The Birmingham age-herald., 1910-03-03
SHARP ADVANCE
 IN STOCK MARKET Short Interest Forced to Cover And Rise Is Higher BIG MEN IN THE MARKET Ample Resources Appear to Be Be-
 
BIG MEN IN THE MARKET
Ample Resources Appear to Be Be- hind the Bull Movement And Sub stantiaI Gains Are Made in
 the Lending Issues

New York, March Z.-frlceS or SlOchS rose today to the highest level yet touched on the recovery from the severe decline which set in after the first of the year. An obstinate short interest was driven to cover and the buying thus necessitated was an important factor in lifting prices. The professional element in the speculation has been distrustful of the recovery and has put out short lines at various stages in the expectation of reaction. Buying orders designed to stop losses on the short side were encountered an large volume in the course of todays advance.
 The movement against the shorts showed evidence of organization and the possession of large resources and also of the employment of the usual methods to push the price movement. It owed it's effectiveness, however, to the small offer ings of stocks for sale and this condition in, turn is due to the subsistence of ap- prehension on various accounts, which was the motive for the selling earlier in the year.
 In United States Steel particularly there were signs of activity by a speculative party which gave rise to surmises that the market pool in that stock had re- sumed operations on the long side
 It was taken as a sign Of such activity that there should be a revival of rumors of a new attempt to list the shares on the Paris bourse, the similar rumors last year having marked the campaign In United States Steel in its most active speculative stage. Yesterdays formal an nouncement of the retirement from the directorate of John D. Rockefeller, Jr., with the accompanying explanation that the family holdings of the stock "are not sufficiently large to justify his giving any time or attention to the affairs of the corporation,' was of kind used with depressing effect sometimes when specu- lation is in a differ ent mood.
 The indifference of the market to 1t was in itself striking evidence of the sub sidence of all nervousness.
 A quieting of anxiety over a possible trade recession is perceptible in similar way. The improvement reported in the steel trade is responsible partly for this. better feeling. The steps taken by the railroad corporations to raise new capital with view to going forward with new improvements and betterments form an element in this feeling of encouragement. Even the copper trade came in for share of this cheerful feeling today by 
 European visible supply of the metal.
 The decrease since February 15 was small, but was the first reported for many months and had added significance from the large exports from this country which have gone into foreign supplies m the period covered. The price of the metal advanced strongly in London today andSscopper securities there as well as here advanced
 The action of the wheat market was taken to mean that the lately numerous reports of damage to the winter wheat crop were suspected of being overdrawn. The prevailing speculative mood was in cined also to take favorable view of the returns for January of railroad net earnings, especially since the unfavor- able operating conditions, owing to bad weathjr had been previously dwelt upon
 Some disappointment was felt that yes terday's runors of agreement upon basis for settlement of the Philadelphia carmen's strike were without confirma- tion. No effect was caused in the mar ket, however Little attention was paid to any but favorable news.
 Discount rates eased in London, but hardened in Berlin, foreign exchange here rising again, and offering of funds to lend on time diminished, with strength ening effect on interest rates There was little pressure to sell at concessions at any time, even when the demand died down late in the day.
 Bonds were irregular. Total sales, par value. $2,5s5, 900.
 United States bonds were unchanged on call. satle.3 ii