The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-02-18
STOCK MARKET HAS
BIG SELLING DAY
Many Complaints on the Ex-
IRENE Dizziness.
DISCUSS GRAIN RATE WAR
Whispers Go Around That Heavy
Drops in Cotton Are Going to
Result in Financial
Troubles.
DISCUSS GRAIN Rate WAR

New York, February 1.-THE frequent
ers of the stock exchange changed their
position in the market today. and sold
stocks in contrast to the buying of yes
terday. Or rather the party which bought
yesterday had not courage to continue
their operations, while their opponents,
who had sold at the advance yesterday,
saw profit in offering down prices and
proceeded accordingly They had rather
more success in maintaining the declines
to the end of the day than did the bulls
yesterday in holding the advances.
The extreme dullness Of the market and
the poignant complaints of all commits
sion houses of lack of sufficient business
to pay office expenses, warrant the as
sumption that operations are exclusively
in professional hands. While various
news items of the day are offered to ex
plain the varying movements of prices 1t
is clear that the movements represent the
ideas of professional traders as to the
change in values resulting from occur
rences. rather than actual transactions
in liquidation or investment.
In today's market the influence which
received most attention and discussion
was the rate war on export grain rates,
especially that phase of it that concerns
the lake traffic from Buffalo. As the dis
pute is wholly in regard to the making Of
contracts on business yet to come the
acrimony displayed Is the more remark
able. Fears of coming depression in rail-
fro 10 nd In
thus inspired
The f1rmness with which the opposing
contentious are maintained ON the COM
paratively unimportant matter of the diff
ferentia1 on export grain rates from Buff
falo to Philadelphia and Baltimore, as
against New York, cause heed to be paid
to threats that retaliation and reprisal
may carry the war to freight Of other
clasSifications, and to other destinations.
So much has been done of late years to
neutralize the control of the old rate dis
turbers in trunk line territory that the
involvement of the two principal lines
gives a decided chill to speculative senti-
ment
Some effect on stocks was also pro-
duced by the whispers sent around that
the heavy drop in cotton and consequent
speculative losses were going to result IN!
without ratification. The difficulties of
some of the insurance companies involved
in the Baltimore fire awakened attention
to the possible aftermath of that ca
lamity.
Germany contributed a story that the
Russian government was taking stiff
attitude towards the British government
regarding the. expedition into Thibet and
foreign stock markets seemed to be moved
by news of an Albanian revolt. Whatever
share these various incidents may have
had In the days decline, It was obvious
that many operators were prompted
mainly by the consideration that yester-
days attempt to life prices had proved
abortive, so that a movement downwards
was most available.
The bond market was very dull and
heavy. Total sales. par value, $f,24OOo0
United States bonds were unchanged on
call.