The Birmingham age-herald., 1903-02-15
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

New York February 14.-Trading ap- preached near the level of stagnation In 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 United States steel The movement Of prices in such a 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. Anericanf smelling advanced an additional l%, with intimations that the improve ment in the silver market was to the advantage of the company. The signing of the Sprotoeols for the submission of the Venezuelan dispute to The Hague ar bitration court was cited as a reason for some of the buying. The liauidations of
 
 were dealings in the new convertible bonds on the curb when and where at 90 as compared withthe proposed issue price to Stockholders at 871s. Prices receded a fraction on the appearance of the bank statement, but the market steadied again. The loan increase of $11,2T4,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 which can now be done to advantage The surplus of $l5,529675 compares with $1S,- 560 $50 at this time last year and Si2,- S52, 450 two years ago.
 After a 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 com mbinations and 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 fespeeially the introduc- ton into the senate of the Aldrch bill for nberalizing 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 al premium In the open market has caused some dis placement of bonds deposited to secure clrculAtlOn, thus OpeIdlAilE lO COuilltIdtl 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 11h per cent interest in the security Of 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- ciaI benefit to New York banks, the 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- ton of possible money strinsency 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 5 points below the syndicate subscription price of the bonds. The recuperation of the financial position thus variously indi- cated may be a matter of confidence. New requirements for credits are largely shown aiso The railroad situation plain ly requires the employment of additional capital to hanole the volume of traffic offering and to avoid freight congestion. The loan of nearly $40, GOO, GOO negotiated by the Pennsylvania railroad to push it's bet terment work and the decision of the Erie to issue s10,C000 000 bonds and to authorize $40,00000O, 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 &C., tvity has, been in speculative issues. The large dealings in St Louis and San Fran cisco funding 4s were attributed to the dissolution of the underwriting syndl- cate.
 United States 3s coupon and the new As registered declined A per cent. the old 4s and the 2s Is per cent as compared with the closing calls of last week.