The Birmingham age-herald., 1904-02-24
GOOD START MADE IN STOCK MARKET Nervous and Apprehensive as
 Day Wore On WALL STREET WAS AT SEA Suspense FeIt Over Coming Northern Securities Decision Was Important
 Influence on the Tone of
 the Market.

New York February 23-A good start against depression was made by the stock market this morning, but the tone be- came nervous and apprehensive as the day wore on, and in the afternoon there was positive weakness The relative share in causing this weakness between the sew eral factors in evidence was not very clear. Some of the early improvement had its impetus from foreign sources, where the success of yesterday in calming the panicky conditions on the Paris bourse was followed by some rebound.
 The latter action of the local faction gave rise to the supposition that none of the early advances were stimulated by manipulation to afford better basis for selling. The concentrated nature of the selling induced some fears that large in- terests were liquidating their holdings. The suspense leftover the coming North- ern Securities decision was an important influence in the market, and there was room for the opinion held by some per- sons that it was the dominant influence.
 Wall street was entirely at sea during the morning as to what to expect on the subject. London reported belief that z decision would be handed down today and would favor the company. No decisive conclusion could be secured here whether the court would hand down any decisions today at all. Monday being the usual de- cision day. it was doubtful whether the holiday of yesterday would lead the court fn hofa Anu tafx Irnfo nTf this, the first day of assembling.
 When the report was received that de- csons were being delivered, the market showed the greatest weakness of the whole day in sympathy with a break of 2s4 in Northern Securities itself on the curb.
 Uneasiness over the foreign financial situation was revived by a report of an important banking failure in Berlin, and the strength of the local exchange mar ket gave color to the doubts felt It Is realized that Europe Is not stripped of American securities, however large the recent reduction in the floating supply there may have been. Extensive finan- cial disturbances in Europe would be sure to preeipitate pressure upon the worlds strongest financial point. which seems to be New York at the present.
 The influx of cash in New York, which
  what dubiousy, taken in connection with the decline in railroad earnings, and the shrinkage In the countrys bank clear lngs, pointing to a decrease in business activity which is not wholly reassuring. The tendency of the vote on the Panama treaty pointed to an early call by the secretary of the treasury for portion Of government deposits In national banks. further cut in the lake grain rate kept alive apprehension over the war on retes.
 The market closed at about the lowest of the day, and showed losses ranging generally between and 1% points. South ern Pacific was the most actively pressed for sale and a number of dormant stocks made violent declines
 Bonds were active and easy. Total sales, par value, s1,340 GOO.
 United States 3s registered advanced 4 per cent on call