The Birmingham age-herald., 1903-01-30
EXPERT TONE ID
 STOCK MARKET Trading Somewhat in Excess
 of Previous Days PROFESSIONALS IN CHARGE Following an Advance of Over Point In St. Paul Brokers Sold Freely and the Stock Closed With
 Fractional Loss.

New York. January 2s-The tone of to- days stock market was altogether pro- fessional. Trading was somewhat in ex- cess of the previous day, but was limited for the most part to the leading issues A number of favorable features, such as the increased ease of sterling exchange and promise of an amicable solution Of the Venezuelan situation, were ignored AS also were a number of excellent rail- road returns. St. Paul however, was not included in this latter class, that road showing a decrease of over $43,OOO net for December. In point of activity and general interest St. Paul was the feat ure of the early session The stocks open ed moderately strong in anticipation of favorable action by the directors respect ing the proposed increase of stocks.
 Following an advance of over a point, brokers representing important interests sold freely and the stock closed with a fractional loss. Announcement that noth- ing except routine business had been transacted at the board meeting did not come out until after the close of the market. Other early features of interest were Pennsylvania, in which there was extensive trading, St. Paul and San Fran cisco, Delaware and Hudson and Amal- gamated Copper. Later Missouri Pacific Fries and some other leading railway shares developed increased firmness. The movement in the Erie issues in the aft ernoon attracted considerable attention and appeared to be based on a revival Of combination reports which were cur rent a fortnight ago. Erie common on heavy trading made a net gain of 1s while the first and second preferred ad- vanced IS and points, respectively
 In the industrial offerings of General Electric were freely absorbed with net gain. of 2s4 points. the stock closing at tho highest figure. Improvement was shown by United States Realty, Republic Iron and Steel, United States Leather and some of the minor issues. What was believed to be pool manipulation was shown in the course of some stocks, and the concurrent upward move in Peunsvl- Nania ard the Wabash issues gave rise to renewal of reports of a settlement ot the differences between the interests con- trolling those properties. Aside from the stl ength of Fries and the weakness of St. Paul there was no noteworthy feature in the latter session. Trading continued mar row and operations for London account were small and of an arbitrage character. The closing was irregular and dull. For eign exchange continued inactive. The supply of remittances were rather better than usual, but the inquiry was not at all urgent. The market appears to- have gone so far below the gold export level es to render the use of metal remittances improbable.
 The situation is still modified, however. by several conflicting features, which may develop interesting complications almost any day. although it is generally believed that no accumulation of bills will be att tempted by the govei nment before the final negotiations for the transfer of the Panama canal property have been com plcted.
 The railroad bond market was moderate ly active and showed a good distribution of dealings though the movement was un- certain. Total sales, par value, S2, ,515, ,OO0
 United States bonds were unchanged on the last call.