The Birmingham age-herald., 1903-02-10
STOCK TRADING
 GROWING ACTIVE Greater Breadth and Variety
 Than for Weeks PRICES REACH HIGH LEVEL AdVaneaa Were Not Made All at One Time, But ss Successive Pelnte ef Strength Were Developed.
 Good Feeling Prevalis.
PRICES REACH HIGH LEVEL

New York, February e.-There was revival of activity in today's stock mar ket which brought the volume of trading above tho level of last Thursday Inere was greater breadth and variety also m the dealings than for weeks. The ad- vcnces were not made all at one time, but as successive points of strength were de- yeloped previous gains were well held In spite of the natural realizing under cover of the new strength. There was pause in the upward movement after the open Ing spurt, but after that there was no general reaction until the final hour. This might be accounted for by the profit-tak- ing sales of the room traders, who saw 6 larger days profit accrued than for many days part. The reaction was somewhat emphasized by reports that new pro- posols had been received rom Germany concerning the Venezuelan matter which threatened to open up the whole Ques- ton. The closing was steady and gem orally only fraction below the best. Commission houses reported some in- crease in outside business, and some of the largest business of the day came from houses with extensive wire connection In the east, middle west and the south. The upward movement originated this morning in the Gould stocks, and in the bituminous coal carriers. The Gould shares have had the advantage of an in- fiuential pool which has carried on opera tions in the various securities of the group for some time past. Their special activity of Saturday and of today was professedly based upon active measures taken to complete the Atlantic outlet for the Wabash system. In the case of the bituminous coal carriers, the motive for the buying was the settlement agreed upon at Indianapolis between the miners and operators fixing a wage scale. The possibility of discord over the question had been shadow upon these stocks for several days.
 Another wage settlement, which seem ed to gather importance as 1t was con- sidered, was that between the Missouri, Kansas and Texas and It's employees. The settlement is of importance in itself and in addition 1t seems to be understood that it Is to form basis for agreement on practically all the railroad systems west of the Missouri river. The Paci1cs, grangers and Southwesterns consequent ly were all very strong. These settle ments represent higher wages and cor
 
 but the willingness of the railroads to accede to the terms is regarded as as- surance of advantage to be derived. The unprecedented congestion of freight traf- fic upon the railroads of the country is an impressive demonstration of the high level of business prosperity in the coun- try. Car shortage is also a disadvantage and promises bad effect upon earnings, but the existence of the enormous traf- fic is demonstrated beyond dispute While it is evident that the heavy additional outlays must be made by the railroads for facilities to take care of their traf- fic the conviction is growing that the conditions warrant confidence in the fu- ture prosperity of the railroads. In spite of the Saturdays weak bank statement, the money market gave no cause for re- pression of speculative activity. Call loans fell below per cent. In the late trading on the stock exchange there were some prominent laggards in today's up- ward movement of prices notably the Fries and United States Steel stocks. The hard coalers did not share fully in the strength of the market but the strength was hardly comprehensive and embraced a long list of representative stocks and also quite list of minor in- dustrials on a speculative theory that this class of stocks has a better chance for future growth of values than the already high priced railroad stocks.
 There were heavy spots in the bond market but enough points Of strength to make the tone irregular Total sales par value $4,05O,O 900. United States 2s de- elined 1s on the last call.