The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-04
STOCKS STILL DEAD
ARE LIKE A POND WITHOUT
OUTLET OR INLET
Only in Obscure Stocks Is Life Visible
and in These Slight Advances Are
Made-comnnission Houses Are Do
ing Business at Loss.

NEW YORK, March 3.-Today's
stock market was as Stagnant as a
pond without inlet or outlet. It was
only in stocks Of a minor grade and
which are usually obscure in the mar
ket that the movements were distfr-
guishab1e at all There were a few
advances of a point or more in this
class. These advances gave the i'm
preston of frmness in the market,
which would have been otherwise
without any tone. There were a few
weeks in the summer Of 1900 when the
average dealings fell near to the pres
emit level of dullness. but the dullness
then was regarded as seasonable and
probably temporary and carried with
1t none Of the profound discourage
ment which now pervades Wall street
regarding any chance for better bust
ness in securities. Commission houses
do business at a loss and the nominal
price of stock exchange seats show a
sagging tendency, though no sales are
reported.
1t is necessary to go back to the bad
old times prior to 1897 to find any ex-
act parallel to the present feeling in
Wall street. That was time of life
less stock market and idle millions Of
surplus reserves in the banks and cali
loans at nominal figures day after day.
March rs for paying over the govern
ment deposits to be used in the Pan
anna canal payments opens the way for
clearing UP one Of the uncertainties
hanging over the market. The &c.
000,000 paid over to the Panama re-
public simply goes from one set of
bank vaults and from the subtreasury
into another bank vault, so that local
bank reserves are the gamers to the
extent of the payment from the sub
treasury.
Eight Millions to Remain Here.
It has been allowed to be under
stood also that the Panama republic
contemplates withdrawing only 20 per
cent of its payments from New York,
leaving S., 600, 600 for investment here.
The transfer Of the remaining $4,000
zoe is expected also to increase the
money supply in New York both by
transfers from interior government de-
positaries and by payment from the
subtreasury. But the effect of the
actual distribution to the canal COM
pany shareholders is a more abStruSe
problem in it's probable effects. The
accumulation of exchange already
made by the bankers having the oper-
alton in charge and the proportion of
Panama canal shares already held in
this country are the factors looked to
to modify the effect of the payment.
This operation and the movement of
gold to Argentina and of currency to
Chicago, both of which continued to-
day, were without appreciate effect
on the money market, although ster-
ling was rather firmer.
Overtufes towards a settlement of
the freight rate war were reported,
but so were fresh cuts in rates. The
adjournment of the soft coal joint scale
committee without an agreement deep
ened the apprehension of a strike. The
Paris settlement is of lessening influ-
ence, which will not be entirely dissi-
pated until next week.
Bonds were steady. Total sales, par
value. 81, 035, 900. United States Is adj
vanced II per cent on call.
CLOSING List.