The Birmingham age-herald., 1903-10-25
STOCK MARKET IS
 STILL SLUGGISH Bank Statement Caused a Lit- tie Show of Life
  DULLNESS AGAIN SETS IN Slight Recovery Caused By the State ment Was Fractional and Not Maintained, the Close Being
 Irregular and Quiet.
DULLNEsS AGAIN SETS IN

New York, October 24-Today's stock market was almost inert throughout. The annearance of the bank statement caused a sluggish recovery from early depression but the movement was merely trac.lohai and was not maintained. the closing being irregular and still very dull. The reserve item in the bank statement proved sur prise. the decline In cash resources oeins reported at only sSOO0 in face or an appar ent outward movement of cash during the week of between three and four million dollars. Bank officials were somewhat at loss to explain the discrepancy, ou' some of them asserted that there hao been considerable receipts of currency from Chicago and the west during the week, and the explanation was gwen that this movement might have served to offset the heavy outgo to Baltimore and Pittsburg and the cotton regions The failure of the customary demand from the west for currency at this season. has been the subject of much comment in banking circles. but that there should have been considerable of movement in the contrary direction in the middle of October Is quite unprecedented. It was suggested as possible that local trust companies had made more transfers of cash deposits than the clearing house banks.
 London's uneasy feeling over the war outlook in the far east had some slight effect in the local market, and there was repetition of rumors in circulation for several days, which have been as often denied, of an institution in trouble at St. Louis. There was a deposit of $l0O,000 at the sub-treasury today for telegraphic transfer to St. Louis.
 The variety of the demand for bonds was as conspicuous as for several days, and the number of quotations for bonds exceeded in number and variety those of stocks for a good balance of the time. A recession to 5S in United States Steel preferred was the unsettled influence at the close There is general agreement in Wall street that the stock market has offered surprisingly good resistance to the developments of the week, which were undeniably serious in their aspect. The appointment for receivers for two trust companies in Baltimore, although not wholly unexpected, proved a shock and there was severe decline of prices in consequence on Monday This was the more marked by reason of the considera- ble commitments to the long side, which were hurriedly thrown back upon the market on Monday. But Tuesday saw a nasty repurchase of holdings and the bank features at Pittsburg were practi- cally ignored in the trading
 The conclusion seems obvious that liquidation growing out of the Pittsburg and Baltimore troubles ave been pro- in uytf fhof x.xIas sof. l.n gross at the stock exchange for months During the period of greatest depression in the stock market, several weeks since, 1t was pointed out by Jacob IT. Schiff, the head of the banking firm of Kuhn, Loeb & Co.,, in an interview on the stu- alton in the Associated Press, that de- mand for securities was likely to develop, while the prices of liquidation and con traction was still in progress in the coun- try at large. There has been undeniable evidence of some such condition in the stock market this week, more notably In the bond department, in which there has been considerable absorption for invest ment demand at advancing prices.
 The weeks events in the market offer some indication of a contrary tendency to buy stocks of bad news. This is largely due to demand from an uncovered professional short interest, and has not been impressive at any investment de- mand. The failures at Baltimore and Pittsburg have failed, however to arouse any uneasy feeling over the possible con- sequences in other directions. The tone of the discussion at the bankers convention in San Francisco is sufficient evidence of the frank recognition of abuses in the field amongst bank and trust company officials themselves. The controversy be- tween the New York clearing house and the New York trust companies over the question of the maintenance of trust com pany reserves, has brought the question to the public view. There has been epi- sodes in New York financial affairs that have illustrated the abuse on the promo ton side, including the shipbuilding case in the public eye. The routine events of the week have been favorable as a whole. The export demand of grain has been liberal, and the movement of cotton to market has been much freer Heavy cur rency shipments to the south have re- suited, but the movement to the west seems to be restricted. Railroad officials claim undiminished volume of traffic and complain of car shortage and freight con- gestion. But expert opinion holds that the present freight movement and that for several months to come represents busl- ness already done, and estimate a prob able falling off in the spring, and a com- ing reaction. The breadth and activity of the bond market have been pointed out
 United States 2s. bonds, advanced sz, and the 3s and the old and new 4s one-half per cent over the closing call of last week.