The Birmingham age-herald., 1908-03-09
WORLD IF FINANCE
 IN BETTER SHAPE
Progress Has Ieen Slow But
 Sure In Markets
PRICES HOLD THEIR OWN
Speculative Sentimnt Is Still Very Sensitive and Scurities Reflect the Nervousnss That Con-
 trols Taders.

l New York, Marchs-Progress In the ] world outside of theproblem of restora- 1 tion of business ana industry so far as i it was reflected in te securities market 1 last week was slowand laborious. Mar
 ket operations weremuch neglected and
 price movements nggish and uneer- tain. Abstention fro1 the market was as marked on the partof the sellers of se- curities as of buyes. In fact, fea-
 ture of the market ws a scarcity of mar ket supplies of stock. The consequence was a show of fimness In individual stocks even when nfavorable develop ments were announed a safe indication of the sold out condion of the market. Beyond the occasioal buying by un- covered shorts, howeer, the demand was meager and unimportnt. A situation re- sembling stable equilibrium of prices was the result Speculate markets almost invariably arrive at uch a state follow ing an unheaval, tn, condition marking the arrest of the preess of contraction and the pause of caital while awaiting indication of the net phase to be as- sumed in affairs.
 Signs from the gepral business world of the arrest of the snrinkage following the financial crisis ar discrenible in more than one direction nd the slight inn provements reported keep alive a hope that the corner has oeen turned toward steady betterment The action of the se- curities market, however, does not re- fleet full confidence ir the immediate pro- gress of movement The fixed condi- tions in the field where the im- provement is most shown help to explain this speculative attitude. The decision of the Amalg'mated Copper com- pany to resume prediction in the Mon tana mining camps vas heraded as positive evidence of oetterment in that trade. The state of th market, however, has been unsteady, te yielding of cop per prices being attriuted partly to the prospect of increased utput from the re- sumption in Montana.
 Reduction of dividens of the Wolverine companies were courerbalancing inf1u- ences on the copper securities. From the iron and steel trade came intelligence of a slight and slow improvement. Here also the signs of instability in the prices of iron made a modifyng influence which kept alive uncertainty over the ultimate adjustment of the pfce level and de- tered buyers from committing them- selves.
 Statistics of bank clarings for Fehru- ary showed general bsiness activity to be still much contracted compared with previous years and the record of failures for February also shoYed a heavy rate of financial casualties.
 Reduction of the surplls of freight cars on railroads makes an encouraging item in the weeks summary Inroads upon earnings of railroads aie so severe, how ever. as to bring intd question future dividend return and ev.n, in the case of the weaker companies the meeting of fixed charges. The struggles to be met in the readjustment of wages in the carry ing out of economies isl viewed with dis quiet.
 Speculative sentimentlis sensitive to po- lIticeI developments anl to all manifesto tions of governmental and legislative measures towards corporations and f1nan- cial activities The stock market ele- ment was much distutbed by the intro duction of the HepburI bill into Congress proposing to levy a tax of 30 cents on the transfer of every sl0o par value of stocks.
 The rates for money have tended to re- lax both here and abroad. The effect on the investment in securities has been slight and opportunity is not regarded as favorable. for the Notation of new capital issues.
 The power of resistanee to attack shown by the stock market increased in the course of the week and ended with demonstration of positive strength and oroadened activity