Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-23
FINANCE AND TRADE
Sales Of Stocks Up to Noon
Only 10000 Shares.
FEWER THAN USUAL
VENEZUELAN TROUBLES AFFECT
THE MARKET.
Banks Show Large Gain in Cash-No
New Features in Late
Trading.
FEWER THAN USUAL

SPSSa@A DfcFutCu 10 Inc Evening ctdr
NEW YORK. January 23.-In the London
market American railway shares showed
slight gains over our closing prices Of yes
terday Louisville and Nashville was the
strongest. showing y advance. Consols for
both accounts were of ZIG.
In the local stock market the opening
showed fractional gains, due, no doubt to
higher London quotations. and possibly an
effort on the part of strong interests to al
lay some Of the nervousness displayed yes
terday and before the opening today over
the Venezuelan situation.
Sreciaities. however, were the only ones
to show any real strength the railway
issues rule being only fractionally i'm
proved. st. Louis and San Francisco gain
ed over " per cent in the early trading.
but did not hold its advance. the stock re-
acting 2 per cent before the end of the
first hour
Copper gained * per cent. but It, too. re-
acted to opening prices. Clover Leaf ad-
yanced q, Sloss-Sheffield ". the United
States Steel issues were off y. st. Paul and
Reading were both inclined to react and
Union Pacific. Atchison and Southern Pa
cific. Missouri Pacific and Texas Pacific all
showed slight reactions after the opening.
The traction shares were inclined to
react. especially Manhattan. and were
doubtless affected by the substitution of a
new franchise tax bill in the New York
legislature yesterday for the Ford franchise
bill. which has been declared unconstitu-
tional by the appellate division court of
that state.
After the first hour Of trading the market
showed more Of disposition to sag. but
there appeared to be fair support from the
larger interests, who appear to be working
for a rally in anticipation of a good bank
sta tement tomorrow.
The Wabash issues showed some heavi-
ness in the early trading, due. it is said, to
reports OF fresh friction between the Penn
sylvania and Gould interests. The COM
mon lost rs and the preferred point.
The Erie issues acted very well, the first
preferred gaining 1 per cent and the COM
mon, on some renewal Of activity, advanced
R per cent. Speculation, however, as a
rule. continued somewhat irregular, with
not much disposition to trade until a clearer
understanding is had Of the Venezuelan sit
uation. Government bonds were unchang-
ed: railroad bonds somewhat firmer
Sales of stocks, up to the noon hour were
only 1S6.2OO shares. which is the smallest
two hours speculation for some time past.
At that time the market was a little above
opening prices. with the Erie issues show
Ing the best strength. The purchases for
London In these stocks. while only amount
ing to about 5000 shares, were helpful in
checking the disposition to sell elsewhere
in the market.
After the close OF the market yesterday,
announcement was made of rs per cent
quarterly dividend on the Northern securi-
ties STOCK. This puts the stock on a AZ
per cent basis. compared with the previous
rate Of per cent, which has been regularly
paid since February, 1902.
In the early afternoon trading was almost
at stand still. The little doing was by the
room traders. who were trying to liquidate
the stocks they bought this forenoon, on
expectations that the larger interests would
rally the market this afternoon in antici-
patton of an expected favorable bank state
ment Saturday.
This selling gave the market another turn
downward, and prices soon reached the
opening level, and in some cases the reac-
ton went further.
III Tennessee Coal and Iron a decline of
~ per, cent occurred from the early high,
the stock breaking on few sales to 621a
Weakness was also shown in the Erie
issues, which had, in the forenoon trading
shown SO much frmness and inclination to
do better. r 81
The, tendency ir all branches of the
money market Is toward easiness, and the
known movements of money this week in
dictate large gain in cash by the banks,
as they have been in receipt of large sums
from the interior and the subtreasury it.
self has lost nearly five millions to the
banks. .i-.
The late trading developed no new fea-
lures to the speculation, the market con-
tinuing dull and uninteresting with some
what of a sagging tendency.