The San Francisco call., 1904-02-28
STOCK MARKET
AT STANDSTILL
Thursdays Rally Discour-
ages Small Traders From
Attempting to Move Prices
BROKERS ARE NERVOUS
Oriental Situation and the
Fear of a Strike in Coal
Regions Depresses Buyers
BROKERS ARE NERVOUS

NEW 4ORk, rep. 2l.-IO-ddy'S STOCK
market was almost idle and the drift of
prices was listless in the extreme and
/ toally insignificant Yesterdays set
back to the rally which occurred on
/ Thursday discourag ged the traders from
attempting to move prices, and to-day's
; trading indicated that the market is
! awaiting some new development to give
an initiative to prices The fact that
another decision day of the Supreme
Court is imminent. with decision in
! the Northern Securities case possibly to
/ be handed down, aggravated the dull
ness. The beginning of the Paris stock
market settlement is another motive
for a waiting attitude in the securities
market. The London market was prac-
tically stagnant in response to this in
! huence. Pennsylvania response to the
annual report was an advance of one
eighth. and Reading closed unchanged
/ in spite of the heavy decrease in the
net earnings for January.
The bank statement revealed a larger
gain in cash than indicated by the pre-
! liminary estimates, but speculative sem
timent would be more encouraged were
money in business. The decrease in
! loans was not clearly explained, unless
/ by a report that some of the clearing
house banks have intimated to trust
companies their disinclination to carry
heavy deposits at per cent The mar
ket closed almost stagnant, but easy
and at small losses.
Total sales Of bonds, par value, s410,-
000
PRICES GO BACKWARD.
The tone of the stock market during
the week has been hesitating and irreg-
ular, Thursdays sharp recovery serv
ing to bring prices back almost exactly
to where they left off on Saturday last.
Conditions affecting values have not
perceptibly changed the influences
which have depressed prices remaining
in force. The market, however. has
shown signs Of being oversold. and the
day-to-day traders have been keenly
alive to signs that the decline in prices
had reached a point sufficient to offset
the conditions which brought it about.
The borrowing demand for stocks on
the Stock Exchange showed the build
ing up of a considerable short interest
where demand to cover contracts might
be relied upon to effect rally in prices
whenever conclusive evidence should
appear that the genuine selling had de-
creased so far as to promise no hope
of a further decline. The foreign situa- !
ton has had a dominating influence
upon the domestic stock market, and
the troubled markets abroad have kept |
alive the depression here.
1t is clear that the foreign stock ;
markets had not prepared themselves !
adequately for the outbreak of hos |
tilities between Russia and Japan, the |
continental bourses especially showing |
that strong hope was felt, UP to the |
outbreak of hostilities, that a peaceful |
outcome would be secured. The Vio- !
lent decline in the Russian industrial /
and Government securities, which are /
held in q great volume both in France !
and Germany, involved heavy losses !
and forced liquidation in other securl- |
ties for which there was a reader |
market Conspicuous in this class are /
American securities, and the amount of /
these which have come home to be
rsold effectually refuted the contention !
that foreign markets had been stripped |
Of American securities during the boom !
of the last few years.
FAILURES IN EUROPE.
The weeks failures in European
banking circles and the money require
ment to be met have effected 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 preparing to
draw down it's heavy balances with
some of the great banks Of Western
Europe. The dread of ENHANCEMENT of
other powers in the Far East quarrel
or in the threatened outbreak in the
Balkans has been an additional dis
turbing element in all of the worlds
markets and has been an important
influence upon our wheat market.
The nervous condition of our stock
market on Tuesday, while the Supreme
Court was in session, and the possibil-
ity that a decision in the Northern Sc
curities case was hanging over the
market, was a proof of the unsettling
influence which that market still has