The Birmingham age-herald., 1909-04-12
EASTER AFFECTS
 THE SPECULATION Long Holiday Causes Closing
 of Contracts WHEAT IS A FEATURE Crop Report On Winter Wheat Is Dis courasing and Prices Take On Renewed Strength - Spring
 Wheat Possibilities.
WHEAT IS A FEATURE

New York April 11.-There were deter rent influences at work in the speculation | in the stock market last week which might be considered to impair its relia- 1 bility as an Index of opinion on the fu- | ture. There was, for one thing, the fact that the week was to end on Thursday in 1 observance Of the Easter holidays, an ob- servance common to all the great securi- | ties markets, both here and abroad. The | prospect of a three-days' recess in the markets had the effect of prompting some | closing out of commitments and Of dis | couraging new ventures. The diminished volume of the stock market last week was 1 due partly to this influence. There was a disposition also to wait on several events expected during the week, and which were counted on to throw impor- | tant light on the seasons prospects.
 The most conspicuous of these was the publication on Thursday of the govern ment estimate on the April condition of the winter wheat crop. Information from other sources had been sufficiently clear to foreshadow a poor report but the condition estimate was even lower than was expected, and the wheat market made emphatic response, in spite of the heavy speculation that had been going on in that market with an advance to prices not touched before since the days of the Letter deal. It was testimony to l the underlying hopefuIness of the senti- ment in the stock market that it turned rcsolutely to the more promising view of  The lew yield of winter wheat indicated was relied upon to stimulate the sowing of an extraordinary acreage of spring | wl:eat and confidence was professed that the very high price of wheat and the sta tistical requirements for the coming crop would bring out large additional plant iass. The possibility of further improve ment in the winter wheat itself was strongly urged. the fewer precedents for such improvement following the April l | stage being preferred to the more numer- ! ous instances of further deterioration after that period
 Court Decision.
 There was some disappointment felt that the supreme court refrained from haI ding down it's decision on the validity Of the commodities clause of the Hepburn law on Monday on reconvening after it's spring recess. The behavior of the stock market on that day Is evidence that sen- sitiveness will be shown to the uncertain ties Of that decision until it is announced, although the belief is professed that an opinion adverse to the railroads would rot cause great disturbance owing to the 1 D. oyision supposed to have been made by the companies affected against such contingency.
 ! IL is one of those subjects, however, 1 which operators in stocks will be glad to see out of .he way. Another is the set ! clement of wage agreement for the an- thracite icdustry, which was kept before the attention of the public by the renewal 1 of the conferences between the operators and miners representatives.
 | The special strength shown by the an- l thracite group of stocks was an evidence l of the belief that a satisfactory settle ment would be effected. The large ton mage of anthracite shipment for March | also had its share in strengthening the 1 group as an insurance of preparation for l difficulty.
 1 Interest in the labor problem was indi- cated by the attention paid to represen- tatives of intended reductions by the Uni 1 ted States Steel corporation in wages | While immediate action was not admitted on this subject, the probable necessity l for such action ultimately was asserted | Here again speculative sentiment took the hopeful view from the apparent recogni- ton on the part of the employees of the changed conditions involved in the cuts | i1 prices of products.
 | The effect of these cuts in bringing ont new business was still small, according to the authorities in trade with an import ant exception in the structural steel de- partment
 Building Trades Active.
 Reports from all departments of the
 building trade show degree of activity
 in plans for construction and improve
 ment that was regarded as an important
 hamburger of revival of productive &C., tivify.
 Interest attaches to the forthcoming re-
 port of the copper producers association.
 to be published at the beginning of the week. While considerable addition to the
 unsold surplus of copper during March his looked for, showing rate of produc-
 tion still in excess of consumption. the
 rate of accumulation is expected to be
 much legs than during February, owing
 to the increase in sales during March
 The continued plethoria of the money
 market makes an important factor in sus-
 taining 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 hean
 a result of this condition, and a specula-
 tive element In thls demand is seen in
 the preference for convertible bonds
 which are influenced by the price move
 ments of the stocks into which they arc
 exchangeable.
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