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Show Market During Past Week Reflected the Waiting Spirit NEW YORK, Feb. 14, The semi-stagnant stock market of last week reflected tho growing torpor of tho - speculative spirit and the determination to await the clearer outlines of the business future before be-fore entering on further stock market commitments. The extreme, dullness of the trading proved to be not incompatible with a firm tone, from which it was inferred in-ferred that owners of Btocks'Wcrc content con-tent to hold them for lack of opportunity to market them on favorable terms, and while awaiting a rcvlvnl In business arid speculative activity. Such strength as last week's market showed was attributed attribu-ted largely to the demand front the bears to cover up the short commitments made the week before on the supposition that a pinch In the money market might Tol-low Tol-low tho heavy depletion of tho cosh reserves re-serves of tho clearing house ..banks, and also that the American-Japanese agitation agita-tion in California might afford Buhject for disturbance of the markets. As these suppositions were shown to bo groundless, ground-less, the bears covered their shorts and prices rose. The transfer of. .cash from the clearing house banks to-'tho trust companies' vaults, while it doplctcd tht3 margin of the surplus reserve In the official statement. It was known to strengthen tho real position, so substantially substan-tially by removing tho dependence of the trUBt companies upon their deposits in tho banks for their ultimate reserve requirements re-quirements that confidence irf tho position posi-tion was correspondingly enhanced and credits accorded with corresponding freedom. free-dom. Instead, the demand for credits Is so meager, with tho prospect of contlnu-anco contlnu-anco of this condition until more-' actlvo trade shall develop,, and the force of replenishment re-plenishment of reserves bo considerable, by reason of inflow from the circulation to the custody of the banks, that any feeling of anxiety over money market conditions Is prevented. The fiscal operations oper-ations of tho government offer the only likely source of disturbance, Japanese Trouble Passes'. As for the Japanese question, the rJse in Japanese government bondB day after day while the discussion was in progress was taken as the truer Index of the oltu-ation oltu-ation by the financial world. The final action of the California legislature will be accepted as full confirmation of this opinion. Foreign Influences wero also distinctly encouraging, tho visit of the British monarchs to Berlin, the disband -mcnt of the Bulgarian reserves and the agreement between Germany and Franco over Morocco all serving to dissipate anxieties over internal relations, which have been a dominant influence on foreign for-eign markets ever since the Bank of France began Its long process of gold accumulation last summer. Money markets mar-kets abroad rapidly relaxed with the reamatlon that political motives wore not to be assumed from the policy of the French bank. The clearing of the foreign for-eign money market situation relieved the New York market of a very insistent, although al-though moderate, source of pressure of liquidation of foreign holdings in American Ameri-can securities. Financial opinion has settled down to an acceptance of a Feriod of delay In trade revival. Returns rom practically all departments confirm the halt In activity. |