The Birmingham age-herald., 1908-02-29
MORE ACTIVITY IN
 STOCK MARKET During the Early Session Trad
 ing Is Very Brisk MARKET BECOMES DULL
PuzzIing Reports From Railroads Cause Hesitancy In Trassactions. Money Markets Are Affected
 By Coming Settlements.

New York, February 2S.-For an hour today the stock market took on an ap- pearance of re,fving animation. It then relaps~d intex it's recent condition ot lethargy and scarcely moved for the rest of the day. The grounds advanced for the operations which advanced prices during the first hour had to do with unconirmed rumors for the most parl and betrayed the professional origin Of most of the ac- tiyity. Copper mines in Butte, it was said, were to be reopened and an exten- sve combination was to be effected amongst copper interests which were still working independently of each other. h. quiry in official quarters failed to verify these assertions. The price of copper metal in the London markets suffered reaction. The published remarks of the head of the American Smelling company permitted the construction that reduc- ton in the dividend disbursement on the shares is in contemplation. The influence of the various rumors in circulation showed some waning power, therefore as the day progressed. The report of large extra disbursement by the Oregon Rail- way and Navigation company, one of the subsidiaries of the Union Pacific, puzzled the trading element at the stock exchange greatly owing to the intricaey of the financial relations between the various' companies in that system. ...
 The operation in itself was regarded as largely one of change in book accounts, but surmse was busy over possible ulti- mate bearing on the plan for segregation of the investment holdings Of the Union Pacific, of which official intmations have been given from time to time. Money markets were slightly affected by the preparations for the March settlements. The weeks known movement of money foreshadowed a loss by the banks tomor- row, owing to the weeks absorption by the sub-treasury of nearly $6,OOO0OG through withdrawals of government de- posits and also by retirement of national notes. While this Is offset probably half by receipts from the interior, the influx from the interior, nevertheless, shows a declining tendency.
 The disposition of interior banks to re- tain their reserves at a high point is in- ferred, and is confirmed by the comp troller's abstract of condition of all the national banks as of February IA. This shows q rise in the percentage Of legal reserve to deposits of 29 per cent, com- pared with 1s9 per cent at the time of the last call on December 3, and with 26S2 per cent on January Hast year, the nearest date correspor to the present. report. The reopenD Traditional steel plants was an ite( the days news that had d fay e effect. Remarks made to the int dte commerce commits sion by railroad officials who were plead ing for postponement of the nine-hour Ilaw for work of telegraphers, offered some Rather gloomy figures of railroad earn kgs. The circumstances under which
 sy were made had the effect of modf-
 ng somewhat their influence in forming
 lgments. Some late sustaining effect
 prices was exercised by news that the
 Fowler currency measure had been fav- brably reported to the House at Wash 5ngton The successive departures on long foreign trips of men prominent in finan- cial affairs have the effect of intensity ing the dullness in the stock market. The early advances, although not fully held in the late dulness were better maintained than first movements have been pre- viousiy this week
 Bonds were steady. Total sales, par value, g. l06,000.
 United States 3s and the As registered advanced F. and the As coupon declined A per cent on call.