The daily morning journal and courier., 1904-02-02
EimatsefaI.
YES1ERDAY,s STOCK MARKET.
All of the Interest csuters in Hand-
 ful of Active I.snes.


 All of the Interest ceuters in Q Hand- ful of Active Issues.
 New York, Feb 1.-An of the inter
 est in to-day's stock market centered
 in handful of active issues which
 were moved by considerations special to themselves and having no bearing
 on general financial or business condi- tions The body of the market was
 inert and listless. Dealings were in- significant and changes were almost Iimperceptible. The primary cause of
 the stagnation was undoubtedly the realization, 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 condition of banking
 accounts and the expectation of a check
 to the accumulation of reserves in New
 York is accepted as warning that the
 period for stimulating activity by spec ulative operations had about passed. The portentous figure reached by the
 loan account of the banks is in itself calculated to exercise an intimidating
 effect on speculative operators in stocks. The sources of all this borrow ing continue to cause puzzled conjec-
 ture The transfer of loans from trust companies to banks, borrowing on ster- ling collateral; which would be an in- cident of placing loans in Europe, and the holding of bond issues awaiting a
 market, are all offered as part explana-
 ton, but all together seem insufficient
 to appease the senes of doubt caused
 by the figures. It is suggested that there must be large floating indebted ness carried by railroads and other cor-
 porations awaiting a favorable oppor-
 tunity in the securities market to be changed to Funded form.
 The continued wildness of the cotton speculation is subject of real misgiv- ing, and the higher cotton prices go the more is apprehension felt that there may be some sort of collapse which might have collateral effects outside of that market. Foreign influences were favorable to higher prices to-day and London bought early. The selling of United States Steel preferred weak tened the market This stock came to ia pause after the announcement that John D. Rockefeller had resigned from the directorate. The spectators in the stock have made much of theory that the control of the corporation had pass ed to the Rockefeller interest during it's troubled vicissitudes, and were left in ia state of confusion by this develop ment. The break in Brooklyn Transit was helped by rumors of bond issue. and the other local fractions were af- Ifected by the reported illness of Will Ham c. Whitney. The strong advance lin Amalgamated Copper of 2 3-4 was due to reports of a judicial decision in
 Montana which would permit the com Ipany to collect dividend from it's sub sidiary company, the Boston & Mon- Itana, which have been tied up by in- Junction eevr since the control was ac-
 quired. The advance in Amalgamated Copper checked the decline elsewhere
 but did not bring prices back to the early high level. The closing was life-
 less, but steady.
 Bonds were dull and steady, Total sales par value s4, 395 000.
 United States threes eouopn declined
 l-4 per cent. on call.