The Birmingham age-herald., 1903-01-28
STOCK TRADING
 AT VERY LOW EBB  Some Traders Sold Saturday and Bought Back Yesterday LITTLE CHANGE IN SALES In Few Cases There Was Buying Of Stocks on the Strength of Special
 Development, But This
 Had No Effect.
LITTLE CHANGE IN SALES

New York, January 27.-Yesterday's lm- provement in speculative sentiment seem ed to be maintained today but the trad ing was at such low ebb of activity that it was futile to try to measure the slg- nifcanee of the changes. It is clear that some of the professional traders sold stocks on Saturday and bought back yes- terday when they found their fears of an outbreak of trouble over the Ven ezuelan situation had not been realized and so far as this international dispute was a depressing influence on the mar ket, it has been pretty thoroughly elim- mated. The result does not prove that there was any speculative enthusiasm held in check by this Influence. Todays total sales of stocks were little changed from yesterday. In a few cases there was buying of stocks on the strength of special developments, but this demand did not follow a rise in prices far and had very little sympathetic effect upon the general list. The firmness of the coal CTS was based upon the report of net earnings for New Jersey Central in De- cember, showing an increase over those of last December of s612,000. Confident predictions were made that the forth coming December report of Erie would show even better results. On the other hand the Atchison December reports showed all but s7011 of the increase in gross earnings taken up by the enlarged expense account.
 The rise in American smelling was based upon assertions of very iar"e cur. rent earnings and a heavy surplus ac- ft1nnlatiTn TDttiSVillp m n that it would benefit to a largely-increased degree hereafter from the earnings of the Louisville, Chattanooga and St. Louis. Amalgamated was bought on reports of the acquisition by the company of mines in Scandinavia and on the rise in the price of copper in London. A number of lowpriced railroad stocks were lifted. It has been argued that prices of dividend paying stocks are at a level where tho in- vestment return is less a factive than for other uses of capital Apparently the traders are led to conclude that with stocks that pay no dividend this obJec- ton to higher prices may not apply. These are fair examples of the influences which were allowed to affect the market. Manhattan was under pressure of realiz- ing by those who had bought for the privilege of subscribing to the stock, the right for which came off the stock mar ket today. The situation in the money and exchange markets was without ap- preciable change. Yesterdays decline In export buying of wheat as a result of the higher price was a subject of com ment and there was keen interest to learn whether todays reaction in wheat would lead to a renewal of the export demand. The character of the early advance in stocks was defined by the readiness of the traders to realize, The selling of the last hour was proclamation of weari- ness with the attempt to get prices up. The market closed dull and heavy.
 The bond market was moderately ac- tive and the movement of prices was IT, regular. Total sales par va1ue s2 2,210, 000. United States bonds were unchanged on call.