The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-24

NEW YORK, Feb. ga good start
against depression was made by the
stock market this morning, but the
tone became nervous and apprehensiVe
as the day wore on and in the after
noon there was positive weakness. The
relative share in causing this weak
ness between the several factors in
evidence was not very clear. Some Of
the early Improvement had it's impetus
from foreign sources, where the sue
cess of yesterday in calming the panicky
conditions on the Paris bourse was
followed by some rebound. The later
action Of the local market gave rise
to the suspicion that some of the early
advances were stimulated by manipula
ton to afford a better basis for sell
ing induced some fears that large in
terests were Iiquidating their holdings.
The suspense felt over the coming
Northern Securities decision was an
important influence in the market and
there was room for the opinion held by
some persons that it was the dominant
influence. Wall Street was entirely
at sea during the morning as to what
to expect on the subject. London re-
ported belief that a decision would be
handed down today, and would favor
the company. No decisive information
could be secured here whether the
court would hand down any decisions
today at all. Monday being the usual
decision day, it vas doubtful whether
the holiday of yesterday would lead the
court to hand down it's recess de-
cisions on this, the first day of assem-
bling. When the report was received
that decisions were being delivered the
market showed the greatest weakness
of the whole day in sympathy with a
break Of ~ in Northern Securities
itself on the curb.
Financial Unrest Abroad.
Uneasiness over the foreign finan-
cial situation was revived by the re-
port of an important banking failure in
Berlin and the strength in the local
exchange market gave color to the
doubt felt. 1t is realized that Europe
is not stripped of American securities,
however large the recent reduction in
the floating supply there may have
been. Extensive financial disturbance
in Europe would be sure to precipitate
pressure upon the worlds strongest
financial point, which seems to be New
York at present. The influx of cash
into New York, which is making it SO
strong is viewed somewhat obviously,
taken in connection with the decline in
railroad earnings and the shrinkage in
the country's bank clearings, pointing
to a decrease in business activity, which
is not wholly reassuring.
The tendency of the vote on the
Panama treaty pointed to an early call
by the secretary of the treasury for a
portion Of government deposits in ma
tional banks. A further cut in the
lake grain rate kept alive apprehen-
sions over the war of rates. The end
of the moratorium on Baltimore obli-
cations uncovered no embarrassment
which caused satisfaction. The mar
ket closed at about the lowest of the
day and showed losses ranging gener-
ally between 1 and y points. South
ern Pacific was the most actively press
ed for sale and a number of dormant
stocks made violent declines.
Bonds were moderately active and
easy. Total sales, par value, $1,340, O00
United States 8, registered, advanced
Il per cent on call.
Closing List.