The Birmingham age-herald., 1909-04-26
TRADE OUTLOOK IS
 MORE FAVORABLE Effect Is To Stimulate Renewed Demand For Securities IMPROVED GRAIN CROP Practical Breaking Down of the specu- lative Corner In Wheat Has a
 Strong Influence on Price
 Movement.
IMPROVED GRAIN CROP

New York. April 25-The developments in the outlook for affairs last week were regarded as distinctly favorable from a financial standpoint The effect was to stimulate renewed demand for securities sufficient to outweigh the disadvantages in the technical position in the stock mar ket and to turn the price movement up- ward again. The disadvantage in the technical position lay In the extent to which the rise in prices had been carried, the large increase in the long account and the disposition to close it out at the profits accrued.
 This disposition operated to cause a wavering of the price movement during part of the week, which was read as an index of uncertain sentiment over the further progress of improvement in condi- tions. The most potent factor in bringing speculative sentiment out of this state of hesitation was the improved grain crop advices and practical breaking down of the speculative corner in wheat. The slump in wheat was so clear demonstra- tion of the previous imitation in value that the claims on what the advance was based lost their power to convince.
 The abatement of anxiety over the agri- cultural prospect was of decisive influence in the shaping of speculative sentiment.
 A more cheerful feeling in the great basic metal trades was another influential factor in shaping the financial view. Evi- denee multiplied of the expansion of busi ness in the iron and steel trade Chair man Gary informed the United States Steel stockholders that their business had been restored to about the volume of the December rate The expansion in the de- mand has not affected prices as yet, and the business done at current rates must be at corresponding reduction in profit. That conditions are shaped toward res toration was believed. Reports from the copper trade also indicated rate of in- crease in the demand for refined copper, including a large export that promised to oVertalSe the rate of production and put a stop to the surplus accumulation. Re- ports of the growth of the general mer- chandse movement and of the increase of railroad traffic was more conservative, although incoming reports of railroad earnings showed gratifying comparisons with the low earning power of this pe- riod last year In the coal trade the feat ure was the further conferences for a set clement of the anthracite mining wages and the growing confidence that an agree ment was in sight.
 The money market gave evidence that the period of plethorix conditions was coming to an end Rates for call loans were higher and the tone of the time loan branch was frmer in accordance with this system. Cash is still coming to New York from the interior, but the outgo of gold has been on a scale sufficient to keep the net gain down The loan ac count of the banks has continued to ex pand with the usual underwriting of new railroad bond issues, and this requirement. has reduced the supply of funds avail able for use on call in the stock market.
 The bond market enjoyed a sudden re- vival after a subsistence of activity early in the week, which brought the volume of sales on Thursday to a par value of upward of s10, 600 0c0, a market seldom ex ceeded in breadth and activity. The march of events In Turkey was watched with placid indifference in all the great securities markets, and the calmness with which that news was received had a considerable sentimental effect toward assurance.