The Birmingham age-herald., 1903-01-25
ID MOVE PRICES
 :. X. .:.. VERY DIFFICULT Venezuelan Situation Has De- z pressing J Effect on Stocks CLOSING WAS VERY EASY fst h . N4f .tf4ss ss
 -s E'ttlss.sss sI' --sss
 Stock Market Fell Into a Rut During
CLOSING WAS VERY EASY
Stock Market Fell Into a But During
 the Past Week and Sluggish .fs a>. .Fluctuations Were Due to .i Varying Operations.

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 rbny9 York. January 24.-The difficulty Inducing prices to move, still confronted the traders & in. stocks today, as it has in sf,. incfeasing degree all through the week. The Venezuelan difficulty still has a oppressive influence upon trading and there was some disposition to couple the prompt signing of the Panama canal treaty with that question. Prices hard ene6, however, after the opening because of the announced decision of the Wash ingtoh~authorities that the German action insyenezncla did not present subject for representations by this government. The weakness of Pennsylvania was the unset ting influence and led to active selling movement which was only momentarily checked by the bank statement. The clos ingsswas easy and with some quotations at the lowest. The selling of Pennsylva- pia, seemed to heas due to the news of tffe borroming of $40 coo by the com pany. The fact that this loan for six months was not good at 4ls per cent, compared with per cent and a liberal conafnission paid by the Lake Shore for its s2O,oo0,Oo0 for he Reading purchase. was pointed at. as evidence of declining ten-
 
 erat6rs were inclined to see in it rather an evidence that floating supplies of cap ita9 are likely to- be sengrossed by con tiniied large syndicate operations, rather than toibe left free for stock market uses. The rnoderate loan expension by the banks in view of the Pennsylvania loan operation was an agreeable surprise to the traders and prompted the recovery which gave way again at the last
 The stock market fell into a rut this week in which the narrow and sluggish fluctuations of prices were due to the varying operations of the room, traders, whose day-to-day operations have const- tuted the whole market. Current com ment&on the market is largely made up of the conjectures made by this class of operators or the opinions they advance, which represent their hopes of an influ- ence that will cause prices 10 move as much as any actual information of events. Fhe volume of dealings has per- ceptibly declined to the low level of the year, with the general public indifferent to the stock market and with no oppor- tuntty to distribute securities to investors, and with holders equally disncined to- sell at the present level of prices or at the concessions which the attempt to. sell would require this irregular fuctuation from day to day and the normal condi- tion of the market
 The powerful current of the homeward movement of our securities from the hands of foreign holders is apparently checked, and it is believed in fact that the supply has approached exhaustion. The action of the foreign exchange mar kets show that the supply of credits mak7 ing by merchandisei exportssis not fully sufficient to pay off the maturing inz debtedness to foreigners on account of bankers borrowings for the greater pro- motion of projects for the last year or two.
 The dealings in bonds have not been im- portant and prices have fluctuated nar- rowly, in sympathy with stocks.
 United States 3s registered, the old is and the 5s have advanced A on call dur ing the week, s.Ef9