The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-08-20
FINANCIAL AND COMMERCIAL.
SArunpAy. Aug. /

IiNANCHhL avn COMMEhShH"
4, SATURDAY, Aug. TO-
n A. It appeared probable to-day that the
temporary future of tho stock market
would be determined by tho result. now
doubtless near at hand. Of tho peace con-
ference at Portsmouth, and as theoutcore
thereofwss taPugft tqFss more matter 81
uncertainty Ohm h1d beisn PIE sase at any
previous lime specnIstois Z md others
having interests inthe NOR kctwers inclined
to-day not to extend their commitments
and the market was therefore, inths eary'
part Of the session, dull and heavy. There
I was continuation Of the selling movement
which first became prominent on Thursday,
and the liquidation, though relatively,
feeble. brought about in the first hour OF
business the lowest prices yet made on the
reaction Another cause for heeitanoy
In financial ventures was, Of course. more or
less anxiety regarding the weekly bank
statement. concerning which discouraglng
views we're generally entertained IN view
OF yesterdays estimates OF loss In cash OF
between $1,000 900 and 5000 900. But the
bank statement, which appeared a. little
before the usual time. did not bear out
these peseimistic calculations. The loss
in cash was less than half that which had
! been rsckoned upon, and while fair sized
increase ID the loans was shown, the sur
plus reserves were diminished by only
( eS.4o1, ia5, leaving The existing surplus
I standing. at a considerably higher figure
than had been anticipated. "After",the
publication Of the bank statement the
, market turned stronger, though with no
, great increase Of activity, and prices at the
close generally showed net advances for
|, the day. The one movement. IN any stock
or particular group Of stocks. duJing the
!. session that seems worthy OF especial
comment was further rise in the Wiscon-
sin Central common and preferred shares.
: The advance here has been going on. Tor
several days. and the idea has gained ground
that the control Of the. Wisconsin Central
Railway 10 passing, 1t may be, to the North
9 ern Pacific Railway Company. The Lon
3don market was closed to-day, and while
there was the usual small Saturdays
Samount of business doing on the Conti-
mental bourses, the tone there remained
cheerful, Our own market presented at
{ the close more or less Of a sold out appear
! ance and signs of the growth OF q short
interest. ..r' az. ....4 .ao 4a' q, al
Discussion in Wall Street this morning
regarding the peace conference naturally
occupied itself with what appeared to be
tho practical Intervention In the conference
by President Roosevelt Concerning this
two auguries were made, one that it indi-
Gated that the Governments Of our own
and doubtless Of other countries were
exerting all possible influences toward Il
conclusion OF peace and that determined
efforts Of this kind could hardly fail, and
the other that the negotiations Of the
commissioners themselves had obviously
reached an impdsse There was plainly
disposition in financial circles at the close
Of the week to take both less optimistic
and less pessimistic view of certain phases
Of the Russ o-Japanese affair than has hith-
erto commonly prevailed. There was more
consideration on the one hand Of the fact
that the renewal OF the war in the East
really meant no more to this country than
the wa ing of the contest has meant during
the last eighteen months while on the
other hand thought was taken as to the
effect upon the money market Of borrowing
for the account of both Russia and Japan
in case peace was declared Taken all in
all, however. the opinion Of the best in
formed financial interests still is at the
moment not only that peace will be de-
clared, but that the event will prove
stimulus to security prices everywhere.
and that whatever strain the money markets
are called to undergo thereby will be 80
prolonged, apportioned and otherwise man
aged by the great bankers thatits effect will
be little felt. The immense quantity Of
money in the world and the state of p repa-
ration for the event that European bourses
have 80 long assumed clearly make this
matter OF less importance than it has on all
similar occasions In financial history.
As the week ends there is nothing that
clouds the countrys magnificent business
prospect, and the detailed reports Of the
commercial agencies covering the period
arc calculated to inspire enthusiasm regard.
ling the stats Of AFFAIRS, Trade. u 3 said,
Is steadily gathering forSe. ,.the %6oie
country feeling the thrill Of the practical
certainty that enormous crops will be gath,
cred. Even Ia the yellow fever districts
retail trade has been little affected, owing
perhaps to the fact that the percentage
1 Of deaths from the disease has been less
than in previous epidemios and that the
disease itself spreads much more slowly
than formerly. This. movement Of merchan-
disc on the railways Is already such ss
almost to fully employ railway facilities. and.
J railway earnings go on enlarging. The
Governments statement 81 our exports
Aand imports for July, published,en Wsdnss-
kday. proves that our foreign trade continues
ito expaod. Exports for the month were
S,ei07, eSl. Ia, and while the val,fe 81 imports
also increased. tho excess Of 'exports, over
imports was still $24,o77,7lO. Bank clear.
;ings are proceeding at the. pace of inerease
that they have long maintained. and while
higher rates for the use OF money are, ex-
pected in Wall Street as the result o. the
crop moving drain, the price of time funds
shows that no rates sufficient to check
business or. well grounded speculative
operations arc deemed possible. ~
New York stock Exchange Sales, Aug. 10.
CLOSING pRteEs eP EMIT Ed s-srEs DoSps
80 Sd. istcd, ~ BIT assed