The daily morning journal and courier., 1904-02-16
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YEsTERDAY,s STOCK MARKET.
Slight Demand for Securities Sufficient
 to Maintain Prices.

Co Maintain Prices.
 New York, Feb. 15-The stock mar ket to-day marked time and at inter- vals came to halt. But slight as was the demand for stocks, it was sufficient to maintain prices, as the offerings were entirely insignificant. There was no sign of liquidation. nor did the pro- fessional traders venture to take the short side of the market in spite of the stagnant condition of trading.
 The special demand from Baltimore last week for funds, which counteract- ed the current movement to New York, is expected to continue this week. But the financial world is in composed frame of mind regarding the money outlook, in spite of the Baltimore de- mand, the coming Panama canal pay ment and the continued temporary bor- rowing by railroads, which receives a greater or less addition every day. The abstract of the reports of national banks throughout the country, as of January 22, shows some comparison with the condition of November r, the period of the last call by the controller, which helps to explain this confidence. While the total of the loans for that period has increased some $44 100000, the reports of New York clearing house banks between the nearest correspond- ing dates show an increase of SIS, ,O0O,- GOO. The aggregate increase in depos- it's, which reached s124,0OO,000, is also exceeded by the New York increase, which was $139,OOOO0O. It thus appears that the enormous increase which was noted in the New York bank loans dur ing that time, and which has gone still further since then, was accompanied by an actual shrinkage in the loan account of other national banks. This corrob- orates the supposition that interior banks, as well as New York trust com panies, were transferring deposits to New York banks to take the interest rates on deposits and reducing their own loans because of the low rates to which interest on money had fallen. The aggregate reserves of the country have increased about $94,OO0,O00, while the New York reserves expanded $57,- UUV,UUV. l IlG Stiidtl lpctil SApdliclOAi SAiONAA by the Saturday bank statement is also interpreted as showing that the large corporation borrowings, which have made so portentious an impression, were largely provided for in the previ- ous loan expansion.
 Of to-day's. few noteworthy move ments that in Anaalgamated Copper was attributed to an advance iii the price of copper Reports were current that an agreement had been reached between the largest individual holders of New York Central stock to pool the stock and withhold it from the market, and the shorts in the stock were made uneasy thereby. Rumors of the serious illness of the German emperor and the ezar were without apparent effect, Re- ports of rate cutting on grain, the fail ure of railroad earnings to show im- provement and rumors of coming strike in the soft coal fields were equal ly without effect. The closing was firm but nearly stagnant. The days busi ness was the smallest in nearly four years
 The bond market was also exceeding ly dull and the tone was steady The total sales, par value, aggregated $l,- 21S,5O0.
 United States bonds were unchanged on call.