The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-08-30
WS OF PEACE DID
I NOT CAUSE A RISE
Stock Market Little Affected by
Announcement
IN TEREST IN THE LOANS
American Capitalists VIII Play an
Important part In the Great Finan-
clal Game to Be Started BY
Russia and Japan.
IN INTEREST IN THE LOANS

New York, August 29.-To those who
expected a tremendous manifestation of
bullish enthusiasm to follow the peace
news from Portsmouth. the course of to-
days 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 Japanes issues, par
ticipated, but this movement was not well
sustained. being followed by periods of
dullness and some hesitancy.
Operations broadened later and the mo-
mentous event was received with salts.
faction by the banking interests relief be-
ing expressed at the elimination of very
disturbing factor The attention of these
same banking interests will now be en-
gagged in figuring upon the peace loans
which it is generally assumed both Japan
and Russia will find convenient to ne
gotiate. Preliminaries to this end have
been in progress for several weeks here
and abroad, while definite details as to
the extent of the proposed loans are yet
understandable 1t is strongly intimated that
American bankers will play an important
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 dis
turbance to conditions at home.
The conspicuous feature at the opening
here was Canadian Pacific, which adj
vanced to a new high record on buying
credited to foreign interests. There was a
renewal of recent pressure on Reading
and some of the other coalers moved in
sympathy. but later recovered. The Erie
issues, especially the common, exhibited
unusual strength, the common making a
new high record. The movement in Louis
VILE and Nashville was traced to buying
of commission house which operates for
an interest once very prominent in that
stock. Amalgamated Copper was strong
with another advance, the fifth within a
week. in the price of metal OF the other
standard issues Union Pacific. which sold
ex-dividend of 21a per cent, was strong.
Although the news from Portsmouth be-
came known soon after noon, reports
discrediting it were current, and 1t was
not until an hour or more that the trad
ers seemed to grasp its significance, as
much of the buying that set in came from
the shorts, though the very purchases of
Japanese Issues by foreign houses helped
to carry prices higher. The better line
was we'll maintained. the closing hour
bringing prices to the highest level of the
day. Features of the strength were the
United States shares. Pennsylvania, Read
ing, Southern Pacific ana Chicago and
Northwestern. London probably restrict
ed Its trading in this market because of
settlement operations, but bought on the
peace excitement, taking chiefly Canadian
Pacific and Union Pacific. A noteworthy
feature was the strength of Americans on
the London curb, following the closing
of the regular market there. The bank
ing interests were reported to have pur-
chased round amounts of Erie issues as
well as Japanese bonds
Reflection of existing mercantile condi-
lions was found in the sem-annual state
ment Of the Associated Merchants COM
pany. which operates a number of dry
goods stores in this and adjacent cities.
Its surplus for the period shows an in
crease of $215,0O0. Another heavy transfer