The Birmingham age-herald., 1905-08-27
Sales. High Low. Close,

speculative public has finally begun to view the movement with some dstrust. This is largely because of the belief that the stock had advanced at rate out of proportion to it's present value, and that the methods of those responsible for the advance have created an awkward market situation. The Erie issues full filled the prophecies of the interests which came Into active control during the last two years. The roads possibilities as a feeder to any one of the greater lines reported in its directorate have been an undeniable factor in the. increased value of Its securities. In the industrial list the interesting feature of the week was the strength of United States steel pre- ferred That stock is firmly established as the barometer of the steel and iron trade and it's advance to a new high level Is coincident with the statements Of au- thorities in the trade that the coming year Is expected to be the geratest in the history of the trade. The common shares have moved in sympathy with the preferred, and it Is a matter of gen eral belief that large blocks of this issue have been withdrawn from the market.
 The four advances in refined copper during the week bring the price of metal within a fraction of cent per pound of It's highest quoted value, rehecting con ditons prevailing in that industry, and accounting in great measure for the strength of copper shares. The same reason, coupled with the higher price of lead, accounts for the new high record reached by American smelting stock. The increased market value of the coal stocks follows the receipt of advices from dis tributing centers telling of the usual ac- tivity preceding the requirements of the winter season. The week was notable also for a general upward movement in the railroad stock under lead of Missouri Pacific The various roads embraced un- der this head are vitally affected by crop prospects and as good crops seem as- sured resultant good earnings are ex- pected. The yellow fever scare appears to have expended itself, judging from the strength of such stocks as Illinois Cen tral, Louisville and Nashville Atlantic Coast Line and Southern railway. Little is heard of public interest in the present market but the fact that the largest com mission houses are carrying very light lines and borrowing very little money would tend to prove that this interest IS still inconsiderable to be regarded seri- ously.
 Indeed the absence of any pronounced demand for money has reduced rates, both call and time to levels which offer striking contrasts to the great bull move ment of 1902. In this same month or that year call money ruled at from 31s to 4 per cent Wltn ltW tOi5 tiiiV iOhii' under per cent. This week with the exception of slight furry at the end, the prevailing rate on call was per cent, while loans for the longest period did not go above per cent. Three years ago the west and all the agricultural centers drew heavily on this market to move crops. This year it Is claimed that the various sections will finance their own movements. The progress of events at Portsmouth has naturally been fol- lowed with interest, a feeling inspired more by sentiment than actual concern. There has been no more talk of a. Rus sian or Japanese loan here, but bankers continue to declare that any peace re- uuirements of the contending nations could be financed here in part on reason asle terms. Europe, more particularly London, bought on balance during the week. and the field for American securi- ties abroad is steadily widening.
 United States 2's advanced ss and SIS and old As A per cent on call during the week. The bond market was irregular with the course of stock during the week.