The Birmingham age-herald., 1908-03-14
STOCK MARKET IS
 DULL BUT HIGHER Price Movement Is Uncertain
 During the Session SHORT INTEREST REDUCED Anticipation of official Investigation of Stock Exchange Has Deter rent Effect Upon Buying But
 Tone Is Good.
SHORT INTEREST REDUCED

New York, March 13.-The stock mar ket lapsed back into dullness today and the decrease in activity was accompanied by an uncertain and at times feverish price movement. The effect was to con- fuse speculative sentiment to a large ex- tent Stocks which have been strong recently were fed out in sales while other new strong stocks were advance ing, thus giving the appearance of realizing market. The character of the support on declines carried an impress sion of continued guardianship of the market by operators equipped with pow erful resources. The 1oanng rates for borrowed stocks reflected the important reduction of the short interest, premiums having disappeared. The moderate pres sure the market of sales to realize, on the other hand, did not indicate in- convenience for those long stocks. Prices rose rapidly in the last half hour to the strong closing New factors in the mar ket were not important. Much attention continues to be directed towards Wash ington and to reports of conferences at the White House. The denial officially made that any investigation of the stock exchange had been ordered attracted much attention. The stock exchange had become somewhat reconciled to the pros pect of an investigation, but the trouble taken to deny the intention to make one was given importance as a favor able indication. There was some expec- tation also of a more comprehensive statement to come from the Presidents official family, explaining the scope of plans bearing upon the legislative pro- gramme in Congress which have been the subject of vague rumors for several days with confusing effect.
 Union Pacific was actively dealt in dur ing the early period of weakness in the market, and the intended action of a few stockholders to demand an accounting of the directors of purchases of Illinois Cen tral sand other stocks from individual di- rectors, was connected with the move nent. The estimates of the weeks cur rency movement were of favorable effect, owing to the large extent to which the receipts on balance of the interior move ment have offset the Withdrawals of gov ernment deposits on Monday. The week S loss in cash seems to be not more than between $2,0OO,000 and $3,OOO,OOO. Foreign influences were not in favor of the mar Eet. Paris suffered from further liquidaA tion and London suffered from the flow of new loans appearing in that mar ket A decline in British consols in spite of the easing of the London discount rate was the consequence Reports of a disagreement between the United States Steel corporation and the Pennsylvania railroad over it's contract for steel rails was denied and the denial gave a new upward impetus to United States Steel with sympathetic effect on the whole market. Another rise in the price of copper strengthened the copper indus trials. The comptroller's statement of condition of national banks at the close of business on Friday, February 14, now just completed for all the banks, showed an increase in price of legal reserve to 23.4 compared with 21.3l on December 3, and 21.53 on January T. 1907. The $l629Sf,000 loan contraction since Decem- Der 5, last, gives some measure of the business contraction for that period ac- companying as it has, heavy reflow of cash into reserves. the amount reaching s127G00,000 for the period. The item due from national banks" etc. has increased S109, 713,594 since December and that of due to national banks" etc., $196, ,54O, ,545 in the same time, but IS the first item is still $1SO 1903 below this time last years total, it is evident that the progress in the readjustment of the dislocation grow ing out of the panic in the inter-relations of banks is not yet completed
 Bonds were irregular. Total sales par value, $2,39S,0O0.
 United States As registered declined L per cent on call.