believed TO be
Russian aggression. But until the finances
Of both Russia and Japan are in far better
shape than they are now conservative
interests in Europe, as well a. In this cohn-
try, viii decline 10 believe that hostilities
between the two countries are at all proba-
bic. japan is understood TO be nearly
bankrupt, while Russia is borrowing all
the money she can for other than warlike
purposes and has. moreover the fear OF
unpleasant complications OH her western
and southern borders in case she becomes
involved in any conflict in the Orient The
time of year. moreover, forbids hostile
enterprises OF this kind. Another matter
concerning which mail and Geographic
advices are bringing a clearer understand
ing TO people in this country is the recent
heavy fall in the prices OF the Rand mining
securities and other similar shares on the
London Stock Exchange. The decline in
these securities has exercised an unfavora-
bic effect in speculative markets the world
over There is no small reason TO believe
that part. AT least OF the decline has been
due TO the desire of the extremely power
full capitalists who are the chief owners
Of the Rand mines 10 bring pressure upon
the English Government to grant to them
the much desired privilege Of introducing
Chinese labor into South Africa Local
sentiment in South Africa is strongly against
this. but the mine owners declare that the
mines cannot be operated with kaffir labor
"a probably as formerly and that only
by the Use of coolies can the maximum
gold production of these great properties
be reached
The story that there was friction be-
tween the independent coal operators and
the coal railroads met to-day with full
contradiction. while dispatches from st.
Louis in Yesterdays newspapers disclosed.
apparently, the true nature Of last weeks
mysterious tales as TO financial trouble
in that city, BY room observers the
strength of to-dsy's market was thought
to be largely due to the advance in tho
copper stocks. The reason for this ad-
vance Is very obvious, and Spectators
here were comparatively slow to appre-
ciate it. Az long as the Amalgamated
Copper Companys Montana mines arc
shut down copper production in the coun-
try will be curtailed by about one-third,
and II this shutdown is to last for six or
nine months very considerable and sus-
tanned advance in the price Of raw
copper Is inevitable. As it IL understood !
that the Amalgamated company has q
large quantity OF unsold copper on hand. |
It. as we'll as all copper producing COM
panies, will profit by these higher quota
lions for the metal, and II the litigation
which caused the closing Of the mines 10
concluded the cessation Of
work upon the properties will be seen to
have been for the advantage rather than
the disadvantage Of everybody concerned.
A sensational advance OF over four pounds
sterling ton for copper occurred in the Lon |
don market this morning. while prices here
rose nearly a cent pound. Tho matter
was Immediately reflected in proportion I.
ate advances in tho prices Of copper min !
ing stocks in all the markets in this country /
and in Europ,.
The bond market to-day was again very
strong. Each day adds to tho list Of bonds
that, comparatively inactive before, are
eagerly sought for by investors. This |
investment process has now very clearly
extended into the general stock market 30
lar as to stimulate heavy purchases Of stocks |
ike Northwest common. Atchison pre-
Ierred, New York, Chicago and st. Louis |,
second preferred, General Electric and |
other shares OF a grade similarly high. |
The stocks named were especially strong,
although the feature of the days trading |
was. perhaps. the heavy buying Of the |
Street Railway shares. 1t is
understood upon trustwo rthy authority |!
hat the purchase recently consummated
Of a controlling interest in the system OF |
surface trolley lines built within the last
hree years in southern California by
II. E. Huntington was for the account Of |
the Southern Pacific Company The pur-
'hase, It may be said was made at q bar gain,
md 1t is Of very great strategic advantage
O Southern Pacific interests