The Montgomery advertiser., 1903-02-01
WALL STREET REVIEW
THE STOCK MARKET \ MERELY
 NOMINAL AFFAIR.
Some Who Had Sold Sought Cover on Belief That Venezuelan Dis putc Had Lost Some of
 Warliks Aspect.


 bought to cover on the belief that there was no warike threat in the Venezuelan situation and that the labor dispute on the Union Pacific had less serious as- pect this morning than was reported yes terday, There was continued absorption of Delaware and Hudson which was ex- plained as being due to reports of very latge currency earnings. The extra div idend of 1-2 per cent on Northern Pacinc had not been foretold but 1t was without apparent effect upon sentiment. As Northern Securities is practically the sole owner of Northern Pacific and as the increase in the securities company dividend already made was presumably based upon the Northern Pacific extra. the episode was allowed to pass without a ripple. Interest centered fin the bank statement and even more in the days clearing house figures. The latter dis closed that the balances to be settled be- tween clearing house institutions for the day were the largest in the history of the clearing house. reaching a total of s24.977,S49. The heavier individual debts in the association made 1t seem evident that some financial transaction of great magnitude was carried through today. The large loan expansion for the week was attributed to the Pennsylvania loan which Is authoritatively stated to be nearly $ao.0OO. 600. It is generally believed that a considerable portion of the loan was taken by foreigners and was thus idCtoT HI NHc thSiSI tOllc OI GXCkAaUSt which developed during the week. The re-deposit with the banks by the railroad company of the proceeds of the loan has been responsible for the free supply of funds which developed yesterday in the money market. The ordinary specuiator finds cause for hesitation about operat- ing in the evidence of such financial re- quirement as was furnished by tOday's bank statement and clearing house fig ures- The market sold off after the bank statement and closed HuIl htff a steady.
 All through the week there was little to arouse the market from it's Iethargy. lts nts and starts were due to the efforts or professional traders to feel the mar ket and to anticipate any new movement that might possibly develop. There has been no outside response to these tactics ana every movement of whatever propor- tions has scarcely lasted a day out Some real sustaining force for values was the
 better feeling as to the Venezuelan sit
 uation. For the first time in several
 weeks the impression in Wall Street has
 been strong that all parties to the trouble
 were anxious to be well out of 1t with
 out any other motive than the settlement
 Of claims as presented. The incident has
 had sentimental effect in financial cir
 c!"s rather deeper seated than appeared
 on the surface. This was partly due to
 the unpleasant memories of the Venezue- Ian panic at the time of President Cleye-
 lands boundary message. The mystery
 which attaches to the diplomatic initia- tive in the matter and the surprise oc- casioned by the common action of Great Britain and Germany kept alive for some time a suspicion that the movement marked some far reaching policy design co 10 test the Monroe doctrine and thus necessarily calculated to provoke war The subject of railroad earnings has received interested attention during the week owing to the number of important
 systems which made returns of their net hAt VNz return was looked for with special inter- est owing to the fact that some of the increases in freight rates went in effect Tn December. These increases were ex- pected to cure the prevailing tendency for growth in operating expenses to over take increase in gross earnings. With me sole exception of the Coalers, the December returns show the decreasing tendency or net earnings still in full | force. All branches of the railroad world | and all sections of the country figure in the showing. In the case of the Coalers. | on the other hand. the December state | ments of the New Jersey Central and Erie snow the most prosperous conditions in l the history of the trade as result of the | iarge shortage caused by the strike and | the rush of the supply to market. The | domiEant feature in the whole railroad situation seems to be the striking made quacy of railroad facilities to accoinno- date the traffic offering. Car scarcity
 IS cry heard from many quarters which O OI engine power to clear the yards.
 Railways are turning away business, cut are not earning as much for share holders as they were last year because of nigh prices of material and labor Some uneasiness was caused in the later part Of the week by advices from Oma ha indi- eating that the Union Pacific labor situa- ton had become more acute. Fears were expf essed that this trouble nSght spread to other roads,
 The obstruction Felt by the grain move ment has had some effect on the export prices and the prices attached by wheat evidently had discouraging effect upon the foreign demand. The heavy liquida-
 tion or long wheat during the week was a cause or special satisfaction for this rea- son; as the balance maintained in the exchange market is felt to be largely de pendent upon the free movement of eX- ports. Of special movement in the stock
 this week, that in Amalgamated Copper was conspicuous and seemed to be based on confidence in the improvement in the trade The Fries continued to absorb a large share of attention, but without any ennghtening news bearing on the future Of the road. The general market showed l itself sensitive on the cost of Rock Isl ard. St. Paul and Pennsylvania, owing to the character of the commitments in those stocks and the indications from l time 10 time of influential selling of tho
 shares. Money. both time and on call l was easier. liberal offerings by the banks
 creating supply in excess of the de | rand NV
 Dealings in bonds were far below the 1 ieNel Of this week las. year and the tone
 oI the market was heavy at times. United | states 3s. coupon advanced, l-4 per cent 1 week. ~ New YOrR lStock Tds&