The Birmingham age-herald., 1904-03-06
STOCKS LOSE MOST OF THE WEEKS GAIN Northern Securities Decision
 Has Its Effect THREATS OF COAL STRIKE Bank Statement Without Influence on the curb-cash Increase Was
 Less Than Ex-
 pected.

New York. March 1.-The stock market came under the influences of the threat of a Northern Securities decision on Mon- day and lost most of the gain which hao been established by the slow hardening movement of the whole of the week up to today. The market closed easy and at declines running to a point in mum Der of the prominent stocks. The volume of liquidation was unimportant and in- dicated nothing more than traders posi- tions In the market, but the impelling motive was clear enough, and was cor reiterated by the weakness of Northern Securities itself on the curb.
 The bank statement was without in- f1uence. The increase in cash was slight ly less than expected, but the fact that there was an increase at all is evidence of the continued tendency towards con gestion of reserves. The loan expansion was viewed with equanimity in view of the condition of reserves, notwithstand- ing that the loan item establishes new high record again with an aggregate of the clearing house banks within $s200o of a round billion dollars.
 This is supposed to reflect renewed corporation borrowing including the $5 0O0,0OO taken by New York Central and the same amount by the Burlington. The fact that the latter was placed in Chi cago would not prevent its reflection in the New York showing Railroads re- porting gross earnings for the fourth week in February show some increases over the similar period of last year, but the additional day in February of this year which figures in the showing, dis torts the comparison.
 Foreign influences were against the market London being confronted with mining settlement next week, after just emerging from the strain of Paris settlement this week. Consols as a con- sequece touched a new low record in Lon don today for the movement. Total sales, par value $940O0.
 The lethargy Is more notable in view Of the accumulation of reserves in banks and the nominal rates at which call money Is loaned. Resources are freely employed Tn the speculative movements in the com modity markets without causing ripple on the stagnant surface of the stock mar ket. The money outlook is not without its obscurity, nevertheless, and it is undoubt- edly super-inducing cause of the leth- argy in stocks.
 The continuing rate for time loans paid by the great railroad corporations on these notes Is an indication that resources are being conserved by the banks for expected demands of this character The fixing of the date for the withdrawal of government deposits from the national banks to provide for the Panama canal payments serves to define the lines of. one of the uncertainties which have clouded the money market and to establish con- fidence in the ability of the market to meet the situation without disturbance.
 The threat of a soft coal strike has its part in holding in check the stock market and a growing influence from this time on must be allowed to reports from the winter wheat crop. which is conspicuous by the lack of moisture in parts of the southwest. Finally, it is not expected that any development will effectually release stock market from its constraint until the