The Birmingham age-herald., 1909-02-03
STOCK MARKET
 CONTINUES DULL Short Interest Still Keeps the
 Market from a Decline INDUSTRIALS ARE STRONG
Railroad Reports Indicate That Ex- penditures Have Been Gut to the Bone and This Does Not
 Help Prices of Stocks.

New York, February 2.-The stock mar ket today was largely professional af- fair and it was ruled largely by the tech nical considerations. The professional in terest was chary of risking short sales in view of yesterdays demonstration of the small liquidation induced by the con siderable decline of last weeA. That de- cline, in fact, had built up short inter- est of considerable proportions, and the room traders worked, therefore. on the long side of the market. There was noth- ing to show that these operations were supplemented by general outside demand for stocks.
 The market was dull more during the Gay than at any tune since the beginning |, Of the year. News developments were not important and such as there were showed mixed complexion in the 5edr- lag on securities values. Some lmpOr- lance was attached to a sharp advance in the price of copper warrants in the Lon don markets the first that has occurred in many days during which the price of the metal went il tCrmittently downward. Copper mine sbaIes also felt the ad- vantage of this showing and the effect was reflected nere.
 From the iron trade came intimations of q shading of foundry iron prices, Nhich' were dwelt on rather as symptoms than from any importance in the transactions themselves, which were small as report ed The iron and steel industrials, how ever, were higher in the market A fea- ture of incoming monthly reports of rail- road earnings for December is the oc- casional item of operating cost in which is shown an increase over the similar out lay in December of 1907. These increases are significant because, although gross earnings in December, 1907. showed the depression on railroad traffic of the panic s of the preceding October, there had been no adequate economies effected in oper- ating cost. A policy of something like starvation of the expenditures is known to have been adopted by the railroad world during the period of greatest de- pression. Whether the present change in policy is of necessity from the long post ponement of proper outlay or whether it maintains growth of greater confidence in future earnings the effect is good on the demand for equipment and material.
 More serious attention was given in cur rent financial discussion to the supreme court decision against the claim of the wall paper trust for collection of a debt which seems to outlaw claims of such or ganizations against their debtors. A cut in freight rates out of Baltimore to- meet the abandonment of the Boston differen- tial was not liked in it's implication of friction. The California attitude on tine Japanese question and the resumption of the hearings on the Tennessee Coal and Iron inquiry in Washington were cited as aistasteful to the speculative view, but without tangible effect on prices. The ac- ceptance of the terms for the settlement of Turkeys claim against Bulgaria had a cheering effect on foreign markets and conduced to the easing of the discount markets here.
 Bonds were firm. Total sales par value, $5,994,000. United States bonds were un- changed on call.