The sun., 1905-08-22
FINANCIAL, AND COMMERCIAL.

cation, ars to b, rsyar1sl. wa' inclined
to-day toNpeat the progress Of the peac'
negotiation, ut Portsmouth "A more o.
less OF negligible factor. At any rate
the impression afforded by the course o
the market was that the chief effect Of tn
influence referred to was eserted along
tho line OF market restraint, arising NOR
from mere uncertainty and suspense al
to the event OF the peace conference thar
to any fear OF evil consequences in cGse th'
work Of the commissioners en3ed in failure
The tenor Of newspaper dispatches anc
Of all Trustworthy information OF public
character this morning was that the pros
poets OF an agreement between the con-
| tending nations had become dubious. II
was realized that our own and other Gov
| ernments were doing everything they
| could do In order to bring about salts
| factory conclusion OF the affair; but ap'
pearances were, nevertheless, that the
stubbornness Of the two countries involvec
was too strong to be overcome. In spite
Of all this the foreign markets, where hopes
regarding peace have been most optimistic
and where unpleasant results Of tho failure
OF the conference would be mostly felt
were to-day without exception either
firm or actually strong. Not great dea
Of business was transacted IN London
or on any OF the Continental exchanges
but the inactivity there was untempered
by weakness, and In the greater number
Of instances prices OF stocks rose rather
than fell. Here q canvass taken among
the rank and file OF speculators before
the opening OF business would undoubtedly
have shown q majority inclining to the
view that stocks, at least In tho early trad
ing, would decline. Yet our market opened
at considerably higher price range than
1t closed on Saturday, and although It
was irregular during the day Its hrmnees
throughout was its most prominent char
acteristic.
There was a renewal to-day Of tho up
ward movement In the high priced stocks,
Ssuch as Great Northern preferred. Northern
Pacific, Delaware and Hudson. Chicago
and Northwestern, New Jersey Central
and Northern Securities. Some Of these
sold at pew high records, while others rose
to their previously high points, Delaware
and Hudson selling at 22+, Great Northern
preferred at s2A1s, Northern Pacific at
2leh and New Jersey Central at 2l71s.
Among the more active shares Reading
common stock sold higher than It ever has
done before, and story was circulated
toward the close Of business that the Penn
sylvania and Lake Shore railway COM
panies had added largely to their already
large holdings OF Reading stock and that
further retirement from the market OF a
great portion Of the stocks Of the anthracite
coal companies in general had been ac-
complished. The story received no official
confirmation during business hours. but
It contained nothing inherently improbable.
The Wisconsin Central common and pre-
ferred stocks were again strong, rumor
mentioning the name OF one railroad COM
pany after another that, 1t was said, was
acquiring or had acquired controlling
interest in the Wisconsin Central COM
pany An authoritative denial Of one tale
OF this character connecting the name Of
the Pere Marquette Railway with the pur-
chase was Forthcoming. Elsewhere in the
market advances were the rule, although
these in many stocks we're slight. In the
general railroad list buying Of the Missouri
Pacific, St. Louis and Southwestern and
some Of the other Gould stocks was per-
haps as noticeable feature Of business as
any, and among the industrials Republic
Steel preferred shares rose with especial
vigor. Reports were very bright again
OF the present prosperity OF the metal
trades.
Two hundred and fifty thousand tons Of
various kinds Of steel production were
ordered last week. and premium is now
paid for early deliveries Of many lines OF
structural STEEL All grades Of copper
were to-day advanced, and the great mis-
Judgment of the state OF the copper market
by domestic consumers OF the commodity
during the last year Is now bearing Its
legitimate fruit. These consumers In the
period named were skepical ss to the
natural foundations Of the market, de-
claring that it was manipulated and that
the large purchases Of copper for foreign
account were in furtheranoe Of this manipu-
latiop. They were wofully mistaken, and
now find themselves in the presence Of q
very large demand for manufactured oop-
Ter products and with small supplies OF
copper stocks on hand The prediction is
freely made In conservative quarters OF
the copper trade, and where the effort is.
II anything, to keep the price OF copper
down, that the price Of the article will.
owinS to unavoidable circumstances, be
forced higher | the near future than It
was even during the Amalgasnated oom-
pany's famous umbrella holding" ex-
perience few years ago.
A development Of exceeding significance
over Sunday was, Of course, the announce
ment Of the reduction Of grain rates on
se veral Of the Western railroads. which
means unquestionably both that we have
heard the last for a considerable time to
come Of any agitation for further Gov:
ernmental supervision Of railway tariffs
and also that events Of an important flnan-
cial character in the railway world are
impending. The weekly summaries Of the
movement Of merchandise on the Western
railway lines published to-day bore striking
witness not only to the volume Of present
business over these roads. but to the vast
amount OF tonnage that will be given to
them in the coming business year. Com
plants Of car shortage are already heard,
though the crops have hardly begun to
move. The price Of wheat fell to-day
because Of continued news Of favorable
character In the West, both ~ regards
weather conditions and crop harvesting.
Bearing upon the future Of money rates,
as to which much debAte is naturally now
going on. the fact that during the last two
i -