The Birmingham age-herald., 1903-02-06
STOCK MARKET
 BROAD IN TONE General Impression of Strength and Advancing Prices ACTIVITY HAS RETURNED Leaders Have Evidently Started 2 Campaign for the Purpose of Ad- vancine Prices-outside Buy
 ing Is Still Lacking.
ACTIVITY HAS RETURNED

New York. February 5.-The aggregate dealings in stocks rose to above three quarters of a million shares today. The market was broad and ar times very ae- tive and also gave a general impression of strength and advancing prices. That this impression was to some extent illus ory. Is manifest from the small and rag ged showing of net gains for the day. Whereas at one time a large number of leading active stocks were point or more above last nights closing, 1t will be seen that the last prices for the day were in all cases materially below the best, while in many instances the ear Her gains were wiped out and final prices made lower than those of last night. The skillful leadership of the market may safely be inferred from this showing and 1t is not rash assumption that pro- fessional manipulation also played a par. in the price movement It is evident, however that operators in stocks with large resources and with an extensive organization for the purpose. have ven- tured upon a stock market campaign for an advance in prices There is no evil dence yet that the leadership thus under taken has been effective in attracting any large outside buying movement.
 
 house business and the later downward course of prices warranted the presump- tion that the professional operators were taking advantage of this demand to re- alize profits. The prevailing course of money is the dominant motive for the reviving of speculation, although the low rates to which call loans have fallen are in part result of the recent stag nation of the speculative demand. The leading feature of todays market was the announcement of the decision of the New Jersey court in favor. of the right of the United States Steel corporation to convert a part of it's preferred stocks into bonds. The stocks of the corpora tion advanced strongly on large dealings after the decision became known
 Early in the day the Reading stocks were the leaders of the market and their upward movement was said to be due to the expectation that the first preferred stocks are to be restored to the per cent dividend list, and the voting trust dissolved, now that the control is defin- itely lodged in the hands of the Lake Shore and the Baltimore and Ohio. It was thought here also that the heavy liquida- ton of the minority interest. which fol- lowed this fixture of control. had re- suited in the creation of large short interest which was driven to cover yes- terday and today. It was very noticeable 4 and Ontario and Western resulted in a very slight price movement. The Pacifics, Grangers and Southwesterns moved up- wards in company, and this advance was attributed to the belief that the agree- ment arrived at between the Rock Island and the, Union Pacific authorities would be benefit to the whole railroad situ- ation in that part of the country. Wa bash had the special benefit of the per fecting of it's franchise to enter Pittsburg. The strength of Brooklyn transit was due to hopes of advantage rom the new movement. Profit-making was in evil dence in Amalgamated Copper. In spite of the reported strength of other copper stocks in the Boston market and sugar, the latter was carried down sharply on the announcement of a cut in the refined product. Rock Island also seemed to be under the pressure of something most of the time, and did not share in the early strength of the grangers The proft-tak- ing became quite general at the last mo- ment under covering ard the close was easy.
 The bond market was active and quite breod, but there was some irregularity in tle Trice movement. Total shares, par xalue, s3,070000. United States bonds were all unchanged on the last call.