The Birmingham age-herald., 1903-02-16
STOCK MARKET IS ALMOST STAGNANT Nothing Done Until Last Half
 Hour of Session LITTLE PRESSURE TO SELL Signing of the Venezuelan Protocols Was Offered as Reason for What
 Buying Was Engaged In
 By Traders.
LITTLE PRESSURE TO SELL

preached near the level of stagnatlon III the stock market today. It was not until the last half hour of the sesion that the first sale in either sugar or Manhattan was recorded Up to that time there had been only one or two transactions in limited States steel. The movement of prices in such market can have little significance unless of negative character. The selling pressure, which was notable yesterday, was relaxed today and there was even some evidence of some support especially in the Gould group, in which Wabash preferred was lifted nearly point. General electric rose fur ther on alleged expectation of benefits to stockholders to accrue from the pur- chase of the Stanley electric company, perhaps, by new stock subscription rights American smelting advanced an additional 1% with intimations that the improve ment in the silver market was to the advantage of the company The signing of the protocols for the submission or the Venezuelan dispute to The Hague ar bitration court was cited as a reason for some of the buying. The liquidatlons ot the Fries seemed to be checked and there were dealings in the new convertible bonds on the curb when and where at 90 as compared with the proposed issue price to stockholders at S71s Prices receded a fraction on the appearance of the bank statement but the market steaded again. The loan increase of $11,274,S00 is not eX- cessive compared with other years In the corresponding week. It is believed that some of the borrowing has been for the purpose of repaying foreign obligation, l0o. fa cd nf surplus of $15 675 compares with $l3- 560 $50 at this time last year and $l2- S52 45O two years ago.
 After spurt of activity and strength on Monday the stock market fell back again into a condition of apathy and lethargy. This was accepted as a new demonstration of the futiliity Of the ef- forts of speculative combinations ana pools to awaken interest in stocks on the part of the outside public. These ele- ments in their part are in favor of money conditions and especially the introduce tion into the senate of the Aldrich bill for lberalizing the provision for govern ment deposits with national banks, in pre- venting stringency in the money markets during the coming fall.
 The device of purchasing at premium fin the open market has caused some dis placement of bonds deposited to secure circulation, thus operating to counteract the circulation at one point in the pro- portion 1t is expanded at another It is with great relief, therefore, that the finan- cial world sees the prospect of the deposit of government surplus funds with banks at 1h per cent interest In the security or state, municipal and approved railroad bonds The removal of the inhibition against deposits of customs receipts with the banks is also calculated to be of spe- Ao VaFlr orIxe ad ha bulk of the customs are payable at this port The making available of the bonds to be issued for the construction of the Panams canal for purposes of security for bank notes and government deposits is an additional factor for expansion of circulation. But this promise of allevia- tion of a possible money stringency against this fall may not more than offset other factors on the opposite side.
 There is evidence in the bond lists that underwriting syndicates which weathered the stress of last falls money market have been marketing their holdings, the market price in one instance running or points below the syndicate subscription price of the bonds The recuperation of the financial position thus varously indi- cated may be a matter of confidence. New requirements for credits are largely shown also. The railroad situation plain " requires the employment of additional capital to han6le the volume of traffic offering and to avoid freight congestion. The loan of nearly $40, 000 GOO negotiated by the Pennsylvania railroad to push it's bet terment work and the decision of the Erie to issue s10. 900 900 bonds and to authorize $40000,0O0, are examples of these needs. which are likely to be repeated in other cases.
 The movement of bond prices has been irregular this week and the principal ac- tivity has been in speculative issues. The large dealings in St. Louis and San Fran cisco funding As were attributed to the dissolution of the underwriting syndi- cate.
 United States 3s coupon and the new is registered declined A per cent, the old As and the 2s IS per cent as compared with the closing calls of last week