The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-23

NEW YORK, Jan. 22.-The drift Of
prices in today's stock market was still
listless and hesitating and reflected
nothing more than the shifting whims
or hopes of the room traders, whose
opinions absorbed the total dealings.
Yesterdays late advance met rather
a positive check this morning in the
news from Venezuela of a renewed at
tack upon the fort at San Carlos by
German war vessels. 1t is believed the
least consequence of this must be to
obstruct the progress of the settlement
of the dispute between Venezuela and
the powers, which has been a source
OF uneasiness in The securities markets
ever since it became acute. The re-
ports from Washington Of a positive
attitude of disapproval of this latest
step on the part of the American gov
eminent offered the possibility to the
imagination Of traders of more direct
complications on our own part in the
quarrel. 1t was evident, however, that
q more serious view Of the situation in
its effect upon American securities was
taken in London than here and the de-
clines effected there in American stocks
induced an active arbitrary selling
here atthe opening.
Not Till London Closes.
The London selling was not entirely
checked, even when prices receded to
below the London parity. 1t was not
until after the close of the London day
of trading that the local market made
an effective recovery. The London
selling OF stocks created a demand for
exchange which stiffened the prices of
gold xpo of sterling at Paris, but
London discounts and money went
lower and the favorable Bank of Eng
land return aroused discussion of a
probable decline in the bank rate at an
early day. The Bank OF France also re-
Elected a gain of about ST. 200, 600 in
gold for the week and a large contrac-
ton of note issues II repaymen of
loans.
Export demand for grain meantime
continues large in. spite of a rise in
price of wheat and affords a good sup
ply bills. The price of American eagles
also fell a fraction in the London mar
ket today. Some special weakness was
shown by the New York public utilities
wing TO the agitation of the franchise
tax question and the difference of Opin-
ion disclosed as to the application of
the adverse judicial decision to the
laws as a whole.
Amount of Decline.
The declines from last night ran
from l to 2 points on speculative lead
ers during the morning. The late re-
covery in prices was largely connected
with the anticipation of a dividend in
crease on Northern Securities, the di-
rectors of which went into session
early in the afternoon. Active buying
and a sharp advance in Northern Sc
cur1ties on the curb and d 3-point rise
in Great Northern in the board room
was taken as ~c0rroborate evidence.
The S-point advance in St. Louis &
San Francisco, though unexplained by
news, was a sustaining influence on
the market. There were rumOrs that
the o a was to pass to the control of
the Southern railway. The professed
expectation on the Northern Securities
dividend ran from a yearly rate Of Az
per cent to 8 per cent, Or a lump extra
dividend. The declaration OF the ia
dividend was not announced until after
the marke closed. The closing was
steady but very dull.
Bonds We're dull and irregular. Total
sales, par value, $4,000 United
states bonds were unchanged on caH.