The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-02-05
STOCKS MAVER|NG
AND UNCERTAIN
Apprehension for immediate
Crisis in Far East
CALL MADE FOR INTEREST
Secretary of the Treasury Gives Ten
Days Notice for Payment of 20
Per Cent of Government De-
posts at NatI Banks.
CALL MADE FOR lNTEREST

New York, February 4.--Stock market
operations today were under the same
constraint as for several days past, and
the movement of prices again began wav-
ering and uncertain after yesterdays de-
cided downward movement The sharp
break in the morning while prices of cot
ton were slumping and the subsequent
rally with cotton, pointed to a sympathy
between the two movements which leaves
little doubt that the collapse in cotton
is viewed with more or less apprehension
in Wall street
The general apprehension that the long
deferred crisis in the Russo-Japanese con-
test was at last at hand, was factor in
the depressing of stocks here, as well as
in foreign stock markets. A further jump
in grain and the decrease in cotton are
the indications OF warlike outcome. But
the highly artificial conditions in the com
modify markets. due to the excess in
speculative commitments, give to a few
erish sensibility that robs them of safety
as an index of conditions.
The most important event of the day to
the financial markets was the ten days
ury of demand for payment of 20 per
cent of government deposits at national
banks. This calls for about $50, 900, pay
able at New York. 1t is highly probable,
therefore, that interior government depos-
itories will draw on their deposits with
New York banks to meet the governments
call.
AS the secretary's call says nothing of
further Withdrawals of deposits in con-
temptation, some relief was afforded from
the effect caused by limitations heard
yesterday that the first call was soon to
be followed by another for 10 per cent
more of deposits. The conjectural esti-
mates of the effects upon the money mar
ket. here of the Panama canal payments
have counted upon the portion to be paid
directly from the United States treasury
as so much additional resources released
to money markets.
The realization has been growing that
larger portion than at first supposed
would have to be met by withdrawal OF
government deposits and the quiet accep-
lance given by the market to the sec
retary's call shows that its amount had
heen pretty accurately foreseen in f1nan-
cial circles AS to the effect upon the
money market of these Withdrawals, it Is
clearly dependent upon the skill with
which the banking in connection with the
payment is carried through.
There is a general belief that New York
banks are to be made repositories In be-
half of the general stockholders of the
payments from the government and these
banks have made extensive investments
in foreign exchange already. to provide
for the remittance Of the sums due to
foreigners. revival of war talk was
responsible for the sharp recession in
prices just at the close which was there
fore rather weak.
Buying of United States Steel stocks
at an advance of a point which was with
out explanation was a factor in the re-
covery of prices from the opening de-
preston.
Bonds were irregular. Total sales, par
value, 2,710000. United States bonds
were unchanged on call.