The San Francisco call., 1903-01-25
EASTERN MARKETS.
Ne5U York Stock Market.

NEW YORK. Jan. 24.-The difficulty in in
duclug prices 20 move stlu confronted the trad
IN stocks to-day II has in Increasing de-
gree all through the week The Venezuelan
difficulty stlu has repressive influence upon
trading and there was some disposition to
couple the prompt signing OF the Panama ca
nal treaty with that question. Prices hardened
sfter the opening because OF the announced de-
cisiOn OF the Washington authorities that the
German action IN venezuela did not present a
subject for representation by this Government.
The weakness Of Pennsylvania was the unset
ting lnnuence ana leo 70 an active selling
movement, which was momentarily checked nv
the bank statement. The closing was easy nd
with some quotations at the lowest IT, seII
ing Of Pennsylvania seemed 10 be due TO The
news OF the borrowing Of $40. .OOO. 600 BY that
company. The fact that this loan for six
months was negotiated al ~ per cent. com
pared with > per cent and a liberal commission
paid by the Lake Shore for its $50. OOO. Geo for
the Reading purchase, was pointed al eyi-
cence OF declining tendency OF money rates
but speculative operators were inclined 10 see
in it rather n evidence that floating SUPPLIES
of capital are likely TO be engrossed by contin-
BE- left free for stock market uses. The mod
crate loan expansion by the banks IN view Of
the Pennsylvania loan operation vas an agree
able surprise 20 the traders and prompted the
recovery which gave way again at the last.
iutO which the narrow and sluggish fuctua-
ti0ns Of prices were due 10 the va
rylng operations Of the room traders,
st.tuted the whole market Current com
mont upon the market is largely made up Of
the c0Etectures made by this class Of operators
or The opinions they advance. which represent
thelr hopes ~ an influence that VIII cause
prices tc move much any actual trend Of
events. The volume OF dealings has progress
tNelg declined 20 The low level OF the year.
With the public Indifferent % the stock market,
Enc with no opportunity. therefore 20 oistrib-
ute securities 10 investors and holders disin-
cltled ~ sell al the present prices or at the
CONCESSIONS which The attempt 20 sell would re-
Q1fe' tAis irregular huctuation from day TO
dag is The normal condition Of the market At
such times professional TRADERS On the floor or
~ DI-.ef1 cIilres watch keeDly the develop
i.rlA 'i events aul me news reports and en-
Ocar0r to interpret the effect these will have
ca The sentiments Oa real holders u securities
cr the real Investment seekers FOR securities
active markets they thus enabled 20 realize
prDLts b. knowing beforehand OF the move
meni hut ln periods 0f staguant markets. when
rco! buyers ana sellers are both idle. there is
retrieve his position and close Up his commit
nrili, which De is prone % do on a very mar
Dr." movement either in his favor or against
hU. The result iE a market 1f frequent and
u1frJw fluctuations. The sufacfert arrians
clgl ~ cre days movement is that the pre,.i-
OTIS DAYS was "a contrary ore ara v-se fcs,r1
q attract 10 following. IN the present market
81 has bscn shown also that iug weeks down
ward fluctuations nave encountered buying or
o=is placed below the market. either for the
p1rDCse of Projecting values OF for rfsr7ooses ~
6ccimulation or an expected downward range
such a condition is sufficient 70 deter hear
traders from extensive commitments on tbe
short side of the market on the other hand
upfn an advance IL prices buying orders are
found 10 be Withdrawn and the market Is like
ly o. meet selling orders for purposes 0f realiz-
ing The rgiclty az the MARKET is thus main.
conserTative financial standpoint q the sta
b.iity thuE Induced. it Is the death OF specula-
uon. The bull Increment the first Of the year
Was evidently iE the hands Of the larger class