The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-02-12
STOCKS ARE VERY Dull
PRICE MOVEMENTS ARE FEW AND
GENERALLY UNIMPORTANT.
Few Noteworthy Exceptions to the
Sterling Exchange Hardens.

NEW YORK, Feb. 1.-THE stock market
relapsed into condition OF apathy to-day
and dragged out course of narrow fiuctu-
atoms without any show of interest. Even
the speculative combinations, which made
the activity of Monday and took the OPP
portunity TO realize Tuesday, suspended
operations This obvious fact was accepted
as an Acknowledgement that the effort TO
attract outside interest in the market was
again failure. Wall street continues to
puzzle itself with efforts to explain this
determined Indifference on the part of the
outside public. The 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 desire on the part of the
holders to tighten their loads before the
autumn construction of the money market
shall set in again. The general public
seems to have a deep-rooted suspicion that
the allurements OF the market are con-
trived to facilitate this process at their
expense. There was no urgent pressure to
sell to-day in spite of the recent consider
able advance. But this served to confirm.
If anything, the distrust that the recent
appearance of activity and strength has
been due largely TO manipulation and the
passing through the open market from one
hand to the other of a large volume of stocks
on the part of the powerful spectators for
the purposes of artifcially affecting prices.
As result of to-day's renewed lethargy
there were very few stocks which covered
range equal to full point, and the gen.
eral level of the market was alternately
above and below that OF last night. The
sharp upward movement in general cleo
trio seemed to conHrm the various reports
OF the absorption of the Stanley Electric
apparently due to the fact that the same
interests are concerned In a settlement of the
disposition Of that property as were in
conference over the electrical deal. There
was an unexplained rise Of seven points in
New York Dock, and substantial gains
were made by the Minneapolis, st. Paul &
Sault Ste. Marie stocks. The general mar
ket showed itself quite Indifferent to these
movements. The late advance in the Fries
might be supposed to have more sub
stantial erect on general sentiment, but
this also was ignored. There were au-
lucrative intimation that an important an
nouncement was forthcoming regarding the
Erie finances. but no details were learned
before the close. This very lack of specific
information would have melted to activity
in the market at a time when any specu-
lattice enthusiasm exists
Sterling exchange continued. to advance
here, but this was neutralized by further
rise in Paris. Discounts hardened In Lon
| don. but the reduction in the official dis
count rate by the Imperial Bank of Ger
many was regarded as evidence of a source
| of relief for foreign money market needs.
| There was no change in the local money
| situation.
| Bonds were irregular Total sales at par
value, were s., $4,000. United States bonds
were unchanged on the last call.
These securities were approved for list
| Ing by the governors of the Stock Ex-
change to-day: Chicago Rock Island &
| Pacific Railway, 100000 additional general
| mortgage per cent bonds; Manhattan
ital stock; Chesapeake & Ohio, $1,000. O0C
mortgage Az per cent. coupon bonds; Buff
| falo, Rochester & Pittsburg. 81, 100000 addi-
| $40, 100000 additional per cent. and partici-
| pating twenty-five year coupon bonds; Rio
| Grande Western, s2a0,0O0 additional mort
| gage and collateral trust per cent. fifty
year coupon bonds; Choctaw, Oklahoma &
! Gulf, $5.062.000 consolidated mortgage per
cent. coupon bonds; United Fruit Company
81. 36S,5Oo capital and 100000 convertible
per cent. coupon bonds.
Following are the days share sales and
| the recorded price changes: