The Birmingham age-herald., 1908-04-15
STOCK MARKET |S
 IN WAITING MOOD Prices Are Almost At a Stand still During the Day BETTER TONE NEAR CLOSE Approach of Easter Holidays Takes Away Activity of Brokers and the
 Market Fails To Make
 Much Gain or Loss.
BETTER TONE NEAR CLOSE

New York. April 14-The inertia of the stock. market proved too great to- day to overcome, and the board room brokers were disposed to abandon the attempt very early in the day. The approach of double or triple holidays is likely to have this effect on the market. Many brokers left the board room with the intention of staying away until next Monday, in the belief that no life will be shown in the mar ket in the interval. Events bearing on securities values were few and of little importance in the shaping of the out look. The arrest of the demoralized break in the cotton market had some effect of relief in Wall street, where the slump yesterday was accompanied by rumors of collateral effects nearer the stock exchange. It was regarded as somewhat significant> that the re- newal of the often repeated rumor that steel prices were to be cut caused a hardening in the price of United States Steel.
 Amalgamated Copper also was steady, to the accompaniment of reports that large sales of the metal were effected at the cut in price established by the selling agency yesterday.
 Copper in the London market how ever, made a further decline, and con- tributed to the heavy tone at that cen ter. The weekly review of weather conditions by the weather bureau of fered nothing unfavorable regarding the crops that has not been previously discussed, and with corresponding effect on prices. The Chelsea fire was some- what of a oppressive influence, owing to the apprehension that losses by the in- surance companies would deduct some thing from the funds seeking invest ment in securities Early offerings of new securities on a large scale is one of the features in the market outlook. Reports that contracts would be signed between the soft coal operators and the miners by May 1 were received with satisfaction the stoppage of wage distribution being taken large account of in it's effect on the consumptive de- mand for commodities. Price move ments at best were small and of little significance, and the further movement in low grade dormant stocks had a dis quieting effect rather than other wise. Influences from abroad were de- pressing, and the further withdrawals of gold from London by Paris, to- gether with responding rise in Lon don discount rates strong, had the be- lief of international bankers that gold would go from New York to Paris. A recovery in the sterling exchange rate at Paris modified the force of this pros pect slightly. Moreover. surprise is felt amongst New York bankers that the Secretary of the Treasury has not issued a call for withdrawal of addi tional government deposits owing to the growing plethora of money at this center and the known needs of the treasury. It is thought highly probable this expected call would issue on the actual movement of any gold out of New York to a foreign destination. This prospect may have accounted for slight hardening in the time money market today, although this was not accompanied by any active increase in the demand for loans. Current re- demption of national bank notes is running very heavy again, and this in- dicates a contracting tendency in the circulat ton. It is accomplished largely by the shipment of bank notes by in terior banks to banks in New York, which take them to the United States treasury and exchange them for legal tender to place in their reserve. Trunk