The Birmingham age-herald., 1903-02-01
STOCK MARKET 4
 NOMINAL AFFAIR Some of Traders Who Were Short Bought to Recover THINGS DRAGGING ALONG interest centered in the Bank State ment and Even More In the Clear
 ing House Figures, But Moth
 ing Startling Developed.
THINGS DRAGGING ALONG

New York, January S1--The stock mar ret was a merely nominal a1air touay. some of the traders who were short yes .erday bought to cover on the belief that there was no warlike threat in the Ven szueIan situation and that the labor dis pute on the Union Pacific had less yerious aspect this morning than was reached yesterday. There was continued absorption of Delaware. and Hudson, which was explained as being due to re- ports of very large currency earnings. The extra dividend of .15 per cent i'll Northern Pacific had been foretold but it was fssAs apparent effect upon sentl- ment. As Northern securities is prac- tically the owner of Northern Pacific and as the incident in the securities ,company's dividend already made was presumably based upon Northern Pacific extra. the episode was allowed to pass without ripple Interest centered in the bank statement and even more in the day clearing house figures. The latter dis closed that the balances to be settled between clearing house institutions for the day were the largest in the history of the clearing house, reaching total of s24,9 BIT 949. The heavier individual debts and credits of few of the largest banks in the association made 1t seem evident that some financial transaction of great magnitude was carried through today. The sub-treasury had a large credit bal ance due to the payment of a Central Pacific note due the government. The large loan expansion for the week was at tributed to the Pennsylvania. loan which was universally stated to have been near ly $40;OO0 0O0. It is generally believed that a considerable portion of the loan was taken by foreigners and was thus fac tor in the easier tone of exchange which developed during the week. The re- deposit with the banks by the railroad company of the proceeds of the loan has been responsible for the free supply of funds which developed yesterday in the money market The ordinary specu- lator finds cause for hesitation about operating in the evidence of such finan- cial requirement. as was furnished by to- days bank statement and clearing house figures The market sold off after the bank statement and closed dull, but about steady.
 All through the week there was little to arouse the market from its lethargy. Its fits and starts were due to the efforts of
 
 and to anticipate any new movement that might possibly develop. There has been no outside response to these tactics and every movement, of whatever pro- portions, has scarcely lasted a day out. Some real sustaining force for values was the better feeling as to the Venezuelan situation. For the first time in several weeks the impression in Wall street had been so strong that all parties to the trouble were anxious to be well out of it without any other motivesdhan the set clement of claims as presented. The incl dent had a sentimental effect in financial circles rather deeper seated than appeared on the surface. This was partly due to the unpleasant memories of the Nenezue- Ian panic at the time of President Cleve- lands boundary message. The mystery which attaches to the diplomatic initla- tive in the matter and the surprise occa- stoned by the common action of Great Britain and Germany kept alive for some time a suspicion that the movement marked some far-reaching policy de- signed to test the Monroe doctrine, and thus nece essarily calculated to provoke war. Last weeks market closed with the Venezuelan question unsettled and caused considerable anxiety. The recovery on Monday therefore, was quite sharp.
 Dealings in bonds were far below the level of this week last year and the tone of the market was heavy at times. Enited States 3s coupon advanced 4 per cent as compared with the closing call of last week.