The Birmingham age-herald., 1905-02-03
CONFIDENCE IS
 AGAIN RESTORED Dealings Still Obviously of Pro- feSsionaI Character GENERAL CONDITION GOOD Prosperous Condition of Anthracite Traffic Resulting In High Rate of Earnings Was Underlying
 Cause of Buying.
GENERAL CONDITION GOOD

New York, February 2.-The specula- tive temper on the stock exchange changed today from the heavy tone of yesterday and there was resumption of confidence in high prices according to the evidence of the predominance o1 puy- ing over selling in the market Dealings were of about the same dimensions as yes terday and were still obviously of pro- fessional character to a large extent. Very large operations were easily trace able to the activity of organized parties of professional traders and these oper- ations also were largely concentrated lh a few prominent stocks. Specihc news was not assigned for the motive, general conditions being the belief to warrant the advance. Regarding as a testing opera ton yesterdays short sales and the slight effect which they produced Tn urlV- ing down prices or bringing out or oHef- ing of long stock, were as influential factors in todays market as ahythlhs else.
 Attention was large concentrated in realizing. on which the professional oper- s4ions centered. The prosperous condi- tion of the anthracite traffic, resulting in a high rate of earnings with promise of future growth of dividend return on the stock, were the underlying causes for the buying Various stocks with lm- mediate or remote prospects or dlVldeha increases were taken up in the specula- tion The spread of the influence Of the Reading movement was not rapid and some of the leading stocks on the list were sluggish and neglected through great part of the day. This was espe- cially true of the industria1s. The small attention paid to the United States Steel stocks fixed this tendency in the trading. The coalers responded well to the Read ing movement and some of the hlgh- grade issues which are in seanty supply in the market were especially conspicu- GUS in consonance with the recent large attention given to that class of stocks.
 The southwestern stocks did well. in cluding the Wabashes, but not including Missouri Pacific The cut in rates on export corn offered by Missouri Pacific and the spread of the war for export grain as between the Atlantic and the gulf ports may have been an influence on that stock
 The Pacific came late into the move nent in spite of the very moderate i'm provements in December net earnings dis closed by the Hartman lines, Southern Pacific actually falling below the De cember level of the preceding year. The same was true of St. Paul. Pennsyl- vania's strong showing of December earn ings did not help the stock much in the early dealings. but it came forward later. The placdity of the money market drove the consideration of the gold export move ment into the background, although there is every prospect of it's definite exten- sion. All the great foreign banks pub lished their weekly reports today. Ihe flow of gold to Paris has resulted ir only n small increase in the gold supply of the Bank of France for the week, and that institution is making no effort at