The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-01-25
MARKET DOWN DESPITE
BULLISH CONDITIONS
Improved Situation in VenG-
zueIa and Good Bank
Statement Fail to Advance
Prices.
Railway Earnings Increase
Six Millions in Gross
and Fall Off One Million
Net,

Net.
NEW YORK. Jan 24.-PHces of stock
today again reeeded.
The fact was more noticeable. perhaps.
because the Venezuelan situation as
shaped by the morning news was much
better than appeared yesterday after
noon and because the weekly bank
statement was extremely favorable.
The rumor was yesterday that our
Government had decided to make strong
protest to Germany against the acts OF
those who are directly responsible for
the conduct OF the German squadron
-blockading part Of the Venezuelan coast.
Such a step, while it would form no
more than a mere diplomatic incident.
would probably depress values little
bit as measured by the stock exchange
quotations
The Governments Policy
It is now clear that our Government
has adopted the wise and correct policy
Of declining TO make representations OF
this kind until the situation Of affairs in
Venezuela makes the proceeding com
puIsory. and public sentiment IN this
country has become thoroughly aroused.
Meanwhile, those who are predicting
that vars h0rrid 'front.' viii soon be
raised and so forth, may be reminded
that the front will not be very horTid in
this hemisphere, at least, until the
foreign enemy gets some place on this
side Of the Atlantic in which to coal his
shiSs-
The Bank Statement.
The bank statement showed an in
crease in cash held by the banks of over
s.. goo 000, an increase in loans of but
4.s94 600, and increase of surplus re
serve of Sc, 1SS. $50. The increase IN cash
was more than was expected, but the
best feature of the statement was the
small increase in loans.
The deposits in the banks are now
more than S20, 0OO, 600 more than out
standing loans. so that the banks seem
to be steadily Strengthening their posi-
ton in this regard.
Prices Weak.
Prices weakened. however. both before
and after the bank statement came out.
The volume OF trading was not large.
and no especial softness in any one part
Of the security list was manifest; but the
support that has been under The market
ever since the upward movement halted
two weeks ago did not seem as vigorous
as formerly
Comp iIsti0ls of gross and net earnings
OF railroads Ia the country for November
appeared, arranged by various sratlzt.-
cal authorities. showing that the gross
earnings OF more than 100 railroads IN
creased over S6.000.000 in that period.
but that net earnings fell on nearly 81
COT, G00. because OF increased expenses
Soft Coal Roads.
One reason assigned for the selling n
the stocks Of the set coal roads was the
news Of the formal stand taken by the
National Association Of Bituminous Coal
Mine Workers. in demanding an increase
Of % per cent in wages The policy o,
The mine owners has vet 10 be defined,
but there is some reason to believe that
they viii think wen Of granting a mod
crate increase Of wages to their en-
ployes, raising the price Of coal proper
tionateIy TO consumers AT the same tiruo.
AS the regular monthly meeting OF the
directors OF the Chicago. Milwaukee ana
S.. Paul Railroad Company approaches,
gossip in Wall Street Is again exercised
over the question whether rights" VIII
be issued TO the stockholders allowing
them 10 subscribe TO the stock Of the
compsny at par, ii should be said that
those in the financial community who
should be best informed 10 such matters
do not look for any action Of this kind
Attorney Generals Opinion.
The State attorney generals declare
ton that he considered that The effect OF
the decision Of the appellate division o.
the supreme court regarding the fran
chise tax law was only TO declare uncou-
stilutional those portions 10 The law v=-
gardirE the mere technical methods OF
Ievying the assessments. possibly zn-
counted for the pressure upon the shares
Of local corporations today.
How franchise tax. even II one is
eventually imposed. can affect metrogoI-
ftan street railway and Manhattan EIe-
waited Railway stock under present cir
CumsJances is somewhat pulling. These
are guaranteed stocks. and the guarau-
tors viii have to struggle with the fran
chise tax question. All discussion Of his
matter may well be held in abeva1ce.
however. until the Dronouncement ~
the court Of appeals
Nan VoyIr CFo-fy U--Lo--