The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-05-25
LARGE BUYING Of
CANADIAN Pacific
Peace News from Africa Did
Not Help Banks
ANXIETY OVER COAL STRIKE
The Joint Control of Monon BY the
Southern and L. G N. May Develop
NEUTRALITY-SUSPICIOUS. on the
Whole Were Quiet.
ANXIETY OVER COAL STRIKE

New York, May eS.-The only feature or
Importance In today's market was buy
ing of Canadian Pacific, which has been
in evidence for several days past ana
which was halted by the presidents
statement that the general prosperity OF
the company was all he knew Of to ae-
count for 1t.
The price reached a record figure today
at 81 .3Sss. This movement helped TO Keep
the general market steady today. There
was a number of special movements IN
less important stocks, but the list as
whole was inert and closed at small net
changes either way The hopeful views of
the peace outlook In South Africa did
not altar this state of affairs, nor did the
bank statement There is disposition TO
await definite results in South Africa,
and a feeling that there might be hitch
which would again delay the decision.
The outcome of the coal strike is also
awaited. The report that the control of
Louisville and Nashville, and in conse-
quence the Chicago, Indianapolis and
Louisville absorption project, are in
measure contingent and dependent on
holdings under options, was somewhat
disturbing In the possibility suggested OF
complications.
The weather map was construed as ia
vorable to crop prospeotA although
showers In the northwest are not dried ct
this time. The bank statement shows an
encouraging recuperation over reserves,
but neither the increase in cash nor the
reduction in loans was fully up to the
expectations formed by the street. The
effect on the market therefore, was
scarcely perceptible. The market closed
steady.
There has been quiet speculation in
stocks this week, as is natural to the
season and the various factors Of uncer-
tainty in the situation. But with the ex-
ception of a period of positive weakness
during the first two hours of the weeks
trading the undertone of the market has
been firm and unevenly strong. Prices
are quite materially higher for the week.
This is in large part due to the easier
condition of the money market, which
has shown the results of attraction of
funds from our domestic centers and
from foreign money markets by the re-
Gently prevailing high rates for money.
The rates for call loans have settled
down for the week to below 4 per cent
and contrary to the general expectation
the rate for foreign exchange has not re-
sponded with any material advance. 1t
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 the more profitable in
terest rate. The fact is that the large
demands made upon Paris and Berlin for
New York account made an insignificant
Impression upon money rates at those
centers and there is still sufficient profit
to keep foreign loans in this market.
Londons money requirements are con-
siderable, but there is so great plethora
Of capital In Paris and Berlin as to afford
resources for London's surplus require
ments as we'll Berl'1 Is still going
through its long process of liquidation
following upon the industrial depression
there, and French capital is still indls-
posed to venture into Industrial ventures
since its costly experience with Russian
projects. The result has been free lend
ing of funds in the New York market.
Business in bonds has not been large,
but prices are well sustained
United States new as declined Il, the
old As u, the Is q and the IS and SIS Y per
cent below the closing of last week.
New York Stock Market
NJ rtryaA