The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-02-02
ONLY A HANDFUL
OF ACTIVE STOCKS
Body of Market was Inert and
LiStIesS
REALIZING WAS SHARPENED
Dealings Were insignificant and the
Changes Were Almost Impereept-
ibIe-specuIation Baked
at Its Leadership.
REALIZING WAS SHARPENED

New York, February 1.-All of the in
terest in todays stock market conferred
in handful of active issues which were
moved by considerations special to them
selves and having no bearingj on general
financial conditions. The body of the mar
ket was inert and listless Dealings were
Insignificant and changes were almost
imperceptible. The primary cause of the
stagnation undoubtedly was the realiza-
tion sharpened by the general review Of
last weeks events In the market that
the January boom had proved abortive,
and that speculative interest had baked
at the leadership seeking to attract it
into the purchase Of stocks. The condi-
ton of banking accounts and the expecta-
ton of check to the accumulation of re-
serves in New York, is accepted as a
warning that the period for stimulating
activity by speculative operations had
about passed. The portentious figure
reached by the loan account of the banks
is in itself calculated to exercise an in
timidating effect on speculative opera
tons. The borrowing continues to puz-
zle all and many conjectures are INDUCED
companies to banks, borrowing on sterling
collateral which should be an incident
of placing loans in Europe, and the hold
ing of bond issues awaiting a market age
all offered as part explanation. but all
together seem insufficient to appease the
sense of doubt caused by the figures.
1t is suggested that there must be a
large floating Indebtedness carried by
railroad and other corporations awaiting
favorable opportunity in the securities
market to be. changed to funded FORM
The continued wildness of the cotton spec
ulation is a subject of real misgiving, and
as cotton prices grow, so does apprehen-
sion that there may be some sort of col
lapse which might effect collateral out
side that market Foreign influences were
favorable to higher prices today, and Lon
don bought early. The selling of United
States Steel preferred weakened the mar
ket. This stock came to pause after
the announcement that John d. Rookie
Teller had resigned from the directorate.
The spectators in the stock have made
much of a theory that the control OF the
corporation had passed to the Rockefeller
interest during it's troubled vicssitudes,
and were left in state of confusion by
this development
The break in Brooklyn Transit was
helped by rumors of a bond issue, and
the other local fractions were affected by
the illness of William c. Whitney The
strong advance in Amalgamated Copper
of pa was due to reports of a judicial de-
cision in Montana which would permit
the company to collect dividends from its
subsidiary company. the Boston and Mon
tana, which have been tied UP by injunc-
ton ever since the control was acquired.
The advance in Amalgamated Copper
checked the decline elsewhere, but did
not bring prices back to the early high
level. The closing was lifeless but steady.
Bonds were dull and steady. Total sales,
par value, "a, 395.O00 United States IS.
coupon, declined 4 per cent on call.