The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-08-29
FINANCIAL AND COMMERCIAL.

.N.' MONDAf, aug. 20.
During the first three hours Of the Stock
Exchange session to-day prices Of securi-
ties were heavy to the point Of weakness.
There was larger selling for foreign account
than has been witnessed for many days,
all the foreign markets seeming 70 suffer
q great dihinution OF hopcfulness regard
ing the peace prospects. The selling was
accumulated, apparently by some small
local difficulties In Paris and by the necessi.
ties Of the London financial settlement.
Russian and Japanese bonds were weak,
consols declined, and on those bourses
where prices were not actually depressed
by the political uncertainties business
was held decidedly in check. The darker
views Of the peace outlook unfavorably
affected sentiment here, as much as they
did abroad, while the declaration OF the
leading labor agitator in the anthracite
coal regions that when the present agree
ment governing the relations between
the coal miners and their employers ex-
pires next spring q demand will be made
by the miners for q recognition OF the union
and an eight hour work day was not. OF
COURSE Of nature to help the speculative
market. So far as the anthracite coal
property interests are themselves con-
cerncd, there is substantial reason to believe
that. while they will be willing to discuss
with their employees matters affecting
wages and hours Of labor, they will never
recognize the miners union in the way
asked for by Mr.. John Mitchell and his
associates The present prosperity In
the mining regions and the lessening Of the
strength OF the union, largely In conse-
has lad to al ov1v f0r 1aH
In well informed quarters that
there wilt be no coal strike next April; but
In, market which has recently been 80
extremely moved by such speculative
activity as that of the shares Of the coal
producing companies such threat as
that Of to-day was, naturally. not without
some effect. Another incident Of the day
that mayeperhaps have caused some selling
Of securities by timid and ignorant people
was the appearance Of an advertisement
"from Boston" assailing the stability Of the
present copper market. All that is neces-
sary to say about this is that the view which
at one time unfortunately and enormously
prevailed in certain sections Of the copper
consuming trade that the upward move
ment in the price Of copper was manipu-
lative, has long since disappeared. There
is no longer the slightest doubt among
intelligent people that the ruling price Of
copper metal has been brought about
by the operations Of the laws Of supply and
demand. =
Aside from the strength in ona or two
specialties like the Pacific Coast stocks,
which was unquestionablys legitimate, the
only exception to the general weakness
in the market this morning was an ad-
vance in the shares Of the local traction
companies, and this last named move
ment was OF the sort commonly known as
or at least did not serve to
help values In other quarters Of the list.
In the afternoon a report circulated that
the Japanese Government had offered
to waive the contested point Of the pay
ment of an indemnity by Russia a. the
price of peace and prices sharply recovered.
As the supposed proposition was said to
have been made several days ago. 1t did
not appear probable that diplomatic negotia-
tons in the meantime could have been so
entirely confused as the story in question
made out. Nevertheless, the idea OF the
moment was that at the session Of the
peace conference tomorrow new con-
cessions would be made by one or both
OF the contending parties, and this impaired
a firm tone to the market until it's close.
Final prices were, however, in nearly all
prominent instances below the last figures
Of Saturday. Many railroad companies
submitted monthly earnings statements Of
no great Importance to-day that OF the
Missouri Pacific's net increase Of $l25, 1853
for June and Of $252ls5 decrease for the
six months ended June 30 being, perhaps,
the most notable. Preliminary data Of
the Chicago and Northwestern's annual
report gave the net increase In the roads
surplus for the year as little less than
81 900 900, the operations Of the company
being marked by the usual large charging
of under the head OF operating expenses
of expenditures which in the case Of less
oonservatively managed companies would
be credited to capital account A ,deolara-
ton Of a dividend Of TX per cent! on the
preferred stock Of the Republic Iron and
Steel Company marked to-day tbs restmp-
ton of dividends on the stock which have
been suspended since October, 1903. The
dividend was not declared formally, as q
regular quarterly one, but there is no doubt
that the management Of the company feels
itself in a position to continue the dividends
at the old rate. The announcement was
long expected and, as the price Of Republic
Iron and Steel preferred stock to-day
showed. had been duly discounted Call
money to-day did not rise above AZ per
cent. but $4,000 more was shipped to
Chicago for crop moving purposes. making
shipments Of money to Chicago for uses
of this sort much larger in the present
month than during corresponding periods
in previous years. The banks have lost
q, 800, 900 to the Sub Treasury since Friday,
mostly by reason Of transfers Of funds to
the agricultural section.
New York Stock Exchange Sales Aug. -.