The Birmingham age-herald., 1909-06-14
STOCK MARKET IN
 VERY GOOD SHAPE
Price Movement for the Week
 Has Been Confused
PRICES MAKE AN ADVANCE
Condition of Grain Crops Has Exer- cised Influence Upon Stocks, Which Hold Their Prices
 Up Very Well.

New York, June 13.-A good deal of con- fusion marked the price movement of se- curities last week and this gave rise to, or was the index of, uncertainty in the opinion of the speculative outlook held by the operators in the stock market. Continued control was asserted by power ful speculative forces by the vigorous marking up in the prices of stocks here and there of a class calculated to exercise strong influence on sentiment.
 At the same time advantage was taken of favorable developments in equally in- fuential stocks to push them for sale, even at the expense of sharp inroads on the prices established. Reasons were sought in the course of events for this mixed appearance of the speculation and some of the weeks developments were held to be sufficiently dubious in their implications to account for the hesitation in the action of the stock market, all though confidence in the progress of ira- provemeht in business and industry was unimpaired.
 The government report on the June l yield of the grain crops received close at- tention from financial observers, and it failed to offer the full encouragement hoped for as to the promise of the har- vests. The decline in the condition of winter wheat during May was a disap pointment, and the increase in acreage of spring wheat planted fell short of pre- vious estimates, although the high condi- ton of tbe latter was a source of grat- ification. Special attention has been turned to the corn crop, but while large yield is expected, the fact that official determination of the acreage planted re- mains to be made, impels caution in the assumptions of the final outcome.
 The disposition to realize profits on fav- orable developments was strikingly illus trated in the action of Southern Pacific following the announcement of the plan of retirement of the preferred stock United States Steel showed the waning effect of the project to introduce the stock on the Paris bourse. Reports of condi- tions in the steel trade showed further expansion and advances in wages by sev- eral independent companies were taken as a proof of the healthy condition of the industry. The statistics of the Copper Producers association for May confirmed the belief in definite check to the ac- emulation of stocks, the deliveries for the month having exceeded the increased product by upward of 100000 pounds Orders for delivery this month and next were said to be sufficient to absorb the stocks on hand, and some of the import ant producers were practically out of the market at prevailing prices. Copper in- nj al MI al ra- sponsive.
 Interest rates on money advanced in alF markets during the week. Discount rates rose in London, Paris and Berlin, but the outgo of gold from New York to Paris was checked. Rates both for call and time loans were higher in New York and borrowing from foreigners was extended. Southwestern money centers reported some stirring of demand for funds in preparation for the movement of the crops. The approach of the half yearly settlements will involve some preparations for the large disbursements then. Some withdrawals of government deposits from the national banks and a government bond Notation are looked forward to, and much important financing remains to be provided for the large corporations. It is known that very large holdings of bonds figure in the record loan account now shown by the banks of the country, and the possibility is offered of move ment to market some. of these holdings in the event of any construction of the money supply.