Show 4 WAITING FOR THE SU PREME EME COURT J Market by Northern Securities Decision 4 MAY BE HANDED IN MONDAY MONDA REO NT SMALL GAINS WIPED OUT YE New York March iThe The stock mar market market ket came under the oL threat ot of n a Northern Securities del lon on Monday and lost mote of the small gains which had been c hed by bythe the slow i and laborIous mow move meat ment of the whole or of the week up to to today today day The market closed easy and at declines running to a point In a num number number ber of the prominent sto stocq The vol 01 Ime or of liquidation Was unimportant and 41 nothing m more lc than trad ers po In the market but the Impelling motive was wa clear enough and andas was as corroborated by the weakness or of Northern Securities It On in curb The bank statement was without any Influence influence ence Tile The ast in cash was slightly l less than expected iut ut the fact that there was an increase at all Is evidence of the tendency con congestion or of reserves The loan expansion was viewed with equanimity in view of the of the rosenea notwithstanding that the loan Item establishes a new high again with an aggregate for the clearing house banks within ot of ota ofa I a round billion or of dollars This Is sup po ed to reflect renewed f borrowing Including the 5 taken by New York Central and the same amount b by the Burlington The tact fact that the latter laUer was placed in Chicago would not prevent its reflection in the Xe New York showing Railroads report ing grOSS gro earnings for the fourth week 10 In F February sho show some Increases over oer V the similar period of last year ear but the additional du day in February of this year ear which figures in the distorts the comparison om arlson Foreign influences were against the market London being confronted with n a mining settlement next weeks week just after emerging from Crom the of the settlement this week as a consequence touched a 8 new low record In London today for the movement Total sales of bonds bends par lut Review of the Week The deadlock In the thc securities market has ba been unrelieved this week net withstanding the passage or of some of the influences that have been the as assigned signed causes of the tho apathy in the mar martet tet ket and the continuance or of some other factors of a depressing character Eu Buy era and sellers desist from and the Is an almost motionless mar ket which Is the despair of oC the trading element and also of the brokerage ale ele element meat ment which looks to for Its business s pro profits ls The market is hard and free Cree from but the maintenance of prices falls fails to Invite any or of stocke The be behavior havior or of Individual tO ks un der an occasional attempt to a smal oc dread that the firmness hi partly parti Illusory This Is IsIH IH true or of the obscure stock which are only traded In at long inter Intervale vale alt Instances are cited in the and bond divisions where a 1 nominal d quotation is maintaIned for wet weeks ks by bya a bid for stock stolk with none offering but where the offering or of a smAll block or orthe the knowledge that u a small block is to he be offered Is 18 the occasion for the diate lowering or of the bit bid b by many points If t lc Is to be sold ld It must bf be done at a wide conce concession slon from Its nominal quotation which hat ha been held with great through man many depres depressing factors ia tko t condition On the oth other r hand It Is found In ron e cases that an aUt attempt to buy in small ot of a given issue will necessitate the bidding up or of the quotation several points before tIP d desired offerings are round found hi the market In t one case caseM M as in the other as soon sa 88 the a Uve I tension is con concluded eluded Ue the price quickly kl r returns to the nominal level leyel Th rate of tock stock activity has dropped to a level as low as tINt that prevailing Ia the summer of oC 1900 and aud not reached b fore that Um time since the earl early part of at In making the a lowance must b be made ao for the en enormous enormous additions made In that time to the stuck stock exchange list by reason ot of the hea heavy hsue of new securities of oC In Industrial and other formations formation Heavy Bank Reserves The lethargy is the more notable In view ot of the a accumulation of reserves in banks anks and the rates lit at which call money Is loaned n Resources are freely employed In the speculative I at h movements In the commodity markets without cau causing a ripple on the stag stagnant stagnant nant surface ot of the stock market The money outlook Is not without Its oh ob t and Is a cause of the leth lethargy argy In stocks The continuing high q m rate for time loans Paid b by the gre great t railroad on their note g is 18 isan an indication that resources are beinG conserved b by the banks for fer expected demands or of thIs character The fixing ot of the date for the withdrawal or of go gov S deposits from the national banks to provide for tor the Panama canal serves to define det th the linn lines ui of one of oC the uncertainties which have bae clouded cloude th the mone money market and to es s confidence In the the market to meet the situation without The ease In tb call loan market is 18 pertly partI ex explained by the policy polley or of Ute the railroad UR In keeping the a ot of nit neta Isu issues on deposit with the gr greet for foJ use In hi the call loan market pending their active employment Th shrinkage In domestic bank and the tho deductIon to be drawn JUI t In activity Ity Is a factor in tile the cUrrent eue enee f mon money which bleh deprIves that tact fact of its power for reassurance to speculative sentimEnt The heas fall faU Th Jt net oem togs of oC railroads for Jane Tanu ar ary Rl gives s force torce to the con oon of oC the outlook It ItIs Is III not ex peLted expected that any development will wUl efe t Q the stoc stock mar markt market kt ket from 18 constraint until the North Northera era ern Securities ts Is ed d dawn n The bond market has red I tile the apathy and sluggishness oC ofU StOCK market markett t i S new oW coupon and nud old 48 nd 84 j I n M ier er C cent nt on U the week edt |