The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-02-28
WALL STREET ALMOST IDLE
AND PRICES ARE LISTLESS.
NORTHERN SECURITIES DE
CISION AFFECTS MARKET.
Whatever May Be the Result,
Final Action, 1t Is Believed,
Will Help Business.

New York. Feb. 27.-To-day's stock mar
ket WAS almost idle and the drift of prices
was ~listless in the extreme and totally in
| significant. Yesterdays setback to the
rally which occurred on Thursday dis
Outraged the traders from attempting to
move prices. and to-day's business indi-
Gated that the market is awaiting some
new development to give initiative to
prices. The fact that another decision
day of the Supreme Court is imminent,
with Il decision in the Northern Securities
case possibly to be handed down, agra
waited the dullness. The beginning of the
Paris stock-market settlement is another
motive for a waiting attitude in the Sc
c~urities market. The London market was
practically stagnant in response to this
influence. Pcnnsylvania's response to the
annual report was an advance of Is and
Reading closed unchanged in spite of the
heavy decrease i'll the net earnings for
January The bank statement revealed Il
larger gain In cash than was indicated by
the preliminary estimates. but speculative
sentiment would be more encouraged
We're there evidence Of a more active use
of money In business. The decrease in
loans was not clearly explained. unless by
4 report that some of the clearinghouse
hanks have lntirlated to trust companies
their diSlnclInaticn to carry heavy depoS-
its at a 2-per-cent interest rate with the
call-loan rate below that figure. This
might operate to transfer some loans back
The market closed almost stagnant but
easy and ut small losses. Total sales of
bonds, par value. were $4,000.
WEEK OF HESITATION.
The tone of the stock market during
the week has been hesitating and irregu-
lar. Thursdays sharp recover serving to
bring prices back almost exactly to where
Letting values have not perceptibly
changed, the influences which have de-
pressed prices remaining in force The
market, however, has shown signs of be-
ing overSold and the day-to-day traders
have been keenly alive to signs that the
decline in prices had reached a point suf-
brought 1t about. The borrowing demand
for stocks on the Stock Exchange showed
the building up of a considerable short in
terest, whose demand to cover contracts
might be relied upon to effect a rally in
prices whenever conclusive evidence
should appear that the genuine selling had
Il further decline. The foreign situation
has had q dominating influence upon the
domestic stock market, and the troubled
markets abroad have kept alive the de-
preston here.
FOREIGNERS UNSETTLED.
1t is clear that the foreign stock mar
kets had not prepared themselves ade-
quately for the outbreak of hostilities be-
tween Russia and Japan, the Continental
bourses especially showing that strong
nope was felt, up to the outbreak of hos
tlHtles. that 4 peaceful outcome would be
secured. The violent decline in the Rus
sian industrial and Government securities,
which are held in a great volume both in
france and Germany. involved heavy
losses and forced liquidation in other Sc
ccrltles Tor which there was a reader
market.
Conspicuous in this class are American
securities. and the amount of business
which has come home to be sold effectu-
ally refuted the contention hat foreign
securities during the boom of the last
few. years. The weeks failures in foreign
circles and the money requirements to be
met have affected the local market for
exchange and have helped to lift it toward
the gold export point. Reports have been
current that the Russian Government was
ances with some of the great banks of
Western Europe. The disturbed financial
condition at Paris threatens to react, on
London. owing to the very heavy holdings
of British notes by French bankers. The
intimate association between different
money markets thus makes it impossible
affecting all to some extent. The
dread of ENHANCEMENT of other Powers in
the far Eastern quarrel or in the threat
ened outbreak in the Balkans has been an
additional disturbing element in all of the
worlds markets and has been an i'm
pOrtant influence upon our wheat market.
The nervous condition of our stock mar
ket on Thursday. while the Supreme Court
was in session and the possibility that Il
decision in the Northern Securities case
was hanging over the market was Il proof
of the unsettling influence which that mat
ter still has and of the likelihood of re-
curing nervousness on each decision day
of the court until the case Is finally dis
WILL HAVE RELIEF.
1t Is evident that the decision when
handed down. whatever may be its
terror, will relieve the market from one
repressive influence. The declining tend
and the stock market IL inclined to wait
for better weather conditions Tor PROOF
of the contention that snow ~blockades
and impaired efficiency from cold weather
present volume of traffic. The beginning
Of the war over grain rates on both
trunk ines ms is cause Of anxiety as , oyer conn dn-
petition for these future contracts throws
some doubt upon the claims of railroad
officials of confidence In the maintenahGe
considering the necessity or an ad1ust-
ment also to a possible great strike IN
the soft coal regions, owing to the radcaa
difference disclosed in the claims of the
miners for an increase in wages and OF
the operators Of the necessity for a re-
drction.
lOLlt VII IdIi - -
owing to the almost stagrant stock specu-
iation. but offerings of time loans have
become less abundcrt with the hardening
mand for money. outside of corporation
and railroad borrowing. and the falling of
in volume of bank c~learings, are regarded
with some misgivings as possible induces
Of decreased business activity. The pros
pect of delay in the settlement of the Pan
already erected for an early completion
of that operation, but has caused no fear
or embarrassment thus far. The continued
lack of moisture in the
wheat belt has been a subject of attention,
but without appreciable effect thus far on
prices of stocks.
The bond market has been dun. IN SYM
pnthy with stocks. United States bonds
are unchanged on call for this week.