The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-01-31
STOCK MARKET IS LOWER,
AFTER AN IRREGULAR DAY.
PROFESSIONALS vAINLY TRY
TO MANIPULATE PRICES.
Money Is Decidedly Easier, the
Rate for Call Loans Falling as
Low as 2 IL Per Cent.

New York. Jan. S6.-After ruling dull and
somewhat irregular during the greater part
of the day. the stock market in the later
trading developed a pronounced reactionary
tendency. There was no special feature of
interest in the early dealings. The profess
sional element tried to make capital out OF
the reported setback in the Venezuelan ne
gotiatiors. but the greater ease and abun-
dance of money and some moderately sharp
advances in L few speciaIties tended TO on
set the effect of the traders selling. Lib
cash rate 10 the lowest level in some time.
According to Trustworthy reports. fully SD
0OUD was loaned at BIZ per cent, ara per
hapS half that sum at 3 per cent. II was
stated that the greater part OF this money
was put out by the Pennsylvania Railroad,
which recently made n large and advan-
tageous loan In this market This. however,
was denied. and it was reported
that money which the trust companies had
been lending returned and bank money
loaned at the lower figure.
MONEY Is CHEAP.
The rate for demand money fell to 2is
later in the day. The noteworthy feature
of the forenoon was the sharp advance in
ST. Louis and San Francisco on reports OF
Much of the buying of those issues was said
to Re for Pittsburg account. Considerable
weakness was shown by the traction stocks,
particularly Metropolitan securities. on talk
that another installment of the subscription
was to be called for. Metropolitan Srreat
Railway suffered in sympathy and Brooklyn
Rapid Transit, in which there will be short
ly a change or management, was also weak.
In the afternoon the entire list became un-
settled under the leadership of Union Pa
cific and allied stocks, which We're sold on
the news from Omaha of = serious hitch
in the negotiations between Union Pacific
officials and the labor representatives. The
closing was weak.
GAIN IN CASH.
Forecasts of the weeks money movement
indicated a gain Of some $6,OJ9.vD by the
local banks. This is less than was locked
for by students OF the financial situation
The rate for exchange advanced ~ points,
to 4.Ssso. giving rise to some discussion con-
corning the future movement Of the market
at the time when the gold outflow ordinari-
ly set in. Those in touch with the ::ove-
rert, however, intimated that 1t had 20
unusual Significance, the volume OF busi-
ness being very mitch restricted, notwith-
standing the departure tomorrow of the
fast steamer which was expected some days
rate. however, was several points below the
export level, and experts declared that there
was very slight probability Of early engage
ments. AT the same time 1t was said thSt
next weeks foreign exchange would depend
entirely upon long trading and the local
road returns was issued. showing for the
most part marked increases in gross. but
some of the net returns were regarded as
unsatisfactory.
Business In bonds increased slightly, but
it also lacked a definite tendency. Total
sales, par value, 81. 600. United States
bonds were all unchanged on the last call.
New York Stock Quotations.
st Louis. Mo. Ian. ~. 1904.