The Montgomery advertiser., 1905-02-03
WALL STREET REVIEW
TEMPER ON THE Ex-
 CHANGE IS IMPROVED.
From the Heavy Tone of the Day Before There Is Resumption of Con-
 fidence In Higher Prices
 for Securities.

New York, Feb 2.--The speculative temper on the Stock Exchange changed to- day from the heavy tone of yesterday and there was a resumption of confidence in high prices according to the evidence of Ahe predominance of buying over selling in the
 Dealings were of about the same dimen- sfons as yesterday and were stili obviously Of professional character to a large sx- tent. Very lalge operations were traced to the activity of large organizations of pro- fessional traders and these operations were stocks.
 Specific news was not assigned for the motive of the movement general conditions being relied on to warrant the advance. Re. garded as a testing operation yesterdays short sales and the slight effect which they ns out offerngs of ioaS stocE wePs Ss S eluential factors in todays market as any thing else. Attention was largely conten- al operations centered
 The prosperous conditions of the anthra- cite traffic resulted in high rate of earn ings, with promise of future growth of divi- dend returns on the stock were the under lying cause for the buying. Various stocks with remotS prospects of dividend increases were taken up in the speculation The spread of the influence of the Reading move ment was not rapid and some of the lead- Ing stocks on the list were sluggish and ne- siected through great part of the day. E. This was especially true of the indus United States % Steel stocks f,xed e'I this ,ene e dency in the v ading. The coalers respond ed well to the Reading movement and some of the high grade issues which are in scanty supply in the market were es- paciaily conspicuous in consonance with the stocks
 The cut in rates on export corn offered by Missouri Pacific and the spread of the war for export grain between the Atlantic and tho Gulf ports may have been an in- fluence on that stock. The Pncifics came late into the movement in spite oe the very moderate improvement in December earn inEs disclosed b. the Hartman lines, South. ern Pacific actually falling below the De- cember level of the preceding year. Tue strong showing of December earnings did not help the stock much In the early deaa-' ings. but it came forward later.
 The placidity of the money market drove the consideration of the gold export move- ment into the background although there iR every prospect of it's definite extension. All the great foreign banks published their weekly reports today. The flow of gold to Paris has resulted in only small increase in tha gold supply of the Bank of France for the week and that institution Is making no effort at retrenchment of credit not- withstanding the eager demand to accu. mulate gold at Paris. Its hInS disr~unted increased for the week upwards of t30.000,- 900. The Bank of England showed q con- siderable increase in it's proportion of re- in London and sterling rose at Paris There was practically no yielding in the sterling rate in this market. 3
 The slightly irregular tone of stocks at the closing was due u light profit taking on the days advances:
 Bonds were firm. Total sales, gar value, $6.S75, 900. United States bonds were alI unchanged on call.
 NEW YORK STOCK HIST.