The Birmingham age-herald., 1903-01-27
ADERS IN MORE
 CHEERFUL MIND
 ;et Relieved Over Prospects - Venezuelan Settlement g..
 AVERAGE IS NO HIGHER At Times Spurt Was Taken and Con sfdArabIA Aninnafioa Was Shown,
AVERAGE IS NO HIGHER
At Times spurt Was Taken and Con siderable Animation Was Shown, But at Other Times Trad
 ing Was Stagnant.

New York, January 26.-The profession al traders in stocks were in more cheer full frame of mind today, and expressed relief over the good prospects reported for the settlement of the Venezuelan dif- ficuty, and the lifting of the blockade off the Venezuelan coast. There is no doubt that the state of irritation that has accompanied the blockade has been an influence towards depression in the financial world. but todays market did not indicate conclusiyely that it was that alone that withheld people from taking commitments in securities. The market had. one or two spurts, when an appear ance of considerable animation was i'm parted to the trading, but at other times the trading was actually stagnant The average of the days activity did not rise above that of last week. The weekly sta tstics of railroad traffic caused an un- favorable impression by reason of the far reaching complaint of car famine. The increase in grain receipts at Chicago was attributed to the fact that the east bound roads were unable to accept the incoming shipments from the west. Car equipment, motive power and trackage facilities are reported entirely inadequate to handle the business pressing upon the railroads. This Is accepted as evi- dence of the continued high level of pros- porous business activity in the country, but from the standpoint of railroad values, there is disappointment that the enormous sums spent in the last few 1 c. all kinds should still leave prospect of such heavy additional requirements, while the net earnings of railroads, owing to the rising tide of operating expenses, are decreasing in spite of the enormous traf- fic.
 The large business in the country also indicates a profitable use for money, which does not promise well for the ad- dition to supplies available for specuia- tive uses.
 The bond market gives equal evidence of, the preference of capital for other forms of employment at this time. The par value of bonds dealt in last week on the Stock Exchange was only SIS, 700, ,000 compared with $24946,5 300 in the corre- spending week of last year.
 There seems as much disinclination to sell stocks as to buy so that it is found easy to lift prices within the narrow range uelndHueu Dy the uay-tO-day Ope- rations of room traders. The softness of the market under any attempts at large selling is dissuading influence from heavy liquidation. The fluctuations today were pretty uniform amongst the stocks which have lately constituted the mar ket leadership
 Missouri Pacific was helped by a re- ported increase in weekly gross earnings. General Electric made a wide advance on intimations of large earnings Other wise there were no features. The mar. ket's only response was to occasional ru- mcrs of steps looking to a Venezuelan settlement. The closing was very dull but firm at about the top
 Bonds were dull and heavy. Total sales, par value, s321OOoO. Cnited States bonds were unchanged on call.