The Montgomery advertiser., 1902-05-25
WALL STREET REVIEW
zuxINo or CANADIAN PACIFIC
 A FEATURE.
yx1ee Beaches a Record at l3SsS- f1aat s . wRols wssArnert and < Cid edN msft Nj changes.

New York May A.-The only feature of lporta9Gs il 1oaay,s. WaIket, Eas buy
 ssdsSes VI fSn ssSessl ass. bas ossGG ssG 1ssasssnm q dUaeslsssSss 8Sslsl 8S sSsdl pra raasSSB&BH 1ae company was all he knew of to ac- kpnt for it. The price reached a record
 ure today at lSSS-6 There was . num-
 1T, ss, sssi ,ss5,saf1 S$tataa ne sssi ssts1 |::s sss ,s;s sss;i:s:isS fS,I SsS;ln, ssaX
 nk statement. There'is a disposition to
 gait lefnSte results in South. ;Africa, V f$xipA that fhsYe might hd a Ritcb.
 pt wo04 tDkain delay the decision Thef kcome If the coal strike is also athitra
 The report that the control of l.. and
 enapalS And E5tHsviflle aUscfb bsloT prS1
 sndsnS oh holsinss fnssss under sSa optIoms sss @
 pswhat disturbing in the possibility SSp wSS SAcGsifued as fav5t taJ5fe {p ef1bi
 ss srs not needed sGSs's at this time r The bank
 3tement shows an encouraging recupe-
 Ion v reserve but neither the increase
 leash nor the reduction in loans was
 &11y up to the expectations formed by
 street. The effect on the market was
 sefore scarcely perceptible. The mar
 closed steady.
 H3here has been quiet speculation in u4ocks this week as is natural to the sea non and the various factors of uncertair- ty In the situation. But with the excep- Hto0 of period of positive weakness during xAo firpt two hours of the weeks trading, the undertone of the market has been 0Hm and unusually strong. Prices are qS1lte materially higher for the week. This q in large part due to the easier condi- Hl0n of the money market, which has unoWn the results of attraction of funds 4fcm our domestic centers and from for &nu money markets by the recently pre- xail1ng high rates for money. The rates 9oB call loans have settled down for the week to below 4 per cent. and contrary n the general expectation the rate for 1ore4gn exchange has not responded with any material advance It was feared that the first show of ease In the local money market would lead to the withdrawal of funds placed here to take advantage Of fle more profitable interest rate. The T2ris and Berlin for New York account made an insignifcant impression upon money rates at those centers and there Is efill suff1cient profit to keep foreign loans an this market. London's money require ments are considerable but there is so great a plethora of capital in Paris and Berlin as to afford resources for London. burpIus requirements as well. Berlir ts still going through it's long process of liouidation following upon the industrial depression there and French capital IS etiII indisposed to venture into industrial ventures since the EUStiN eAUcFtcHCc WltIi Russian projects. The results has .been free lendings of funds in the New York market. The pressure upon speculative borrowers in the securities market has out undesirable collateral in loans has apparentliy been completed. The memory of this process still remains and is an ele- rnent of the caution which Is manifest in the character of the operations in stocks With the exception of the anthracite min CTS strike. general conditions have bcen eo favorable that the provision or better credit facilities has encouraged buying.
 snKs for the first and second weeks of May show a continuance of the increase over last years corresponding level. There is no gainsaying the significance of this as an index of the maintenance of urosperous conditions in general business ' and 1t goes far to explain the deteImina- conpletion of the acquisition of the Chi cago. Indianapolis and Louisville in the interest of the Southern Railway and the Louisville and Nashville and the passing sof the Ann Arbor to the control of Wa bash syndicate have kept alive the faith of epecuiators in the future course of ab- sorption of smaller railroad systems and has led to speculative movements in sfocks of various Hmailer railroad sys-
 There has been some evidence of q gpirit of hostility to these projects on the part of older railroad systems. in the 3ermipation by the Pennsylvania of it's western Union contracts. but this has uassed without much influence in the 6tock market. The stocks affected by the cooper industry have risen. led by Amal- aau1ated Copper on the advancing tenden- e and reported increasing demand for raw copper. The firmer tendency in the silver market has also benefited some of fhu metal companies. European markets Nave reflected growing confidence In 4he approach of peace in South Africa 11his has been an occasional influence ir efock markets Tor a long time. but it is expected that It's actual consummatior must awaken some degree of speculative activity in many directions. Business 1T bonds has not been large but prices are we'll sustained. United States new 4s de 7 clined 1. the old ts 5-s the 2s S-S and ths @ and 5s i-4 per cent. below the closing <4 last week