The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-01-23
STOCKS STILL VERY Dull
REPREssIvE INFLUENCE EXERTED
BY THE SAN CARLOS EPISODE.
Fear of Complications Involving the
United Stntes-Late SpasmOdic Rise
Exchange Rates Harder.

NEW YORK, Jan. 22.-The drift Of prices
in to-day's stock market was stiIl listless
and hesitating. and reflected nothing more
than the shifting whims or hopes of the
room traders, whose operations absorbed
the total dealings. Yesterdays late adj
vance met rather a positive check this
morning in the news from Venezuela of
renewed attack on the forts at San Carlos
by German war vessels. 1t is believed the
least consequence of this must be to OBJ
struct the progress of the settlement of the
dispute between Venezuela and the pow
ers. which has been a source of uneasiness
in the securities market ever since it be-
came acute. The reports from Washington
of positive attitude of disapproval on this
latest step by the government offered the
possibility to the imagination OF traders
of more direct complications on our own
part in the quarrel. 1t was evident how
ever, that a more serious view of the situa-
ton in its effect on American securities was
taken in London than here, and the declines
effected there in American stocks induced
an active arbitrage selling here at the
opening. The London selling was not en-
tirely checked when prices receded below
the London parity. 1t was not until after
the close OF the London day of trading that
the local market made any effective recov-
cry.
London's selling of stocks created a de-
prices Of bankers bills and reawakened
the gold export question. There was also
fractional reaction in the price of ster-
ling at Paris, but London discounts and
money went lower, and the favorable Bank
of England return aroused discussion of a
probable decline in the bank rate at an
early day. The Bank of France also re-
| fiected a gain OF about 81. 100000 in gold for
the week and large contraction of note
issues and repayment of loans. Export de-
mand for grain meantime continues large
| in spite of rise in the price OF wheat, and
affords a good supply of exchange bills.
| The price of American eagles also fell a
| fraction in the London market to-day.
Some special weakness was shown by the
| New York public utilities owing to the agi-
| tation of the franchise tax question and the
| difference of opinion disclosed as TO the ap-
| plication of the adverse judicial decision to
| the law a whole. The declines from last
night ran from l to 13 in the speculative
| leaders during the morning weakness. The
late recovery in prices was largely con-
| nected with the anticipation of dividend
| increase in Northern Securities, the di-
rectors of which went into session early in
the afternoon. Active buying and a sharp
advance in Northern Securities on the curb
and a 3-point rise in Great Northern in the
| evidence. The 3-pont advance in ST. Louis
e. San Francisco. though unexplained by
| news, was a sustaining influence the
| market.
| Bonds were dull and irregular. Total
| sales at par value were $2.279.0O0 United
| States bonds were unchanged on the last
call.
Following the days share sales and
the recorded price changes: