The Birmingham age-herald., 1905-09-03

bank statement was aWalIeu WlIn SOIne interest and no little apprehension! Lon don reported a more cheerful tone and sent over a higher range for arrange ments, while Paris, which is said to be lending money here, quoted higher prices for rentes. ~
 Early prices here were generally higher, the strongest feature being Canadian Pa cifc, Union Pacific, Southern Pacific, At chson and Amalgamated Copper Yes
 terday's pressure against American smelt- ing was renewed and weakness was shown
 by Tennessee Coal and Colorado Fuel and
 Iron. moderate buying movement in
 some of the active issues met with freer
 offerings of stocks, and prices receded
 The market came almost to a standstill
 on the issuance of the bank statement,
 which showed a further decrease of re-
 serves The loan decrease of about ST.
 100000 was regarded as but partial re-
 fiection of the weeks liquidation, but the
 bank statement as a whole was received
 with satisfaction and helped to produce the firm closing. For the first seven
 months of the year the Pennsylvania rail
 road reported substantial net gains in earnings on lines directly operated east | and west of Pittsburg, as well as on leased lines.
 For July Illinois Central shows a net | decrease due doubtless to the yellow fe-
 yer plague. A compilation of traffic re- turns from all,the leading roads for the half year show the enormous increase of Sf0,000,000 in gross over the same period last year. Naturally this improvement is less apparent in the net gains, be- cause of the continued increase of operat- ing expenses, and cost of materials and labor
 Total sales of bonds, par value. s1,- 2i5, ,0O0.
 With the virtual conclusion of peace between Russia and Japan, the week marked an epoch in the financial and industrial markets of the world. How rluch the great bankers of Europe and America contributed to this end may never be known. There is a popular mo- tion, however, that the persuasive powers Of finance. cvottame the arts and wiles of diplomacy and that the last word was spoken by those who believed both com batants had reached a point dangerously near financial exhaustion. To the out slider and those spectators still commit ted to higher prices the stock market acceptance of the peace news must have been both surprising and disappointing. The monetary squirt on Tuesday was but flash in the pan and represented scarce ly more than belated buying by those who seemed to expect that an inmed- fate and further rise would follow the great event, On the contrary it gave the professional element and its followers an opportunity of which they had partly availed themselves a few days before. They "sod'' on the good news, thereby showing strict observance of tradition
 -II troII ta ment was followed by the appearance of the tight money bogey'' which brought the lower prices all around and gave the market the most, serious set back it has known since the June advance. Keen disappointment at the course of our mar ket was expressed by London and other continental centers, which bought here at the first announcement of peace. their own exchanges having closed for the day. A large proportion of these purchases have come back at general losses, 1T re- ports usually reliable are to be believed. Europe's theory that our market should have advanced was not regarded as un- reasonable, observers there simply view ing the situation from a misleading point. This week was prolific of many Rus sian and Japanese loan rumors,, none Of which took tangible form and many of which have since been denied. That both countries will need money for rehabili- tation and development, is well known, but for the present the subject may be dismissed with the assurance of high authority that Japan will hardly come into the market this year. while Russias s needs are most likely to be financed abroad. In any event, unless conditions are radically changed, American bankers will play no leading role in a Russian loan, if for no other reason than that they will not be asked to do so.
 The note of warning sounded by the leader of the anthracite coal miners in
 his declaration of principles, gave the market its first chill, and renewed a lot of discussion anent the labor situation Ii is clear that the miners are preparing for a contest more than half year away but as financial markets deal largely in futures. the stand taken by the spokes- man of this important branch of organ ized labor came in for serious considera- tion. It was not without effect on the coal shares-Reading still the storm cen 1 ter of that group-falling very materially from It's high record of the previous week. Steel and iron trade conditions | may be dismissed with the summary, but l a significant statement that the Dig pro- 1 ducers have practically agreed to reaf- | firm present prices for the coming year; | that structural shapes are at the highest prices in seven years. and that the orders !! booked for next year in various branches 1 of the industry are rapidly increasing. The money market found some reflection l in today's bank statement which reported l a comparatively slight decrease of loans' but the situation Is still far from satis- factory at Q time when the promised bumper crops are sure to call, as they have already done in the past for an un- usually heavy drain upon our weekened