The Birmingham age-herald., 1903-02-07
STOCKS AGAIN FALL BACK|NTODULLNESS Price Level Seemed Soft and
 Yielded Readily LONDON ACCOUNT SELLING Leading Active Stocks Moved Pretty We'll Within the Reactionary Tend
 ency and Seemed to Have Re
 serve Lines-Bonds Outlet.
LONDON ACCOUNT SELLING

New York. February 6f-Today's stock market fell back into dullness, and the price level yielded. There were some pro- fessions of depressed feeling over 'ho prospect of a weak bank return' anu over the upward course of sterhng eN- change. The hitch in the proceedings TOT a settlement of the vexed Venezuelan question induced some selling here TOT I.opdon account, and added another nom- inal reason for the reaction. But the op- .vious fact was that the activity and ap- narent strength of yesterday covered large realization operations by the pro- fessional leaders of the market, who have conducted this weeks campaign Tor rise. Their buying and their more demonstrative bidding for stocks which have been a feature of this week were lacking today. When 1t was perceived that this support was relaxed, room trad CTS offered prices down. and found vul- nerable spots. The selling was not urgent nor long continued, and the buying to cover by room shorts caused some recov- cry from the lowest. The closing, how ever. was heavy and very dull, The weeks heavy sub-treasury requirements, which amounted to $6,S60,0OO, have been offset by receipts from the Interior which seem to be less than S3,O0O,ooO, so that' the banks have lost cash during the week to the extent of upwards of $S,OOOOOo. The loss to the sub-treasury was more than half accounted for by last Saturday payment to the government of Central Pacific note, but the government opera tions have taken a sum daily from the money market The condition of the money market has been nevertheless one of growing ease, and the demand even for time money has shown falling off at the rates asked by the banks The grow ing ease of money is probably the real ground for the upward course of sterling exchange
 With the increasing accommodations in New York there is every ipducement for those who have borrowed abroad to pay off their maturing obligations. Expert au- thorities in the foreign exchange market affirm that the extent to which this pro- cess has been carried since the first of the year is far beyond any public compre- hension. There is excellent authority for asserting also that growing disposition is manifest, especially in France, to in- vest in American securities This process Is not perceived in the stock market, and pTODdDiy uOtS uOl lllNOiNc lilc olo SSSdii- ties which are in the international mar kets and which are at a price level to Induce selling rather than buying by for eigners. It is said in possible explana- -tion of the French buying of securities that it represents re-investment in antici- patton of the payment which Is to be . made to- Panama canal shareholders by the United States government. There were few features in todays market The Wisconsin Central stocks were bought on rumors of changing control Amalgamated showed strength in face of the reactionary market, and there were advances in a number of low-priced industrial stocks. The rise in Hooking Valley was supposed to be connected with the undisclosed plan for the disposition of that property. Otherwise the leading active stocks moved pretty uniformly with the reactionary tendency.
 The bond market was quite broad and active, but irregular in tone Total re- ceipts, par value, $360O,000
 United States bonds were all unchanged on the last call