The Birmingham age-herald., 1908-04-21
STOCK MARKET IS
 IN WAITING MOOD Holiday Feeling It to a De-
 cline In PriJ, EARLY ACTIVITY ITS Demand For Stocks Is Not Ss to Encourage BulIsh Tradine\
 Bears Put Out a Good
 Line of Shorts.

New York, April 20.-Busness in the stock market made a poor start today after three days cessation of business This was partly due to foreign markets remaining closed, according to custom for Easter Monday, while in this country the Boston stock market was closed with the effect of some substraction from New York. The market was exceedingly torpid and the, professional room traders had difficulty in effecting any movement of prices.
 Whatever the source of the demand that advanced prices within the first hour it was soon exhausted and stagnation developed. Bears were encouraged to put out some short lines when this condition developed and sag in prices resulted. The movement was trivial and halting at all times
 Developments bearing on the financial situation were almost unimportant in in- terest. United States Steel failed to ben eft from the reaffirmation of iron prices which was decided after the last stock exchange session last week. Equally in- effeetice were rumors in circulation of heavy orders for steel rails soon to be placed. These rumors probably arose from the fact that large steel orders de- pend on the decision of the American Railways association on the rail pattern and that a report from the special com mittee of that body on the subject is to be presented this week. United States Steel nevertheless, was a heavy spot in the market and it's dropping tendency was of considerable sentimental effect. All of the metal industrials were more or less depressed.
 An item that helped to sustain early prices was the news of the resumption of mining operations today by many thou sands of soft coal miners, in consequence of the settlement of their labor dispute. Something was made also of the contin- used assertions that negotiations were in progress to effect an advance in freight rates by the railroads in an effort. to reetify the cut in their revenues sharp upturn in the wheat market was an un- favorable influence on stocks, holders Of which are keeping an attentive eye on crop developments More gold was en- gagged for Paris, but the inference was drawn that the ultimate destination of some of the metal is to be Berlin.
 The bank statement published eduring the holiday interval confirmed all other evidences of the heavy accumulation of cash which is going on at this center, the surplus reserves of the banks having reached a round $500O0,000. Coal loans rates are not lower simply because the banks and trust companies by tacit consent are not pushing the lending Of their funds in that department The de- mand for time loans is very sluggish and offerings of commercial paper are light, choice grades commanding to AZ per cent. The money market conditions are, therefore highly propitious for the oner- ings of new capital issues ahead of the market. but considerable anxiety exists, nevertheless, for the success of new ls- ues and the degree of improvement in investment conditions, which may be re- vealed by new fotations.
 Bonds were dull and irregular. Iotai sales. par value, $S,S020oO.
 United States bonds were unchanged on call.