The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-09
ACUTE TENSION IN
The FOREIGN FIELD
Frances Preservation of Men,
traIity is the Theme
STOCKS GREATLY AFFECTED
Iron and Steel Stocks Were conspicu-
ousIy Active Among the lndustri-
als-Prevaling Weakness
Affects Whole List.


New York. May S.--Measured by the eff
feets in the New York stock market the
tension between Great Britain and France
over the observation of neutrality in the
far east must be acute. Measured by an
other visible index, there does not seem
to be serious apprehension o. any rupture
between those two powers.
1t is true that the selling of stocks in
New York which carried prices downward
was mostly for foreign account, but the
volume of it was not impressive, and the
ready effect on prices must be attributed
in large part to the continued doubt felt
towards the market by operators of any
considerable power or influence. Declines
in the government securities most imme-
diateiy affected by the foreign political
situation was moderate, and the move
ment in foreign securities markets was
more restrained than in New York. Paris
was reported to be a considerable seller
of securities in London. Discounts de-
clined in London and sterling exchange
was notably strong here, but sterling was
also strong at Paris, and the price of
gold was reduced in London. As a net
result the international exchange can
for exports of gold from New York.
The money rate here was entirely UNI
affected and was in fact rather easier in
response to the strong bank statement
of Saturday. The wheat market made
some response to the foreign political sit
uatoh but close attention was unable to
detect any actual foreign demand here,
as a suit of the incipient war scare.
Nevertheless prices of stocks broke in
decidedly weak manner. a number of in
stances showing lower quotations than at
the extreme low level last week. The
Pacifes, southesterns and southerns were
most affected amongst the railroads, and
the iron and steel stocks were conspcu-
Gus amongst the industrials. The selling
although moderate, was very well dis
tributed, and no part of the list escaped
entirely the prevailing weakness. The re-
suit seems conclusive of the failure of the
considerable reduction in prices which has
already taken place to attract any eff
fective demand. Some sympathetic effect
must be allowed to the extreme weakness
of the gas stocks.
People, s Gas suffered directly. the state
legislature putting a rate-making power
into the hands of the Chicago city govern
ment. The close sympathy manifested by
Consolidated Gas was explained by the
analogy in the situation of the two COM
panies It is not improbable. too, that
consideration of the coming struggle over
the question of federation of railroad
rates. may have been stimulated by the
incident of the gas stocks. The market
was narrow and obviously largely in pro-
fessional hands, as was indicated by the
light volume Of the transactions both on
the decline and on the rally. When the
operations for foreign account was con-
Guided for the day, the supply of stocks
proved seanty for the needs of the shorts.
The feature of the weekly traffic state
ments by railroad officials was the stress
laid upon the Chicag go strike as the fac
tor almost solely responsible for such fall
ing off as was shown in the amount Of
business done by the railroads. The in