The daily morning journal and courier., 1905-08-30
gtnamrtal.
l lESTERDAYiS STOCK MARKET.
An Upward SPurt on Announcement Of
 Peace-NOt Well Sustained.

Heace-NOt Well Sustained.
 New. York. Aug. ,29.-To those who expected tremendous manifestation
 of bullish enthusiasm to follow the
 peace news from Portsmouth the course
 or to-day's stock market must have
 been somewhat disappointing. To be
 sure, the early announcement brought
 an upward squirt in which the greater
 part of the list, including the Japanese
 issues, participated, but this movement
 was not well sustained, being followed
 by periods of dullness and some hesi- fancy. Operations broadened later and the momentous event was received with rsatlsfaetion by the banking interests,
 fellef being expressed at the elimina- 9tlon of a very disturbing factor. The
 attention of these same banking inter-
 ests will now doubtless be engaged in
 ngurlng on the peace loans which, it is generally assumed, both Russia. and
 Japan will find convenient to negotiate.
 Preliminaries to this end have been in progress for several weeks here and abroad, and while definite details as to the extent of the proposed loans are yet unobtainable, 1t is strongly fntimated that American bankers will play an in- portant part in what promises to be the greatest financial game of recent years. There are assurances also that any money required for such loans can be had without disturbance to conditions at home s The conspicuous feature at the open- ing here was Canadian Pacific, which advanced to a new high record on. buy- ing credited to foreign interests. There was a renewal of the recent pressure upon Reading and some of the other @coalers in sympathy, but later recover ed, The Erie. issues,, especially the common, exhibited unusual strength, the common making new high record. The movement in Louisville and Nash- vile was traced to buying by com- mission house which operates for an interest once very, prominent in that stock. An1algamated Copper was strong with another advance, the fifth within a week, in the price of the metal. Of the other standard issues Union Pacific, which sold ex-dividend of 21s per cent, was strong.
 Although the news from Portsmouth became known soon after noon, reports dfscrediting it were current and it was not until an hour or more that traders seemed to grasp it's significance. Much of the buying that then set in came from the shorts, though the very heavy purchases of Japanese issues by for eign houses helped to carry prices high CT. The better tone was well maintain ed, the closing hour bringing prices to the highest level of the day. London probably restricted it's trading in this market because of settlement opera tions, but bought on the peace an- nouncement, taking chiefly Canadian Pacific and Union Pacific. A notewor- thy feature was the strength of Ameri- cans on the London curb, following the closing of the regular market there. German banking interests were report ed to have purchased round amounts of Erie issues as we'll as Japanese bonds, < The bond market advanced in sym pathy< with the rise in the Japanese Total sales, par value, s5020,000. .-.
 < United States bonds were unchanged on call. s.-..., ~. .