The Birmingham age-herald., 1908-02-22
MORE ACTIVITY IN
 STOCK MARKET Copper Industrials Take Lead In the Advance RAILROAD SHARES HIGHER
  Continued Ease In the Money Market and a Good Bank Statement Are Incentives To Better
 Prices.
RAILROAD SHARES HIGHER

New York February H.-Todays opera tions in stocks were almost wholly con- fined to the customary closing up of open contracts by the professional operations on the eve of a holiday. The bearish sen. timent which has prevailed amongst the speculative element for weeks, revealed by the predominance of short contracts, appears to be retired. Opposing traders were inclined to take advantage of the necessities of the shorts by bieding up prices and striving to take the market away from their opponents. The narrow limitation of the market. to professional operations was subject of common agree ment It was supposed at the outset that the weekly bank statement would be given out at noon and there was some &C., tivity based upon the assumption that a strong bank statement would be before the public before the market closed. When 1t became known that the state ment would not be published until after O clock, the dullness of the market was sensibly aggravated.
 The strong feature of the market was the group of copper industrials, with sym pathetic effect on other metal industrials. A number of circumstances combined to give this group strength. It has suffered acutely from pressure for some time, dur ing which a considerable short interest las been built up. Yesterday and today the downward course in the price of the metal, which encouraged the selling of the securities, has been halted and sharp rebound recorded The significance in the rebound of the price of metal is some what obscured by the speculative condi- tons which surround It's market, especi- ally that for London copper warrants. The course of copper gives evidence, how ever, that the sales of the metal effected on the recent decline have perceptibly re- lieved the pressure of supplies seeking u market. Many assertions were circulated today of the volume of sales which have been made, but these were given with out credited authority of the officials.
 The resumption of dividends by the Brooklyn Union Gas company gave an upward impetus to the stock of its asso- ciate company, Consolidated Gas. It was reported from the loan crowd at the stock exchange that return of borrowed stocks was prominent feature of the days op- crations, thus corroborating the suspicion of the retirement of the short contracts going on. There was conspicuous rise in Louisville and Nashville, which was attributed to the substance of the state ment made by the president of the com pany relative to the wage reduction Ques- ton. That question continued to receive much discussion in the financial district, together with the probable bearing on it of the investigation of conditions, ordered by the President of the United States. Some influence on the speculative tone was felt from an intimation that the in terstate commerce commission might give information in reply to the president which would tend to uphold the conten- tion of railroad companies for the neces- sity of retrenchment of labor cost.
 Rates for time money for the longer pe- riods showed a continued advancing ten- deney today. Responses to the call for condition of national banks February A. made today, will be followed with in- terest as indicating the prospect in the money market. oreign exchange was also strong. Sharp reaction with the weeks outgo, compared with the last week. helped to explain a scarcity of commercial bills in the exchange market. The bank statement discloses the full ex- pected gain in cash, but the loan expan- sion proves unexpectedly heavy, appar- ent1y on account of the payments of sub- scriptions to the New York city bond iS- sue. Canadian Pacific stock subscriptions during the week also made additions to the loan showing.
 Bonds were irregular. Total sales, par value, $2, ,064,00o.
 United States 2's have advanced IS, tho 3's "A and the As registered 219 and the As coupon 1A per cent on call during the week.