The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-12

NEW YORK, Feb. 1.-THE stock
market relapsed into a condition of
apathy today and dragged out a course
or narrow fluctuations without any
show of interest. Even the specula-
tive combinations, which made the ac-
tvlty of Monday and took the oppor-
tunity yesterday to realize, suspended
their operations. This fact was ac-
cepted as an acknowledgment that the
efforts to attract outside interest in
the market were again failure.
wall street continues to puzzle itself
with efforts to explain this determin-
ed 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 diff
hculty and distress, leaving a desire
on the part of holders to tighten their
IOad before the autumn construction Of
the money market shall set in again.
The general public seems to have a
deep-roOted suspicion that the allure
mentS of the market are cOntriVed to
facll1tate this process at their expense.
There was no urgent pressure to sell
today in spite of the advance
Manipulation and Distrust.
But this confirmed, if anything, the
dlstrust that the appearance of activ-
largely to manipulation and the pass
ing through the open market from one
hand to the other of a large volume of
STOCK on the part of powerful specula-
tors Tor the purposes of artifcially af-
fected prices. AS a result of todays
renewed lethargy there were very few
stocks which covered a range equal to
a full point and the general level of
the market was alternately above and
below that of last night
The sharp upward movement in
General Electric seems to confirm the
reports = the absorption of the STAN
ley Electric company. The rise in
Hooking Valley was apparently due to
the fact that the same interests are
concerned in a settlement of the dis
position of that property as were in
conference over the electrical deal.
There was an unexplained rise Of 7
points in New York Dock and substan-
tlal gains were made by the Mime
apolis, st. Paul & SauIt Ste. Marie
stocks. The general market showed
itself quite Indifferent to these move
ment.
What Will Happen to Erie?
The late advance in the Erie stocks
might be supposed to have a more sub
stant1al influence on the general senti-
ment. But this also was quite ignored.
that an important announcement was
forthcoming regarding the Erie
finances, but no details were learned
before the close. This very lack OF
specific information would have incit-
ed activity in the market at a time
When any spark of speculative en-
thusiasm exists.
There was nothing in the news Of
the day to account for the dulInegs.
Sterling exchange continued to adj
vance here, but this was neutralized
by a further rise in Paris. Discounts
hardened in London, but the reduction
IN the official discount rate by the i'm
perial Bank Of Germany was regarded
as evidence Of a source of relief for
foreign money needs. There was no
change in the local money situation.
Call loans advanced to per cent late
IN the day. This was attributed to
the demand to carry over the holiday.
The market closed moderately active
and rather easy.
Bonds were irregular. Total sales;
par value, $3,395,000. United States
bonds were unchanged en- the last call
Closing List.