The daily morning journal and courier., 1904-02-05
YESTERDAYS STOCK MARKET.
Operation. Under same con.,rAlns as for several pars.

for several Days.
 New York, Feb. 4.-Stock market op- erations to-day were under the same constraInt as for several days past, and the movement of prices again became wavering and uncertain after yester- days decided downward movement. The sharp break in the morning, while prices of cotton were slumping, and the subsequent rally in cotton pointed to sympathy between the two movements which leaves little doubt that the col lapse in cotton is viewed with more Or less apprehension in Wall street. The general apprehension that the long de- ferred crisis in the Japanese contest was at last at hand was a fac tor in the stagnation in stocks here as we'll as in foreign stock markets. The further jump in grain and the drop in cotton are the indications of warlike outcome.
 But the highly artificial conditions in the commodity markets. due to the ex- cessive speculative commitments, give them feverish sensibility that robs them of safety as an index of condi- tions. The most important event of the day to the financial markets was the ten days notice given by the secretary of the treasury of a demand for pay ment of 20 per cent. of government de- posits with national banks. This calls for about $30,00O.0 GOO. payable at New
 York. It is highly probable. therefore, that interior government Repositories will draw on their deposits with New York banks to meet the governments s call.
 As the secretary's call says nothing of further withdrawals of deposits in Contemplation, some relief was afforded from the effect caused by intimations heard yesterday that the first call was soon to be followed by another for 10 per cent. more of deposits. The con- jeetural estimates of the effects upon the money market here of the Panama canal payments have counted upon the portion to be paid directly from the United States treasury as so much ad- oitional resources released to the mon- ey 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 acceptance given by the
 markets to the secretary's- call shows that it's amount had been pretty accu-
 rately foreseen in financial circles. As to the effect on the money market of these withdrawals, it is clearly depend ent upon the skill with which the bank | ing in connection with the payment is carried through. There is a general belief that New York banks are to be made Repositories, on behalf of the for eign stockholders, of the payments from the government, and that these banks have made extensive investment in foreign exchange already to provide for the remittance of the sums due to foreigners.
 A revival of war talk was responsible for the sharp recession in prices just at the close, which was, therefore. rather
 weak. Buying of United States Steel stock at an advance of a point, which was without explanation, was a factor
 in the recovery of prices from the open ing depression.
 Bonds were irregular The total
 sales, par value, aggregated $2,710, 1000. United States bonds were unchanged
 on call.