The Birmingham age-herald., 1903-02-12
STOCK MARKET
 IS APATHET|C Course of Narrow Fluctuations
 Dragged Out. NO ATTRACT TON FOR PUBLIC It Was Evident From the Start That Attempts to Attract Outsiders Were a Failure-Deep-Rooted suspl-
 clon of an Ulterior Motive'
NO ATTRACTION FOR PUBLIC

New York February 1.-The stock mar ket relapsed Into a condition or apathy today and dragged out a course Of nar- row fluctuations without any show of in- terest. Even the speculative combina- tions which made the activity or Monday and took the opportunity yesterday to realize suspended their operations today. This obvious fact was accepted as an ac- knowledgement that the effort to attract outside interest in the market was again a failure Wall street continues to puzzle itself with efforts to explain this deter mined indifference on the part of the out side public One reason evidently Is the fear that large holdings overhang the market which came through the money stringency of last fall with difficulty and distress leaving a desire on the part of the holders to tighten their load before the autumn coDstriction of the money market shall set in again. The general Iublic seems to have deep-rooted sus- Iicion that the allurements of the market ere contrived to facilitate this process at their expense. There was urgent pressure to sell today in spite of the recent con- siderable advance. But this served to con- firm. if enythlpg, the distrust that the appearance of activity and strength recently has been due largely to manipu- lation and the passing through the open market from one hand to the other of large volume of stock on the part Of the powerful speculators for the purpose of artincially affecting prices. As result of today's lethargy there were few stocks which covered a range equal to Full point and the general level of the market was alternately above and below that of last night. sharp upward movement in General Electric seemed to confirm the various reports of the absorption of the Stanley Electric company. The rise in Hooking Valley was apparently due to the fact that the same interests are con- cerned in settlement of the disposition of that property as were in conference over the electrical deal. There was an unexpected rise of points in New York Dock, and substantial gains were made by the Minneapolis, St. Paul and Sault Ste. Marie stocks. The general market showed itself quite indifferent to these movements. The late advance in the Fries might be supposed to have more sub stantial influence on the general senti- ment. But this also was quite ignored There were authoritative intimatlons that an important announcement was forth coming regarding the finances, but no de- tails were learned before the close. This very lack of specific information would have melted to activity in the market at a time when any spark of enthusiasm exists. There was nothing in the news of the day to account for the dulIness.
 Sterling exchange continued to advance here, but this was neutralized by fur ther rise in Paris. Discounts hardened in London, but the feduction in the official discount rate by the Imperial Bank of Germany was regarded as evidence of a source of relief from foreign money needs. The market closed moderately &C., tive and rather easy
 Bonds were irregular. Total sales. par value, $3,395, Oo0 United States bonds un- changed on the last call.