The Birmingham age-herald., 1908-04-11
STOCKS SPURT UP IN ACTIVE MARKET General BuIIish Tendencies Are
 Felt and 0beyed REACTION NEAR THE CLOSE Prices Decline Somewhat After Day of Lively Trading, But substan-
 tiaI Gains Are Made
 All Round.

New York, April 10.-The stock market enjoyed a considerable period of strength today, but gave evidence during the later stages of the advance, of reactionary tendency. The advances were especially sharp in a number of usually inactive issues and the rather cratic jumps which were forced in these gave the market an artificial aspect which begot spirit of caution in following the movements. The professional element is proverbially suspicious of the passing of activity into this class of securities, because they usually the last resort of manipula- ton to sustain prices after the capacities of the more issues have been exhausted. There were besides several conspicuous stocks amongst the industrials which were almost wholly unresponsive to the rising tendency of prices, and these proved an increasing weight on the market. United States Steel was the notable example, all though Amalgamated Copper's heaviness also was of some sympathetic effect.
 The publication of Statement from Charles M. Schwab, former president of the United States Steel corporation, full ly concurring in the view of Chairman Gary, published yesterday on the advis- ability and, probability of maintaining steel prices, did not have the effect it was apparently intended to have. This was partly due to the conspicious absence of any claim in either statement regarding present activity of demand or growth of orders. The repetition of protestations of the determination to maintain prices, car ries an impression of enforcing an argu- ment to differing views in the trade, and does not quiet the persistent rumors of a likely reduction in prices These ru- mors came from Pittsburg again today, and were coupled with assertions of a further shrinkage in orders for finished products
 There were reports also originating in London, that the selling anent of the Amalgamated Copper company was put ting the price up of copper in London It is impossible to secure any official information of the acts of this company, but these reports depressed copper se- curities in Paris. There was also an- other reduction in the price of copper in London and in the price of the metal at the New York metal exchange. The early strength in the market outside of the specialties which have been referred to was traceable to the influence of the Erie financial settlement, the stocks of that company and of Union Pacific lead ing the movement.
 The assumption of buyres of the stocks was that more Intimate relations be- tween the two railroad systems would be the outgrowth of advance of funds to the Erie, by E. H. Hartman. Pros- poets for a good. bank statement had some influence on sthe market. although the prevailing ease of the money mar ket obscures the importance of the weekly changes to some extent.
 The promise is for a gain in cash by the banks of about s5.0OO,Oo0. The fact that receipts from the interior on bal ances as result of the express move ment, are smaller than last week, was accepted with complaisance, as contin- uance of the full tide money flow from the interior would be regarded as of sinister importance to the shrinkage in business activity. The sensitveness of the wheat market to some reports of weather was suggestive of the importance which will attach to that subject in the formation of speculative sentiment for the future A rise in the private discount rate in London was the feature of the day in the international money markets.
 Bonds were firm. Total sales, par value, s4,27S,00o.
 United States bonds were unchanged on call