The Birmingham age-herald., 1911-04-17
WAS DULL WEEK
 ON STOCK MARKET The Wheat Report Causes a
 Reconstruction FOREIGN TRADE DULL Especially Cotton in Foreign Markets Should Lull During March-For-
 eign Investment Demand
 for Securities Good
FOREIGN TRADE DULL

New York, April l6.-There were few happenings last week to lend impetus to operations in the stock market. which continued in the dull routine of preced- ing weeks The dullness was accentuated by the expectation that the weeks ad- journment would be from Thursday to the following Monday and after rather mild attack by the bears early in the week which was productive of but slight results, no efforts were made to disturb the level of prices.
 An important re-constructive force In the financial situation is recognized in the crop prospect which found definition in the fist report of the season by the government board on the winter wheat and rye crops. The action of the wheat market proved how far the excellent promise of that report had been antioi- pated in speculative way,
 That fact does not detract from the en- ccuraging nature of an actual improve ment in condition of tho winter wheat crop through the winter months, con trasted with an average deterioration in the last 10 years for that period or be- tween four and five points. The increase Of acreage helps to swell the estimate of final yield of winter wheat to figure of 7I,00o, ,O0o bushels more tran the actual harvest of winter wheat last year. Views of the crop prospects in the financial dis trict have been influenced also by state- ments of prominent bankers on their re- turn from trips through the country. Weather and soil conditions are pro- nounced favorable for grain and cotton crops.
 The recent downward course of prices on commodities finds an explanation in this exhibit This has another side also nthe inevitable tendency to restrict de- mand to immediate needs in falling market just as a rising course of prices
 ncites to buying for, prospective as well as present needs. The operation of this law seems to have much to do with the hesitation in general trade.
 The March foreign trade proves that lull has occurred in the extraordinary foreign demand for agricultural products foreign demand for agricultural products, especially cotton, which signally expand ed the countrys foreign credits for sev- eral months previous. Limitations came from the steel trade that recent expan- sion of output is pressing on consumptive requirements. As the country's absorp- ton of steel tonnage is said to be at rate as high as the total mill capacity of as late a period as 1908, attention is thus called to the notable increase of facilitates since that time. The stability of prices of steel products is affected by this state of affairs. The construction in output for March by the United States Steel corporation was indicated by an increase of 47,0O0 tons on the thrilled orders at the end of the month, in spite of falling off on the rate of new orders booked during the month.
 The accumulation of banking reserves md the insstent absentation from stock market speculations have had the effect of stimulating demand for mercantile paper and for short time railroad and corporation notes.
 | International bankers assert that for
 eign investment demand for securities
 continues good. The tide of travel abroad
 influenced by the coming coronation of
 the British sovereign Is having some ef-
 feet on the foreign exchange markets.