The Birmingham age-herald., 1909-08-16
FINANCIAL REVIEW
 IF THE PAST WEEK
Stocks In Constant State of
 Punctuation
SITUATION IS UNCERTAIN
Agricultural Prosperity Seems to Be Assured In Spite of the Govern ments Rather Disappointing
 Report-copper Is improved.

New York. August 15.--The develop ments bearing on the financial outlook were of sufficient importance last week to keep stock market valuations in a constant state of fuctuation in the at tempt to gauge the situation The pro- fessional attitude was one of constant suspicion and watchfulness for reaction. Freedom with which this suspicion was acted on in the way of selling stocks short only to be compelled to buy them fin at higher prices, accounted for part of the recurrent strength of the whole market. The skepticism manifested by the professional operators in the market was not due to any unsatisfactory news affecting values, but solely to the tech nical position.
 The close approximation of the price level to the highest record of New Hork stock exchange prices made in 1906 was itself an often-cited reason for being on guard.
 The present level of prices, while still somewhat below the averages Tor the picked active stocks touched in 19OS' Is held to represent higher absolute range than ever before touched. The former averages included the inflated prices touched by several of the great north western railroad systems in connection with valuable subscription rights to new stock issues and the distribution Of the Great Northern iron mine properties to its stockholders.
 Another ground for the opposition of the habitual traders to the advance Is the number of important happenings which have come to pass after having long served their purpose as factors in the speculation It was this element In the speculation which attacked the market when the tariff bill was passed arguing that it was not possible for results fol- lowing the bill to be brighter than spec ulators had been taking for granted while buying stocks. The same procedure was followed after the publication of the crop report, and the after effects were much the same in the absorptive power of the new demand for stocks.
 While there was some momentary dis appointment over the sharp deteriora- tion in the condition of the corn crop, the government crop report on maturer con- sideration served to clinch the conviction that agricultural prosperity was assured for the season. The decline in the corn condition left the crop estimate still at record figure, and the oats crop, prac- tically garnered, also stands at a record. The wheat crop Is regarded as made at the date of the August crop report, and here, in place of the doubtful prom ise of the early planted bushels, there Is promised a total yield of over 7oo0OOooo bushels. with such world requirements as to insure highly profitable prices. Even the impaired cotton crop was said to be materially bettered by the rains reported in the Texas regions.
 Another field of marked brightening Of conditions was in the copper industry. fact of some influence in this brightenlng was the monthly report of the Copper Producers association. The heavy de- crease of 32,0o0,0O0 pounds in the surplus stock of refined copper during July was striking exhibition in itself, but the feat ure of most influence in improving copper trade sentiment was the increase in the deliveries of domestic orders. The bril- liant trade conditions in the steel indus try suffer no impairment and strongly fortify the whole speculative fabric.
 The money market clearly showed the effects of the growing demands for funds in connection with the crop movement. Six months funds were established firmly on per cent basis. Prime commer- cal papers were in increasing supply, and rates were advanced from to Az per cent Call loan rates held above per cent throughout the week. The advance in money rates induced some borrowing abroad where rates are relatively lower, and foreign exchange rates declined un- der this process The higher money rates and the somewhat fertile symptoms de- veloped by the stock market at the high price attitudes late in the week kept the professional element in the speculation suspicious and watchful for reaction.