The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-02-11
STOCK MARKET
is DULL AGAIN
Most Prominent of Active Lot
Was Wabash, Pfd.
NEWS HAD LITTLE EFFECT
European interests Were Heavy Buy
ers and the Spot Situation Was a
Prominent Factor In the
Afternoon Strength.
NEWS HAD LITTLE EFFECT

New York February 1O.-The spirited
strength and activity with which the
stock market opened today were not
maintained and the tone of the market
became gradually more reactionary and
at last easy at general declines running
to a point or more in few of the lead
ing stocks. The most prominent was
" abash preferred, in which so much
strength and activity conferred This fact
made the speculative sentiment peculiar
ly susceptible to the fact which became
very obvious this morning that there was
very large selling of Wabash preferred
going on to cover the new strength which
1t was sought to develop elsewhere. The
suspicion got abroad that the apparent
demands for these stocks and the show
of strength which this gave to them was
due to rather skilful manipulation by the
speculative pools having them in hand,
than to any sudden realization of their
value at present prices on the part of a
widespread public. The whole movement
of the day was quite strictly technical
and was little influenced by any of the
days news. The size of the individual
orders in Rock Island for which the ac-
cepted unit seemed to be 1000 shares gave
an artificial appearance to the movement
to that stock so that 1t had little impress
sion on sentiment when 1t was moved
up. within face of general reaction which
took hold of the market during the course
OF the second hour.
The support of Missouri Pacific had no
better success In restoring the tone of
fba lrof fIA fol,f
ed their turn in the advance, and among
the specialties amalgamated copper, Peo-
pies Gas, Brooklyn Transit and Ameri-
can smelling were conspicuous. Sterling
exchange continued to advance and Lon
don to sell stocks here, but these factors
were no more prominent than during yes
terdays strong market. Call money con-
tinued easy and an advance in sterling
at Paris sufficiently offset the rise here
to keep gold exports beyond profitable
limits. The sub-treasury took nearly ST.
100000 from the bank on yesterdays oper-
atoms, wiping out the previous gain from
that institution and establishing a net
loss of $4420 900, since Friday. These fig
ures caused some calculations to be made
on another unfavorable bank statement
for the week. but call loans We're made at
lower average than yesterday and
there was increased ease in security time
the chairman of the finance committee
of the United States senate for liberaliz-
ing the privileges for deposits of United
States funds with national banks was
considered an important influence in the
opening strength of the market. The
acceptance of other than government
bonds by the secretary of the treasury
last fall as security for government de-
posts is believed to have been the saving
factor during the money stringency. The
provision allowing the proposed Panama
canal construction bonds to rank with the
two per cents as security for deposits and
circulation will afford another important
measure of relief from possible money
stringency The coming requirements for
the payment of s4OO0O,OvO to the Panama
shareholders makes these means of relief
of special Importance. The approach of
Thursday holiday may have its influence
upon realizing movement of the day.
The bond market continued irregular;
total sales, par value $S,5S0,0e0.
United States new As registered and the
rs declined Il per cent on the last call,