The Birmingham age-herald., 1903-01-26
TO MOVE PRICES
 VERY DIFFICULT Venezuelan Situation Has De- pressing Effect on Stocks CLOSING WAS VERY EASY Stock Market Fell Into Rut During the Past Week and Sluggish
 Fluctuations Were Due to
 Varying Operations.
CLOSING WAS VERY EASY

New York. January 24.-The difficulty inducing prices to move, stlll conlroil'eo the traders in stocks today, as It has fin an increasing degree all through the week. The Venezuelan difficulty stlll has A. repressive influence upon trading and there was some disposition to couple inc prompt signing of the Panama canal treaty with that question. Prices hard ened, however, after the opening because of the announced decision of the Wash ington authorities that the German action in Venezuela did not present subject for representations by this government. The weakness of Pennsylvania was the unset ting influence and led to active selling movement which was only momentarily checked by the bank statement The clos ing was easy and with some quotations at the lowest The selling of Pennsylva- mia seemed to be due to the news of the borrowing of $4O,OOO,OOO by the com pany. The fact that this loan for six months was not good at Az per cent, compared with 5 per cent and liberal commission paid by the Lake Shore for it's s2O0O0,000 for he Reading purchase, was pointed at as evidence of a declining ten- dency of money rates. but speculative op- orators were inclined to see in it rather an evidence that floating supplies of cap ital are likely to be engrossed by con- tinued large syndicate operations, rather than to be left free for stock market uses. The moderate loan expension by the banks in view of the Pennsylvania loan operation was an agreeable surprise to the traders and prompted the recovery which gave way again at the last.
 The stock market fell into a rut this week in which the narrow and sluggish fluctuations of prices were due to the varying operations of the room traders, whose day-to-day operations have consti- tuted the whole market. Current com ment on the market is largely made up of the conjectures made by this class of operators or the opinions they advance, which represent their hopes of an influ- ence that will cause prices to move as much as any actual information of events. The volume of dealings has per- ceptibly declined to the low level of the year, with the general public indifferent to the stock market and with no oppor- tunity to distribute securities to investors, and with holders equally disinclined to sell at the present level of prices or at the concessions which the attempt to sell would require, this irregular fiuctuation from day to day and the normal condi- tion of the market.
 The powerful current of the homeward movement of our securities from the hands of foreign holders is apparently checked. and 1t Is believed, in fact, that the supply has approached exhaustion. The action of the foreign exchange mar kets show that the supply of credits mak- ing by merchandise exports is not fully sufficient to pay off the maturing in- debtedness to foreigners on account of bankers borrowings for the greater pro- motion of projects for the last year or two.
 The dealings in bonds have not been im- portant and prices have fluctuated nar- rowly, in sympathy with stocks.
 United States ,3s registered, the old 4s and the 5s have advanced 4 on call dur ing the week.