Omaha daily bee., 1909-04-19
High Price Level in Wheat Not on
Solid Foundation.
CROP REPORTS EAGERLY SCANNED
Spring Wheat May Relieve Shortage
of Winter Product.
MONEY MARKET HOLDS FIRM
Government Treasury Contains More
Gold and No Apprehension II
Felt OF StrIngency-DenI-
crs Conservative.

NEW YORK, April 1S.-There was lack
of uniformity about the development in
the stock market last week that indicated
some confusion and irregularity Of specula-
tive sentiment for which it was difficult
to trace the motives always in the news
events coming to hand.
Special stocks were in eager demand and
lifted sharply, while selling predominated
at other points. The extent to which the
previous rise had gone and the heightened
period of the advance offered a leading
motive for the selling, which was prompted
by the desire to realize accrued profits
Selling on this account had behind it no
doubt Of the favorable progress of coming
events, but simply a conviction that prices
had enhanced sufficiently to measure ade-
quately the progress already in sight.
There was an admixture of anxiety over
some of the developments in affairs. which
might account also for some Of the ele-
ment of depression in the market. For
egners manifested distrust at the rate
which prices we're advancing in this mar
ket and sold stocks here quite freely when
business was resumed abroad on Tuesday.
after the long Easter recess. This selling
proved weight on the market and had
Speculation I'm wheat.
1t is evident that consideration of the
grain crop outlook is gaining in Importance
from the standpoint of the financial out
look and that the present promise lacks
cheering effect Due consideration is given
to the highly speculative element in the
high price level ruling in the wheat mar
kct, to the effect of small foreign stocks
of wheat and to impaired yields of foreign
| crops After allowance is made for all
these factors in the situation there re-
mains substantial residue of anxiety
over the backward development of our own
winter wheat crop Until that condition is
corrected there will be lacking confidence
in the improvement in the condition of the
crop over the governments April / esti.
mate, which is relied ON to insure against
| a threatened shortage.
Weather conditions have been considered
| unfavorable also, for the seeding Of spring
wheat, large crop of which would relieve
the shortage of the winter wheat A ma.
| terial shortage of the years grain harvest
! would be a grave defect in the situation
| hoped for to push forward the restoration
| of prosperous conditions in the country.
No Shortage of Cars.
| Another inharmonious note was the re
| port of fresh increase In the number o
| idle freight cars in the country for the hal
month ending March 81. following success
| siVe, though small, reductions which ha,
| been going on since the first of the pres
ent year. AS the net result was in spit
| of a substantial reduction in surplus Goa
cars due to the rush to stock up with coz
in fear of a possible strike, unfavorable de
ductions were drawn of the progress o
freight traffic and general merchandis
movement.
From the metal industries a better i'm
| preston came. A factor in creating thi
feeling was the report of the Copper Pro
ducers' association for March showing
| growth I'm that month of only 100000
pounds in the stocks of marketable copper
In rcfiners hands in spite of a productio
for that month in excess of that either 70
February or January. This result was du
to the rise in the months deliveries an
exports to lOS.O63,0O7 pounds. compared wit
only 74,5466l4 pounds in February and
little over 9OOO0,OOO pounds in Januar,
This was regarded proof of substantis
betterment in the demand for refined cor
per Orders for structural steel were on
large scale, giving promise OF an outstrir
ping of the March record in that depart
ment of the steel industry.
The money situation did not receive muc
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