The Birmingham age-herald., 1908-02-28
H|R OF GLOOM IN
 STOCK MARKET Incentive to Active Trading Is
 Still Lacking STEEL TRADE IMPROVING Railroad Shares Are still Depressed Owing To Another Receivership of Texas Road-Earnlnss Are
 About Unchanged.
STEEL TRADE IMPROVING

New York, February 27.-Conditions in the stock market showed no improve ment today and 1t was the general com ment that the day of small things has arrived. An air of gloom pervaded stock commission houses in the financial dis trict, the current volame of business be- ing wholly inadequate to provide ordinary office expenses. Dealings not only con tinued at a low stage, but the lethargy o fthe price movement was more pro noupced, detracting from the ability of the room traders to scalp their fractional profit in the course of the day. The sales for the day were tstll slightly in excess of the record low level of one day last year. but with that exception, the daily business at the stock exchange Is less than had been done on any one day in over three years. So far as any gen eral condition was reflected in the days sluggish market, that in the metal trades was of most influence.
 Authorities were agreed in assigning some improvement to the steel trade, due particularly to the placing of steel rail orders by the railroads from which some unemployment of labor in the trade is hoped for. The reported increase in rolling capacity of the United States Steel corporation was regarded as of cheering import. The stocks of the corporation were as little affected by this favorable news as they have been by unfavorabie happenings. It is held as belief in the financial district that support of these securities is an integral part of the pol- icy of the force behind the Steel cor poration which includes the maintenance of stable prices for the product in the attempt to restore general confidence in the conditions of affairs at large. While the United States Steel stocks have given signs of being begged" their action today did not indicate a disposition to advance prices. The coppers were more responsive to various favorable reports that were current, regarding that in dustry Large sales of the metal were said to have been effected and the sur plus stocks largely worked off in that way. Rumors were circulated of an in- tended resumption of activities in the Butte copper camp, but these were with out confirmation. Equally unconfirmed were the reports of buying of the stocks by inside interests in the company and of a possible "deal'' in contemplation. The action of statements of that kind indicated the professional character of the market.
 The appointment of receiver for subsidiary Gould railroad in Texas had some depressing effect on sentiment, not withstanding vigorous observations of the purely local causes of the incident, hay ing to do with Texas legislation. There was an impression in the stock market that chances were increasing for the en- actment of a currency measure at Wash ington and this was of some effect in sustaining stocks. Railroad earnings re- ported showed no marked change in the unfavorable conditions, for some time pre- vailing. This was a special influence on New York Central, which was heavy