The Birmingham age-herald., 1909-03-29
STOCK MARKET
 HAS BETTER TONE Indicates Stronger Confidence
 In Future IMPROVEMENT IN COPPER Money Market Is Reported as Still Easy-outeo of Gold Is Balanced By Inflow of Money From
 Interior Points.
IMPROVEMENT IN COPPER

New York. March 2s-Priees of stocks moved last week irregularly and halting ly toward a higher level. This was to the accompaniment of expressions of discour- agement from various sources at the slow rate of progress of business improvement, and the small apparent prospect of early revival.
 While the seeming discrepancy of the action of the stock market received some explanation in the technical conditions ruling it the shaping of the price move ment upward was impressive as an index of proved reliability of improvement to come in the general business situation. While the conditions reported from the various trade channels as making for Encouragement were not questioned the action of the stock market was such as to suggest that they had been already &C., counted for in that medium, leaving room for assuring an outlook forward to the coming betterment. While the character of the operations In stocks gave no clear indication of active steps based on ulti- mate improvement, there was a notable power of resistance which argued a con- fidence in exemption from influences of depression and a determination to hold securities for better prices.
 It was this that made difficulties for the professional bears who had sold stocks short In anticipation of a period of liqut- dation to follow the course of the discus sion over the tariff bill. It was the best informed opinion that the demand for stocks came mostly from this uncovered professional element, and the market was called narrow and lacking in any broad significance for that reason.
 Opinions of the accredited authorities in the iron and steel trades were that the lowering of prices had failed to stimu- late any effectual demand for products. The week was followed by reports of in- tended further cuts in prices, of lessening production by the shutting down of mills and of reduction of wages. The danger of strikes also entered into the discus- sion
 In the copper trade some improvement in demand was reported and considerable sale of refined copper was said to have been made early in the week. The subse- quent subsistence of this demand left some residue of disappointment and reaction. and neutralized the effect. In mercantile lines also, and in railroad traffic. the returns show disposition to await the com pletion of the changes in the import duties now under discussion before for ward steps are taken. The condition of the winter grain crops is another unde- cided problem, although a growing senti- ment of encouragement over the condi- tion of winter wheat is discernable.
 The money market offered no complica- tions which had any influence on stocks. The weeks large outgo of gold was with out striking effect on the money market, and the decline in foreign exchange was slight. The London market looks for an casing off of money rates after the April 1 settlements. Money continues to flow from the domestic interior to New York in more than sufficient volume to offset the foreign demand for gold.