The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-01-31
MARKET DULL
ON STOCKS
Opening Was Irregular but
Closed Strong.
CASH RATE DROPPED LOW
Traders Selling Was Offset by
Sharp Advances.

New Lork. Jan. 50-After ruling dull
and somewhat irregular during the great
er part Of the day. the stock market n
the later trading developed pronounced
reaetionary tendency There was 10
special feature Of interest in the early
dealings The professional element tired
TO make capital out OF the reported set
back in the Venezuelan negotiations. but
the greater ease and abundance Of money
and some moderately sharp advances in
a Re ISpecislties tended to offset the sf-
feet OF the traders selling. Liberal offer
inss By the banks carried the cash trade
70 the lowest level in some time. Accord
IN Sto trustworthy reports, fully S3o,ltst>.
was loaned ar 80 per cent. and perhaps
half that sum at per cent II was stated
that the greater part OF this money was
put out b. the Pennsylvania railroad
wnicn recently made a large an dadyan-
tageous loan IL this market This. how
ever. was denied. and II was reported else
where that money which the trust compa-
MES had been lending returned and bank
money loaned at the lower figure The
rate for demand money fell 10 PA later IL
the day The noteworthy feature of the
forenoon was the sharp advance in ST
Louis and San Francisco on reports OF
alliance with the Southern railway
Much OF the buying OF those issues was
said 10 be for Pittsburg account. Consid-
cradle weakness was shown by the Trac-
ton stocks. particularly the Metropolitan
securities on talk that another INSTALL
rent OF the subscription was 10 be called
for. Metropolitan Street Railway suf-
fered in sympathy. and Brooklyn Rapid
Transit. IN which there will be- shortly
= change Of management. was also weak
IN the afternoon the entire list became
unsettled under the leadership OF Union
Pacific and allied stocks. which were sold
on the Avs from Omaha OF a serious
hitch in the negotiations between Union
Pacific officials and the labor representa-
tives. The closing was weak Forecasts
OF the week : money movement indicated
a gain OF 81. fso.Goo by the local banks.
This is less than was looked for by stu
dents OF the financial situation. The rate
for excha nge advanced ten points 70 4s6. y.
giving rise 70 some discussion concerning
the future movement Of the market At the
time when the gold outflow ordinarily
seys in Those in touch with the move
ment. however. intimated that il had TO
unsusual significance, the volume OF bust
ness being very much restricted. notwith-
standing the departure tomorrow OF the
fast steamer which was expected Some
days ago TO take out considerable gold
TOdsy's rate. however. was Seevral points
below the export level. and experts de-
clared taht there was very slight proba-
Dlity OF early engagements. At the same
time il ~as said that next weeks foreign
exchange would depend entirely upon the
London trading and the local stock mar
ket Another large batch of railroad re
turns was issued. showing for the most
part marked increases in gross. but some
OF the net returns were regarded as I'M
satisfactory.
Business in bonds increased slightly. but
il also lacked a definite tendency. Total
sales. par value. s2,225.0.O
United States bonds were all unchanged
on the last call
Closing quotations on stocks were as