The Birmingham age-herald., 1904-02-28
STOCK MARKET IS
 IDLE AND L|STLESS Traders Seemed to be Await
 ing Developments LONDON WAS STAGNANT
lmnlnence of Supreme Court Decision Day, Which May Affect Northern Securities, Was an lm-
 portant Factor.

New York, February 2-Todays stock market was almost idle and the dritt or prices was listless In the extreme ana totally insignificant. Yesterdays setback to the rally which occurred on Thursuay discouraged traders from attempting to move prices. and today trading indicated that the market is awaiting some new de- velopment to give an initiative to prices. The fact that another decision day of the supreme court is imminent with decis- ion in the Northern Securities case possi- bly, to be handed down, aggravated the dullness.
 The beginning of the Paris stock market settlement Is another motive for awaiting attitude in the securities market. The London market was practically stagnant in response to this influence. Pennsylva- nias response to the annual report was an advance of 1s and Reading closed un- changed in spite of the heavy decrease in the net earnings for January. The bank statement revealed larger gain in cash than indicated by the preliminary esti- mates. but speculative sentiment could be more encouraged were there evidence of more active use of money in business.
 The decrease in loans was not clearly explained unless by report that some of the clearing house banks have intimat- ed to trust companies their dtsinclinauon to carry heavy deposits at per cent interest rate with the call rate below that figure. This might operate to transfer some loans back from the banks to the trust companies. The market closed al- most stagnant but early and at small losses Total sales of bonds par value $410,0O0
 The tone of the stock market during the week has been hesitating and irregu- lar, Thursdays sharp recovery serving to bring prices back to almost exactly where they left off on Saturday last. Conditions affecting values have not per ceptibly changed, the influences which have depressed prices remaining in force. The market. however, has shown signs of being oversold and today traders were keenly alive to signs that the decline in prices had reached a point sufficient to offset the conditions which brought 1t about.
 The borrowing demand for stocks on the stock exchange showed the building up of considerable short interest whose demand to cover contracts might be re- lied upon to effect rally in prices when ever conclusive evidence should appear that the genuine selling had decreased so far as to promise no hope of a fur ther decline. The foreign situation has had a dominating influence upon domestic markets and the troubled markets abroad have kept alive the depression here. It is clear that the foreign stock market had not prepared themselves adequately for the outbreak of hostiities between Russia and Japan, the continental bourses especially showing that strong hope was felt up to the outbreak of hostiities that a peaceful outcome would be secured. The violent decline in the Russian in- dustrial and government securities which are held in great volume both In France and Germany involved heavy losses and forced liquidation in other securities for which there was readier market. Con- spicuous in this class are American secur- ities and the amount of these which have come home to be sold effectually refuted the contention that foreign markets had been stripped of American securities dur ing the boom of the last few years Re- ports have been current that the Russian government was preparing to draw down it's heavy balances with some of the great banks of western Europe
 The disturbed financial condition at Paris threatens to react on London, owing to the very heavy holdings of British notes by French bankers. The intimate association between different money mar kets thus makes 1t impossible that one should be disturbed without affecting all to some extent. The fear of entangle- ment of other powers in the far eastern quarrel. threatened outbreak In the Bal kans has been an additional disturbing element in all of the worlds markets. The prospect of delay in the settlement of the Panama canal payments will dis arrange plans already effected for an early completion of that operation, but has caused no fear of embarrassment thus far. The continued lack of moisture in the southwestern wheat belt has been a subject of attention. but without appreci- able effects thus far on prices on stocks. The bond market has been dull and ir- regular in sympathy with stocks
 United States bonds are unchanged on call for this week.