The daily morning journal and courier., 1905-08-30
STOCK MARKET FEATURES
PRICES RALLY ON THE NEWS OF
 PEACE.

Wall Street Also Happy-StOcks Icsi-
 tated Before the News Came-Japan-
 ese Bonds Grew strOng-Easy Money
 Erie and c. p. Make New High
 RecOrds-U. P.'s Strength.
 Wall street was in hesitating frame of mind and stocks were weak until the peace news came. Then the mark ct rallied and 1t closed strong.
 Union PaciAc, which sold as low as 13S 7-S, ex-dividend, rose to 135 1-2. St. Paul, which touched 1SO 7-S on the de- cline. moved up to 1S2 5-s, and Amal- gamated Copper, which early declined to 85 7-S rose to S7 1-2. Canadian Pa cifc made a new high record at 16S 7-S. and Erie sold up to 52 1-2 against 50 7-S at the close Monday evening.
 A portion of the southern group Louisville and Nashville, Chattanooga and Atlantic Coast line rose 1 1-2@ 2 S-4, but these advances were made before the peace news. There were oth- CT advances equal to a point or there abouts and the steel stocks were con- spicuously firm. Japanese bonds were buoyant, rising lQ2 points on large transactions. - :
 A prominent banker said yesterday: What contributes as much as any thing else to the sustained strength of the market at the present time Is the continued ease in money, both call as well as time despite the small surplus reserve and the fact that the time Is approaching when dearer money is usual. 'f a5
 Ten per cent! of the new Pennsylva- mia railroad convertible bonds have been called from the members of the syndicate and were being delivered yes- terday. The syndicate now holds $75,-. O00,0O0 of the bonds.
 Canadian Pacific was one of the early strong features, making new high record price. ''{
 It is likely that big Russian loan will be issued and financed on New York, London, Paris, Berlin and Am. sterdam, It is believed that this coun- try will take at least. s1O0,OO0,00O of Rus sian bonds issued after the war ends.
 The heaviest buying in the industrial group was in United States Steel sbaFae IJaoyy, Isttyi,,. ,.r S,Yla,. in as soon as ltfie peace news was au- thenticated. Many of these were popu- larly attributed to the Standard OH party. The buying was based on the. continued expansion in the street trade,
 The activity in Erie common was one of the leading features of the market. There was heavy trading iff it at 52 with 10000 shares taken there by trad, CTS. z%, uG$i.3 +'' @ -7 3%
 Amalgamated Copper was bid up af- ter the announoement of the news from Portsmouth, andlit did not weaken dur ing the remainder of the day. Amalga- mated Copper showed 0 moderate re- covery, but there seemed to be no de- sire to punish tile bears very greatly. Possibly that development is yet to come. aEa HE
 Union Pacific sold "ex" it's first 9 1-e per cent. dividend. and came near re- covering all of it!b The equivalent, with the dividend on, was at one time better than 1SS, approaching the previous high record. This was the first stock to re- spond to the news from Portsmouth, es
 The move iii Erie was one of the feat ures of the day!p It was generally called a Morgan advance by operators on the floor. Erie made a new high record.
 The late strength here was helped by the favorable showing of the govern- ment report touching weather condf- tions in the crop regions. Wheat, as usual, declined on the announcement of peace, and the continuance of satisfac- tory weather throughout the wheat belt. Corn was also depressed fraction ally, and closed lower on free offerings. The cotton belt was very irregular. |
 The absorption of United States Steel 5s continues on a large scale.
 Mexican Central was another strong feature. It sold at 25 on heavy buying by brokers said to be acting for strong financial interests. x
 The turn in the market make the Copper shorts uncomfortable. Some of them covered at a 2 per cent. loss. Wil- liston & Co, bought 5000; Flower x Co. 5000. There was another advance in copper metal of 1-Sc. .,5
 There seemed to be a good deal of selling of Erie when the price gave up to the previous high level at 52 IA But all of the offerings were taken, and the absorption went on after the price went above this level. 1i