The Montgomery advertiser., 1904-02-28
WALL STREET REVIEW
DRIFT OF PRICES LIsTLESs IN
 THE EXTREME.
Pennsylvania and Reading Show Lit tie Response to Annual Reports Bank Statement Has Light
 Effect on the Market,

l NEW YORK. Feb. 21.-T0-day'S stock ket was almost idle and the drift of prices was listIess in the extreme and insignificant Penn sylvania's response to the annual report was an advance of and Reading closed un- changed in spite of the heavy decrease in the net earnings for January. The bank state. ment revealed a larger gain in cash than in- dicated by the preliminary estimates. but spec native sentiment would be more encouraged were there evidences of more active use of money in business. The decrease in loans was not clearly explained, unless by a report that some of the clearing house banks have inti- mated to trust companies their disinclination to carry heavy deposits at a per cent in- terest rate. with the call loan rate below that hgure. This might operate to transfer some loans back from the banks to the trust com panies The market closed almost stagnant but easy and at small losses. Total sales of bonds, par value. $40. 900.
 The tone of the stock market during the week has been hesitating and irregular. Thursdays snarp recovery serving to bring prices back to almost exdctly where the left off Saturday last
 Conditions affecting values have not per- ceptibly changed. the influences which have uepl lsssed prices remaining in force. Thte market however. has shown signs of oversoId and to-day traders were keenIy alive to sign that the decline in prices had reached a point sufficient to offset the conditions which brought it about The borrowing demand for stocks on the stock exchange showed the build ing up of considerable short interest whose demand to contracts might be relied upon to effect a rally in prices whenever con- elusive evidence should appear that the genti- inc demand had decreased so far as to prom
 
 that the foreign stock markets had not pre- pared themselves adequately for the outbreak or hostilities between Russia and Japan, the continental bourses especially showing that strong hope was felt, up to the outbreak ~r hostilities. that peaceful outcome would be secured The violent decline in the Russian lndustriais and government securities which are held in great volume both in France and Germany. involved heavy losses and forced hquidation in other securities for which there was readier market. Conspicuous in this class are American securities and the amount or these which have come home to be sold ee- Iectuaily refuted the contention that foreign markets had been stripped of American securi- ues during the boom of the last few years Reports have been current that the Russian sovernment s was preparing to draw down its heaVy balances with some of the great banks Of western Europe. The disturbed financial condition at Paris threatens to react on Ion Ioh. I,', owing 10 the very heavy holding of britlsh notes by French bankers. The inti- mate Association between different money mar kets thus makes it impossible that one should pc oisturDed without affecting all to some extent The dread of entanglement of other powers in the far eastern quarrel or threaten ed outbreak in the Balkans has been an ad- ditional disturbing element in all of the worlds markets. The. declining tendency oS railroad earnings has continued and inc stock market is Inclined to wait for better weather bIncIs1os TOT Proot Of the contention that snow plockades and impairs operating efficiency from extreme cold weathoT are responsible for all of the decline in the present volume of tranic. The progress of the war over grain rates both on western and trunk lines Ia a |
 
 cause Of anxiety over future traffic The bit- l terness or the competition for these future con tracts throws some doubts upon the claims of 1 railroad officials of confidence in the main | tenance in the volume of traffic. The market l Is considering the necessity of adjustment; | aIso to possible great strike in the soft l coat regions owing to the radical difYerence pFuWeen the miners and operators. Money on | caii IS extremely easy, largely owing to the | almost etagnant stock speculation. onerinrs | or time loans have become less abundant yvitb inc hardening of the exchange market The | ,aneuld ta demand for money outside of corpora | eiUi HS ana railroad borrowing and the falling | OH m the volume of bank clearjngs are re | gafded With some misgivings as possible in- | dlces or decreased business activity. The | prospect of delay in the settlemnet of tha | Fanama canal payments will disarrange plans HIready enected for an early completion oF tnat operation. but has caused no fear of en- | paIrassment thus far The continued lack of | moisture in the southwestern wheat belt has | peeeh subject of attention, but without an. preciable effect thus far on prices of stocks l lar "S fn pond market has been dull and lrregu- bonds are unchanced on call for this y.ao,.