The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-03
STOCKS STILL FEEBLE
OUTSIDE INTEREST HOLDS
ALooF FROM THE MARKET
News Developments That Would Be
influential in Days of Activity Are
Passed Over With Indifference
Cause of Stagnation Is Not Clear.

NEW YORK, March 2.-The, stock
market continued fiat and lifeless. The
feeble. oscillation in prices is not suffl-
eient to offer any margin of profit
over the expense Of commissions, and
the consequence is the entire Austen
ton of any outside interest Occasional
news developments that might be sup
posed in times of ordinary activity to
have a bearing on values are passed
over with apathetie Indifference. The
cause OF the stagnation is not entirely
clear, and still more obscure is the
coming event which may serve to
break the deadlock. There is no pros
pect that the collateral results upon
the financial markets of the war in
Eastern Asia will be anything but very
gradual in their development.
One Of the immediate influences
upon todays market was the unsolved
doubts over the outcome of the Paris
settlement, which is still in progress.
While no trouble has yet developed,
the apprehension on the subject is not
likely to be allayed until the conclu-
sion of the payments on the account,
which are due tomorrow. Both Paris
and London labored under this disad-
vantage today, and reflected some IN
fiuence upon New York. Current rail-
road earnings are diseoura ging. Heavy
declines in January net earnings con-
tinue to come to hand. the Pennsyl-
vania lines and Lehigh Valley being
today'S conspicuous additions to the
list. Southern Railway made better
showing, but the stocks got no benefit
from it. The lack of pressure upon
railroad stocks on this account argues
some confidence among security mold
ers. The unfaVorable condition is q
temporary one, but the clearing up. OF
weather conditions will be necessary
to confirm the hope. ~
Uncertainty as to Money.
The money future is another un-
certain problem. Cali money is a drag
and reserves continue to pile up in
New York banks in spite of some re-
ported demand upon Chicago banks
from the interior and a resulting fall
in New York exchange at Chicago.
There was a transfer of 100000 to
that point today. 1t is possible that
interior government depoSitarleS are
renting to New York in readiness
for the return of 20 pei. cent of their
deposits in connection with the Pam
anna canal payments Whether this
OF the decline in business uses for
money is the cause of the accumulation
of idle funds Is a subject upon. which
the shedding Of light would help the
uncertainty of the stock market
New York Centrals one-year Dor
rowing of $5,O0O,0O0 at the equivalent
of per cent confirms the indication
of previous railroad loans that rela-
lively high rate is demanded for these
corporation loans and gives an Elusive
appearance to the extreme ease in the
current money markets. The possible
effects of the Panama payment, which
is expected to be put through at once,
and the further corporation borrow
ings known to be hanging over the
market may be the explanation of this
uncertainty The movement of gold
from New York to Argentina inaugu-
rated yesterday is another factor in the
problem. It's present significance is
that London is able to call on New
York for the payment of it's South
American debt, Notwithstanding the
enormous merchandise balance of the
last few months, for which payment
was due us. The war in freight rates,
the prospect of a soft coal strike, I'M
easiness over the condition of winter
wheat and the impending Northern Sc
curities decision must all be held in
mind to understand the apathy of the
market from day to day. The move
ment of prices today in detail is not
worth analysis.
Bonds were 1rmer but dull. Total
sales, par value, $1,120,000. United
States bonds were unchanged on call.
Ic&