The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-05-21


day before Mr.. Flowers death. seemed to
satisfy the bull element for the time being
and on Thursday there was evidence OF
realizing on some of the large holdings
which had been necessary to accumulate
earlier in order TO check the downward ten
dency of the market This profit-taking
had the advantage of a rising tendency
in the railway list, due to good traffic re-
turns, to sustain 1t.
The Rise In Wheat
The rise In wheat and the talk of crop
damage caused the railroads to waver and
then the bears attacked the specialties,
notably Sugar, Brooklyn and the New York
Traction shares, with great violence and
determination, causing notable recessions.
The uncertainties thus engendered led to
subsequent dullness. 1t seems to be DEM
.onstrated that the large lines accumulated
for the lifting of prices were held over
the market and a powerful bear force
stood read to rescue the market from any
attempt at profit takings. There are
enough uncertainties in the general out
look to confirm the hesitation of specula-
tion and disposition to await further de-
velopments to indicate whether the present
level of prices Is consonant with the con-
ditions of money, and there is the newt
able uncertainty regarding the crop at this
time of the year. Talk of crop damage has
a bearing on the future earnings of rail-
ways and 1t Is not this answered. compare
the prices on which last years level, when
the high price was due to the clamor of
the Whole world for our very abundant
product More to the purpose are the cur
rent statistics of the railway earnings,
which are well in excess of those of last
year for the grain carrying roads, In spite
of the phenomenal movement which at
times was in connection with the Letter
deal. rGeat attention is given also to the
condition of our international trade bal
ances as bearing on the dominance of the
worlds money market recently entered by
New York. The financing of the $20,e 900 600
payment to Spain, completed on Monday
without the exportation of dollar of gold,
was striking evidence of residue Of our
exchange credit balance. But the question
arises whether the residue is not exhausted
by this Important operation and whether
the present movement of international
trade gives any promise of renewing it.
The rate OF exchange on London had risen
&c per pound at New York during the
week. and the supply of bills is reported
scanty. Imports continue we'll above not
only last years level, but above the nor
t1nal of recent years.
Still exports though far below last year.
unprecedented level, owing to the reduced
prices of breadstuffs. are still well above
the average for this time of the year, and
the excess of exports for April holds the
record for that month, if that year is ex-
cepted.
Due to Intr ased Exports
AS this continued advantage of position
is due to the increased exports of our
manufactured products, fhe future of the
iron trade has an important bearing on the
future trade balance. The continued up
ward tendency of iron and steel products
is expected to curtail exports in that line.
Under these circumstances the disposition
of the London market toward American
securities is keenly scrutiniZed as a selling
movement of large proportions, there and
might precipitate gold exports. Money
continues in abundance both at New York
and interior points and there Is no sugges-
ton of scarcity in the immediate future.
There has been large buying of railroad
bonds during the week, the large individual
transactions indicating buying for large
financial interests. The new contemplated
issues for reorganization or refundng,
bearing or per- cent. interest, have been
the favorites.
United States rs advanced &c; the new
As Ac and the old Is registered and the
IS &c in the bid price.
The total sales of stocks today were 49,
466 shares, including American Sugar, 21,-
~, 300; Atchison preferred, 1900: Brooklyn
Transit, 90 400; Burlington Rights, 10S0O;
louisville and Nashville, 1920; CONSOLIDATE
ed Gas, 1880; st. Paul, $500; Rock Island,
1000.
(By Private Wire to Paine, Murphy C Coz