The Birmingham age-herald., 1904-02-26
STOCK SITUATION
 MORE FAVORABLE Factors in Change Comes from
 Abroad SUSPENSE IS RELIEVED Beginning of the FortnlahtIy Settle ment In London Failed to un- A cover Any Weak Spots
 In Situation.

New York. February 25.-The tentative effort to turn prices upwards, which was in evidence yesterday, and the day be- fore in the stock market, met with no better success today. The more favora- ble condition came from abroad again, just as the adverse factors from that direction have defeated the previous ef- fort to advance prices The improvement was of a native character largely, con sisting in an amelioration of the depres- sion abroad.
 The numerous failures which occurred yesterday aomngst banking houses at va rious points on the continent served to clear the atmosphere and to create the impression that the weak spots were now uncovered and the mystery and sus- pense relieved. This was evidently the view taken In the foreign markets them selves. The extreme depression in Rus sian. securities which has been the cause of the financial troubles in France and Germany has been aggravated by the Japanese naval successes and the latest affair at Port Arthur was something of an antidote to this and helped the bourses which are largely committed to Russian securities.
 The beginning of the fortnightly settle ment in London today failed to uncover any weak spots, and this again disproved some of the fears which have cohduced to the recent weakness there The buy ing of today was attributed largely to the short account The assumption was based in part upon the fact that the turn in prices came without any change in the character of the news of existing conditions. But unchanged conditions, when they are unfavorable, do not war rant an indefinite decline in prices.
 The professional traders have been watching the market keenly for several days for signs that the now considerable decline had reached proportions to satis- fly the conditions, which started It or whether in their own phrase, the market was oversold. Assertions were made that there was some slight buying from com mission houses attracted by the low level of prices. That it was not large Is suffi- ciently attested by the volume of the market The further rise in wheat and the fall in cotton were consistent in re- sponse to the war in eastern Asia. The early strength in sterling exchange was an index of some further pressure on the foreign money markets. but ex- change eased eff during the day on the realization that there may be consdera- ble delay in the Panama canal payments owing to the question raised in the French courts. There was less money of fering here to loan on time and demand for the longer periods, showed an appreci- able increase. The average of the days gains for the most active stocks was above a point. St. Paul. Amalgamated Copper, and Brooklyn Rapid Transit were the leaders of the market and United States Steel preferred did not keep far in the rear of this van.
 The closing was strong but very dull with rumors of settlement of the west ern grain rate war.
 Bonds were firm but were lightly dealt in. Total sales, par value, s1, ,335,000.
 United States 3s registered declined H per cent on last call