The San Francisco call., 1904-02-21
STOCK MARKET
CLOSES STEADY
Upset in the Paris and Berlin
BOurses Produces Slight Eff
feet on Investment Shares
BANK LOANS DECREASE
Professional Traders Attempt
to Advance Prices After
Failing to Send Them Down

NEW YORK, Feb. 20.-The char
acter of the stock market showed no
change to-day from that of the whole
week. The effects of the days de-
pressing factors were very moderate
and were we'll resisted. But once the
depression was overcome all interest
in the market abruptly terminated.
There seemed to be a waiting demand
for stocks on any declines, but no
buyers were at hand TO follow any ad-
vance. The principal pressure upon
the market came from foreign sources.
This was well absorbed and prices
were at no time down to the London
parity. The sentimental effect of the
decided upset in the Paris and Berlin
bourses was very slight. The severe
declines on the Paris Bourse are at
tributed to the financial needs caused
by the shrinkage in Russian securi-
ties, which are a poor sale at the pres
ent time, so that necessities must be
met by the sale of other securities.
The special weakness of state funds in
Paris might, however, be due to init
mate knowledge of diplomatic affairs
not available to other centers, which
would explain its greater sympathetic
effect on other foreign markets.
The favorable bank statement was a
help to the resistance of depression
here. The $7,544,O0 increase in cash
was not unexpected and is attributed
to a return of money from the South,
where the collapse in cotton specula-
ton has decreased the immediate need.
Some of the money sent to Baltimore
is believed also to have come back.
The loan decrease is evidence that COR
poration borrowings have been large
ly supplied out of the previous loan
expansion. 1t is probable also that
the proceeds of railroad loans are left
on deposit with the banks pending
the need for employing the funds
which are available to the loan mar
ket in the meantime. The market
closed about steady and not far from
last nights level.
ADVERSE DEVELOPMENTS.
The weeks market for stocks has
been duller and narrower than for
nearly four years past, Monday trans
actions falling to a total of sales less
than for any day save one since the
summer of 1900. The news of the
week has not been favorable to ad-
vancing prices, but the adverse de-
velopments have been almost equally
without effect in bringing sales upon
the market. The stubborn resistance
of the market to all unfavorable fac
tors has prompted the professional
traders once or twice to attempt to
advance prices after testing their abil-
ity to depress them without success.
The occasional upward movements
here and there were without news to
account for them and were quite evil
IDENTIFY due to the testing operations
of traders, who are at the end of their
resources to effect sufficient move
ment of prices in either direction
to afford a basis for their daily opera
tions.
The professional operations have
made W. almost entirely the market,
the action of which or it's non-action is
evidence of the strong hands in which
the stocks are at present lodged and
of the small speculative position open.
Holders are apparently Indifferent to
the day-to-day developments, and seem
to be content to hold their property
for more propitious market conditions.
The same spirit is seen in the policy of
the railroad companies to negotiate
temporary loans at a comparatively
high rate of interest rather than to at
tempt to issue new securities at time
when the demand is listless and almost
CT a on or1f Hoe
sional selling movement at one point
or another proves to be almost without
effect on prices giving the impression,
in view of the narrowness Of the mar
ket, that potential support lies behind
it. The effect this week has been to
cause almost absolute rigidity. The
continued large borrowings by railroad
corporations have been viewed with
mixed sentiments. The continued sta
bility of the money market in face of
these demands and future requirements
in view has left little room for appre-
hension of any restriction of credits
on that account.
BANK LOANS DECREASE.
The publication of the comptroller's
compilation of national bank returns,
as of January %, makes it evident that
the loan expansion of the last few
months has been restricted to New
York banks, the New York increase for
the period reaching $4,000. 900, with the
aggregate for the whole country show
ing OnIv 81 600 900 increase This show