The Birmingham age-herald., 1908-03-21
STRONG ADVANCE
 IN STOCK MARKET Opening Is Wavering and Prices
 Show Hesitancy GOOD IMPETUS IS GAINED Before the Close of the Session Prices Are Boosted On General Buying
 and Advances Are Made
 With Little Effort.
GOOD IMPETUS IS GAINED

New York, March 2O.-The only motive in the stock market today seemed to be the shifting operations of the professional traders. This element acted without any show of fixed conviction, changing posi- tion many times throughout the day. The speculative tone was one of uncertainty and instability until the brisk advance of the final hour. Large attention was given to the state of the iron and steel trade owing to the publication of the pamphlet report of the United States Steel corpor- ation for the last year and also to the outcome of the conferences yesterday amongst steel men over the policy of maintaining prices. The contents of the annual report for the most part presented conditions of a past date which are no longer of influence in a speculative sense.
 Of different sort was the observation with which the report closed that the bookings for January were 25 per cent larger than December, and for February 9 per cent larger than for January. As this report goes to press the bookings per day are at least 20 per cent larger than those of February. The management ex- presses hopeful views of the future." This paragraph was concretive in some sort of impressions which emanated from the re- cent conference that the rate of improve ment in the trade was not being fully sus- tained in March. In connection with the determination arrived at yesterday to maintain prices for domestic business the language of the report on foreign trade wac uif int ft oid
 Tn order to obtain the maximum bene- fits from such foregn) trade during times of lesser activity in business in the domestic market it seems wise to sell continuously in the neutral markets Of the world, and even at times when for eign trade conditions do not result in prices so near the domestic prices as were received in 1907."
 The record exports of steel which were made from New York in February have been applicable from the policy thus for mulated. The favorable impression of the iron and steel trade derived from these factors was supplemented by good re- ports from the copper trade. The price of that metal advanced at the local metal exchange and in London and the port price in New York also was correspond ingly reported to have been raised to tho principal selling agency. depressing in- fluence was exerted during the morning by the reports of the sweeping reductions in working forces in all departments pro- jected by the Pennsylvania railroad, ow- ing to the heavy curtailment in it's traf- fic. The greatest strength was shown late in the day after disqualification of the usual preliminary estimate of the week s sub-tre asury operations but they have gained largely on balances from the in- terior on the express movement. The $3,155,000 gained from the sub b-treasury was largely influenced by the presenta- tion of notes of interior banks which are being forwarded to banks here in large volume, and which are invariably pre- scented to the sub-treasury for exchange into legal tenders which may figure in bank reserves. The money market con- tinues easy.
 Bonds were steady. Total sales, par value $1,7OO,OO0.
 United States As, registered, declined A per cent on call. Total sales stocks today, 566 600 shares,