The Birmingham age-herald., 1909-04-19
MIXED SENTIMENT
 IN STOCK MARKET
IrreguIarity and Uncertainty
 Are Principal Factors
GAINS MADE FOR THE WEEK
While Advances Mark the Trading in Some Stocks, Selling Prevails In Others, and Situation Is Still
 of Uncertain Tone.


 New York, April 18.-There was lack of uniformity about the movement in the stock market last week that in- dicated some confusion and irregularity of speculative sentiment for which 1t was difficult to trace the motives al ways In the news of events coming to hand. Special stocks were in eager de- mand 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 leading motive for the selling, which was prompted by the desire to realize accrued profits. Selling on this account had behind tho doubt of the favorable progress of coming events. but simply con- viction that prices had enhanced suf- ficiently to measure adequately 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 eigners manifested distrust at the rate at which prices were advancing in this market and sold stocks here quite free- ly, when business was resumed abroad on Tuesday after the long Easter re- cess. The selling proved a weight on the market and had considerable sen timental effect as well.
 It is evident that consideration of the grain crop outlook is gaining i'm portance from the standpoint of the financial outlook and that the present promise lacks cheering effects. Due consideration is given to the highly speculative element in the price level ruling in the whe market, to the effect of small foreign stocks of wheat and to impaired yields of foreign crops.
 Wheat Crop Short.
 After allowance Is made for all these factors in the situation there remains substans1al residue of anxiety over the backward development of our own winter wheat crop. Until that condi- tion is corrected there will be lacking confidence in the improvement of the
  condition of the crop over the govern ment estimate. which is relied on to insure against threatened shortage. Weather conditions have been consid- cred unfavorable also for the seeding of spring wheat, a large crop of which would relative to the shortage of win ter wheat. A material shortage of the years grain harvest would be a grave defect In the situation.
 Another inharmonious note was the report of fresh increase in tho num- Der of idle frieght cars in the country for the half month ending March s1. following successive, though small re- auctions which had been going on since the first of the present year. As the net result was in spite of substantial reduction in surplus coal cars, due to the rush to stock up with coal in fear of possible strike, unfavorable de- auctions were drawn of the prograess of freight traffic and geenral merchan- disc movement.
 Metal Industries.
 From the metal industries a better impression came. A factor in creating this feeling was the report of the cop per producers association for March showing a groth in that month of only 9,000,000 pounds in the stocks of mar ketable copper in refiners' hands, in spite of production for that month in excess of that either for February or January. This result was due to the rise in the months deliveries and exports to 10S,063.0o7 pounds, compared with only 74,545.614 pounds in Febru- ary and little over 90,000, 900 pounds in January. This was regarded as proof of substantial betteremnt in the demand for refined copper. Orders for structural steel also continued on a large scale, giving promise of an out stripping of the March record in that department of the steel industry.
 Money Situation.
 The money situation did not receive much attention, although call money went to 21a per cent on Wednesday. thus exceeding the rate touched in making the April settlements. Syndi- cate transactions in connection with bond sales were held responsible for this. Discussion of possible gold ex- ports to France continued. The Bank of England has ceased to accumulate gold, but the Bank of France shows signs of renewing its energetic policy of adding to its already unprecedented gold holdings, which was suspended by the advance in the Bank of England discount rate early in the year. The very material improvement in the rev. erues of the United States this year is regarded with satisfaction in the finan- cial district as promising to avoid the necessity of government bond issues Additions to government bonds and a possible further injection into the bank note circulation as consequence have been looked forward to with some trepidation, owing to the conviction that bank note currency is already re- dundant and Is in effect forcing out gold.
 The stock market is not unmindful of the political situation and the pre- sentation of the tariff to the Senate has brought fresh attention to the impor- tant points yet undecided in the read Justment of duties on imports.