Omaha daily bee., 1903-01-23
NEW YORK STOCKS AND BoNDs.
Market lis Again Listless on More
Room Trade.

NEW YORK. Jan. 22.-rhe drift OF prices
In tOday'8 stock market was still ~listless
and hesitating and reflected nothing more
than the shifting whims OF room traders,
whose operations absorbed the total deal
ings.
positive check this morning in the news
from Venezuela OF a renewed attack upon
the fort at San Carlos by German war
vessels. tits 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
market ever since II became acute. The
reports from Washington of a positive atti-
tude of dlsapproval of this latest step on
the part OF the American government Of
fered the possibility 20 the Imagination Of
traders Of more direct complications on our
own part in the quarrel. At was more evil
dent that a more serious view of the situa-
ton i'm it's effect upon American securities
was taken In London than here and the
declines effected there in American stocks
induced an effective arbitrage selling here
at the opening. The London selling was
not entirely checked, even when prices re-
ceded to below the London parity. il was
not until after the close of the London day
Of trading that the local market made any
effective recovery.
The London selling of stocks created a
demand for exchange which stifened the
prices of bankers bills and reawakened the
gold export question. There was also a
fractional reaction in the price of sterling
at Paris. but London discounts and money
went lower and the favorable Bank OF
England return aroused ulSCuSslou vi "a
probable decline in the bank rate at an
early day. The Bank of France also re-
hected a gain Of about S1,000,C00 in gold for
the week and a large contraction of note
ISSUES and repayment of loans. Tn export
demand for grain meantime continued large
I'm spite Of a higher price for wheat and
offers a good supply OF exchange bills. Inc
price of American eagles also tell a fractlon
in the London market today.
Some special was shown py tne
New York public utilities, owing TO the
agitation of the franchise tax question ana
the difference of opinion disclosed as 70
the application of the adverse judicial decl-
sion 10 the law as a whole. The declines
from last night ran from 1 to IA points In
the speculative leaders during the morning
weakness. -
The late recovery in prices was largely
connected with the anticipation OF a dlvl-
dend increase on Northern securities. tne
directors of which went into session early
in the afternoon. Active buying ana a
sharp advance in Northern Securities on
the curb and a raise of 3 points on Great
Northern in the beard room was taken az
corroborative evidence. The advance OF 8
points in ST, Louis &NSan Francisco, though
unexplained by news,N was a sustaining IN
duence on the market. There were rumorS
that the road was to pass to the control
expectations on the Northern securlues
dividend ran from an early rate OF ~ per
cent to 8 per cent, or a lump extra olvlt
dend. The declaration OF the ls per cent
dividend was not announced until after the
market closed. The closing was STEADY Out
Bonds we're dull and irregular; Total
sales. par value. $2,g70.OO0. United states
bonds were unchanged on call
-, ~ nm