The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-08-20
FINANCIAL AND COMMERCIAL.
SATURDAY, Aug. 10.

ava
SATURDAY. Aug. 10.
A II appeared probable to-day that the
Temporary future Of the stock market
would be determined by the result, now
doubtless near at hand, 81 the peace con-
ference ut Portsmouth, and as the outcome
thereof was thought to DO more matter OF
uncertainty than had been the Case at any
previous time, speculators and others
having interests in the market were inclined
to-day not TO extend their commitments,
and tho market was therefore, In the early
part or the session. dun and heavy. 1here
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 hesltancy
In financial ventures was, Of course. more or
less anxiety regarding the weekly bank
statement concerning which discouraglng
views were generally entertained In view
Of yesterdays estimates Of loss In cash OF
between 81, 900 900 and ss,O00,00O But the
bank statement, which appeared little
before the usual time, did not bear out
these pessimistic calculations. Tho loss
In cash was less than half that which had
been reckoned upon, and while fair sized
increase in the loans was shown, the sur
plus reserves were diminished by only
%, 40, 1925, leaving the existing surplus
standing at a considerably higher figure
than had been anticipated. After the
publication OF the bank statement the
marlet turned stronger, though with no
great increase Of activity. and prices at the
close generally showed net advances FOR
che day. The one movement in any stock
or particular group Of stocks during the
session that seems worthy OF especial
comment was further rise In the Wiscon-
sin Central common and preferred shares.
Tho advance here has been going on for
several days. and the idea has gained ground
that the control OF the Wisconsin Central
Railway Is passing 1t may be, to the North
ern Pacific Railway Company The Lon
don market was closed to-day, and while
there was the usual small Saturdays
amount Of business doing on the CONT
mental bourses, the tone there remained
cheerful Our own market presented at
tho close more or less Of a sold out appear
anoe and signs OF the growth Of a short
interest
Disoussio in Wall Street this morning
occupied itself with what appeared to DO
Tho practical Intervention in the conference
BY President Roosevelt. Concerning this
two atiguries were made, one that 1t indi-
Gated that the Governments OF our own
and doubtless Of other countries were
exerting all possible influences toward q
conclusion Of peace and that determined
efforts of this kind could hardly fail, and
the other that the negotiations Of tho
commissioners themselves had obviously
reached an impasse. There was plainly .
disposition in financial circles at the close
Of the week to take both less optimistio
and less pessimistic view of certain phases
Of the Russo-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 waging 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. Taksn all In
all, however, the opinion Of the best In
formed financial interests still Il at the
moment not only that peaoe will b de-
clared, but that the event will prove .
stimulus to security prices everywhere,
and that whatever strain the money marksts
arc called to undergo thereby win b 20
prolonged, apportioned and Otherwise man
eyed by the great banhers that it, effect VIII
b little felt. The immense quantity Of
money In tho world and tho state Of rspa-
ration for the event that European bosusss
have 20 long assumed clearly mako this
matter Of less Importance than II has on all
similar occasions in.hnancial history.
A. tho week ends there Il nothing that
clouds tho oountrys magnificent business
prospect and the detailed reports OF the
commercial agencies covering the period !
are calculated to inspire enthusiasm regard
ins the state of affairs. Trade, Il u said,
- steadily gathering force. tho whole
COUNTRY feeling the thrill Of The practical
certainty that enormous crops viii b gath
srsd. Even In the yellow fever districts
retail trade has been little affected. owing
pashaps to the fact that the percentage
Of deaths from the disease has been less
than In previous epidemics, and that the
6dissase Itself spreads much moro slowly
than formerly. Tho movement Of msrohan-
diss On The ra1vays u already such a.
almost to fully employ railway facilities and
railway earnings 60 on enlargins. The
k0overnment's statement Of our exports
: and imports for July. published On Wednss-
kdsy, proves that our foreign trade continues
ito EXPAND. Exports for the month wsre
keto9, ssA,l2k and while tho value Of imports
also increased the e1oess Of exports over
imports was still S2Ao77.7l0. Bank clear
: ines are proceeding at the paoe Of increase
that they have long maintained, and while
higher rates for the use Of money arc En-
peotsd In Wall Street a. tho result OF The
Drop moving drain, tho price Of time funds
shows that no rates sufficient to check
business or well grounded speculative
y operations are deemed possible.
New Ysrk Stock Exchange Sales Aug. 10.
CLOSING s.Ion o, uxIT,D STATES BONDS.
us.,...e4n {fS:S 4. coup. S:x ~