The Montgomery advertiser., 1909-04-12
FINANCIAL REVIEW

New York. April I1.--There were de- terrent influences at work in the specu- which might be considered to impair its reliability as an index of opinion on the future. There was. for one thing. the fact that the week was to Easter holidays. an oSservanee icom- mon to all the great securities mar kets. both here and abroad. The pros peet of . three days recess in the some closing out of commitments and of discouragtng new ventures. The diminished volume of the stock market last week was due partly y9.,n to this inii1 afsn
 to wait on several events expected during the week. and which were counted on to throw important light on shs bs ass ., these the publication on Thursday Of the Government estimate on the April con- dition of the winter wheat crop. In- sufiiciently clear to foreshadow a poor report, but the condition estimate was even lower than was expected. and the wheat market made emphatts response, had been going on in that market of an advance to prices not touched be- fore since the days of the Letter deal It was testimony to the underiying stock market that 1t turned resolutely to the more promising view of the prospect presented by the crop report The low yield of winter wheat indi- sowing of an extraordinary acreage of spring wheat and confidence was pro- fessed that the very high price of wheat and the statistical requirements large additional paintings The possf- bility of further improvement in the winter wheat itself was strongly urged. ment following the April l stage being preferred to the more numerous m stances of further deterioration after
 There was some disappointment felt that the Supreme Court did not render d decision on the validity of the com modities clause of the Hepburn law on Monday on reeonvening after its spring
 market on that day Is evidence that sensitiveness will be shown to the un- certaintfes of that decision until It IS announced. although the belief IS pro railroads would not cause great dis- turance owing to the provision supp posed to have been made by the com panies affected against such contin- It is one of those subjects, however, which operators in stocks will be glad to see out of the way. Another IS the the anthracite industry. which was kept before the attention of the public | by the renewal of the conferences be- tween the operators and the miners
 The special strength shown by the anthracite group of stocks was an evil dence of the belief that a satisfactory settlement would be effected. The large tonnage of anthracite shipments for March also had it's share in strengthening the group as an insur- ance of preparation for difficulty. Re- ports from all departments of the building trade showed degree of ac.. tivity In plans for construction and improvement that was regarded as an important harbinger of revival of pro- ductive activity. Interest attaches to the forthcoming report ofthe Copper Producers Association, to be published at the beginning of the week. While Considerable addition to the unsold surplus of copper during March is looked for, showing a rate of produc- tIon still in excess of consumption, inc rate of accumulation is expected 10 he much less than during February, owing to the increase in sales during
 The continued plethora of the money market makes an important feature In sustaining the demand for securities. The possibility of some renewed outgo of gold to France does not impair the confidence in continued ease in money.
 Increased demand for bonds has been A result of this condition and the spec ulatiye element in this demand Is seen in the preference for convertible bonds which are influenced by the price movements of stocks into which they are interchangea