The Birmingham age-herald., 1903-01-24
STOCK MARKET
 WAS COLORLESS News Developments Without
 PerceptibIe Effect  TRADERS SEEM NERVOUS Signing of the Panama Canal Treaty Brings Into Definite Form the Ex' change Problem Involved In
 the Big Payment.

New York, January 2S.-Today's stock market was entirely colorless again. anu the level of activity fell below that oi yesterday which was the lowest since the opening of ae year. News developments were without perceptible effect There were some professions of anxiety over the Venezuelan situation. accompanying the opening selling, but this did not prevent the market from recovering when de- mand for Erie developed The bewildered room traders seemed eager for any sign for leadership, and ready to tail on to any ascent movement. None of the days movements were long lived. It is possible that the Venezuelan situation is an infu- ence on this dullness, but causes of hesi- tation of speculation probably are deeper seated and have to do with the general outlook over a long future range
 The signing yesterday of the Panama canal treaty brings into definite form the exchange problem involved in the require ment for the payment for account of the United States government 70 the Panama Canal company of $4O,OoO,OOO. It has been suspected for sometime that preparations
 
 meet this requirement. pur exchange au- thorities express the opinion that the symptoms attributed to this are due to other causes and that the arrangements for the transactions are yet to be made. The recollection of the disturbance to the exchange market caused by the payment to Spain of $2O 00O,O 900 indemnity provided by the treaty of Paris gives great inter- est to the present transaction, especially nf ta hal a r1ca m maintained in the exchange market
 It was remarked with interest that there was some falling off in the export engagements of wheat today following the rise in price of that cereal. The de- layed arrival of the steamship St. Louis was offered to explain last weeks de- cline in dry goods imports so that this weeks additional decrease is the more notable and interesting in the effect upon the exchange markets. Wabash stocks were weak today on reports of new fric tion with the Pennsylvania road inter- ests- The strength of copper both in London and here was a help to Amalga- mated Copper, the renewed buying of Erie gave some hope of a resumtion of activity by pools, but the market made little response. St. Louis and San Fran cisco relapsed sharply with denias of yesterdays deal rumors. The languid de- mand for stocks made -n advance seem so hopeless that the traders turned to the short side of the market and offices fell sharply below last night in the active selling movement of the last hour. The decline was accompanied by rumors of unfavorable Venezuelan news received at Washington. The large gains in cash by the banks, both from the interior and on sub-treasury operations, promised rise in reserves of nearly $LO00000. There may be large loans to figure in that item of the banks.N There was a report of $35.- GOO, 900 loan having been negotiated by the Pennsylvania company current this after noon. The market closed steady but near the lowest
 Bonds were irregular; total sales, par value, sz,s40,0OO United States were un- changed on call.