The Birmingham age-herald., 1912-05-27
PRODUCED
 NO ACUTE EFFECT Anxiety in Market Allayed by Good Reports From
 Iron and Steel Trade

New York, May 26.--The stock mar
 ket last week gave further evidence of the subsistence of speculative oper- ations of an organized and compre- hensive kind, which had been fore shadowed during the previous week No acute effect was produced by the
 campaign for the presidential nom
 nation and the result of Ohio pri-
 maries. The disposition to refrain from active operations in the market how ever was attributed to desire to
 await the further shaping of the mixed political prospect and It's possible eff feet in again unsettling the business l revival Anxiety on that account was allayed by continued good reports from
 the iron and steel trades.
 l Besides the political situation the l large requirements confronting the
 money market shared In the respon- sibility for the spirit of caution dis
 played in the speculation. Preparations
 for the financing of the New York sub
 way construction definitely began. in volvng the securing of capital re- sources to an estimated amount of l s270.000, ,000. Assurance is felt that the plan will arrange for the supplies in such installments as to cause the least I possible disturbance of the money mar
 ket and by shifting of accounts in the course of payments, rather than by 1 tying up of large amounts for any I length of time. Undertaking involv- 1 ing so huge an amount, however, can
 not be entered upon without provision l of credit and security such is bound to affect available banking resources. Payments for other large bond offers must be considered.
 1 It is significant of New York's com | mand of banking resources that the week should have seen I renewal of 1 lending to Berlin, in spite of the heavy demands ahead of our own market. l Good auguries of the French money
 market wero drawn from the S2-fold subscriptions for the Paris municipal | flied, however. by the determined dis crimination of French investors for | home enterprises ever since last years
 Moroccan crisis. Warnings by German financial authorities of danger from in : dustrial over-expansion give point to
 the hardening of discount rates in Ser | lin.
 The coming Chinese loan makes an- 1 other item In the banking account. l Speculative excess in London involved | some liquidation last week that had the appearance of being forced. Fresh labor troubles in London and Hungary directed renewed attention to the breadth of social discomfort the world | over. The anthracite coal miners set tlemant assuaged immediate anxiety in this country The demands of the east ern locomotive engineers now in arbf- tration and those of the firemen still to be disposed of overhang the future. The decrease Of corporation net earn ings for 1911 of $115,500,0 900, as report ed by the internal revenue commits sioner was another item for digestion during the week. Further demands from railroads for steel products. keep I in gthe mills running close to capacity | and struggling to effect deliveries, coupled with reports of great de- velopment projects by the railroads,
 make a groundwork for keeping up l speculative confidence.
 | Another jump in the wheat mark ct l gave new importance to the unsolved problem of last years harvests. There were further estimates also of the acreage forced out of cultivation by l the flood damage in the cotton regions.