The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-08-24
FINANCIAL AND COMMERCIAL.

FINANCIAL AND COMMERCIAL.
-. o, ,S7e "WEDNESDAY, Aug. 70.
The developments favorable to peace In
tho Tarlcyings between Russia and Jaran
produced an instantaneous effect to-day
Upon financial exchanges everywhere. True,
.there was no certainty that peace was at
hand, but the practie ally unanimous judg.
ment Of banking and financial interests
appeared to be that II the amended terms
OF setl l,ment as proposed by Japan were
correctly stated In tho newspaper Go 'patches
for not accepting them, while as affording
information concerning the ability OF
Russia to prolong the stru ggle the intima-
ton made to-day that sho may have re-
course to forced loan" from her leading
bankers II foreigners continue to refuse to
provide funds for the contest were OF mani
fest import anoe. Before the opening OF
business here notable advances had been
made in Europe in the prices Of all the lead
ing national securities. American stocks
in London showed large gains, and foreign
houses here were in receipt OF cabled orders
to buy stocks heavily, an unusually large
quantity Of these orders being received from
Paris. Thi, improvement In the markets
held during the day and clearly indicated
q stronger assurance regarding the favora-
BILE outcome Of the peace negotiations than
has at any time hitherto been felt.
. There were two prominent features OF
our own market to-day. first, the breadth
of the upward movement. and secondly,
the even and sustained character OF the
buying. The rise was not confined to tho
specialties or one or two Of the active stocks,
but embraced the entire security list. Gains
varying between and points were made
in almost every stock to which specula-
tive interest ordinarily attaches. The
Pennsylvania. Union Pacific, st. Paul,
Missouri acihc. Atchison. Amalgamated
Copper, nited States Steel common aud
preferred. Reading, Rock Island and South
ern Railway stocks were all strong and In
about equal degree. The movement as
it proceeded did not look like the hasty
retreat Of short interest or feverish
buying by cliques. Tho gains made were
all held. reactions we're of trining extent.
and the market moved uniformly from
start to finish, final prices being 10 almost
every instance at the highest. Total
transactions were the largest that they
have been since the upward march Of the
market began in June. During the morn
ing hours the very heavy buying and slow
forging ahead Of the Pennsyl ania shares
contributed greatly to the strength Of the
market. and In the afternoon similar
influence was perhaps rather especially
exertsd by the advance Ia the Steel stocks.
Amalgamated Copper, for the first time,
% HA n1t % hn n~sc ko ut
the strongest position In which the market
for raw copper metal has found itself in
years. and similar awakening occurred
during the day in the Boston market for
the shares Of the leading copper producing
companies The price Of copper etal
rose to 1eI cents, and now stands at a
range that. considering the recent enlarge
mcnt Of tho volume Of copper production.
ENSURES enormous profits to all the great
copper mining interests.
Renewed indications OF the growth OF
railway business shown in theNorthwestern's
report Of an increase in gross earnings for
July Of S3O3 1921. and in unofficial state
ments that the Norfolk and Western q
earnings for August would be the largest
Of any month in its history testimony as
to the character Of the iron and steel trade
given in the announcement that the United
States Steel Corporation with all It's fur
naces in blast yet had found its require
ments for pig iron 80 much greater than It's
capacity Of supply that 1t was compelled to
enter the market again as large purchaser
Of Bsssemcr pig from outside producers,
and pronounced concessions in rates Tor
the use of money on time, owing to the dis
oovery by lenders Of the fact that there
was no such demand for funds as to enable
them to maintain the slight advances
recently made, were the most noteworthy
incidents Of the day apart from the change
for the better in the peace negotiations.
Perhaps in these should be included also
the additional proof that came to hand Of
the abundance Of money in London and
Paris for speculative and investment use.
A rise in tho price Of cotton to point almost
touching the IL cent level was the event Of
the day iE the commodity markets.