The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-02-01
BUSINESS IN WALL STREET
IS DISTINCTLY lETHARGlC.
SHORTS OF ONE DAY BUY TO
COVER THE NEXT DAY.
Little Movement in Prices Any
where, and All Activity Con
fined to Specialties.

New York. Jan. 1.-The stock market
was a merely nominal affair to-day. Some
Of the traders who sold short yesterday
bought to cover on the belief that there
was no warlike threat in the Venezeulan
situation, and that the labor dispute on the
Union Pacific had a less serious aspect TINS
morning than was reported there: There
was continued absorption of Delaware ana
Hudson. which was explained as being due
to reports Of very large current earnings.
The extra dividend of n per cent on North
ern Pacific had not been foretold. but II
was without apparent effect upon sentiment.
AS Northern Securities is practically the
sole owner of Northern Pacific shares and
as the increase in the securities Company's
dividend already made was presumably
episode was allowed to pass without a rip
pie in the stock market. Interest centered
in the weekly. bank statement an6 even
The latter disclosed that the balances to
be settled between clearinghouse institu-
tons for the day were the largest In the
total of s24, s77,s $40. The heavy Individual
debts and credits Of a few or the largest
banks in the association made 1t seem evi.
great magnitude was carried through to
day. The subtreasury had a large credit
balance, due to the payment Of a Central
LOAN EXPANSION.
The large loan expansion for the week
was attributed to the Pennsylvania loan.
IuC Is a ~ CO.
been nearly sO. 00O.0 900. 1t is generally be-
lieved that a considerable portion of the
loan was taken by foreigners, and was thus
a factor in the easier tone of exchange
which developed during the week. The re-
deposit with the banks by the railroad COM
pany of the proceeds of the loan has been
responsible for the first supply of funds
which developed yesterday IN the money
market. The ordinary Spectator in stocks
finds cause for hesitation about operating
in the evidence of such financial require
ments as was furnished by to-day's bank
statement and clearing house figures. The
market sold off after the bank statement
through the week there was little to arouse
the market from its lethargy. Its occa-
sional fits and starts were due to the efforts
of the professional traders to feel the mar
that might possibly develop. There mas
been no outside response to those tactics.
tons has scarcely lasted a day. Some real
sustaining force for values was the better
feeling as to the Venezuelan situation. For
the first time in several weeks the impress
sion has been strong in Wall street that all
parties to the trouble were anxious to be
well out of it, without any other motive
han the settlement Of the claims as pre-
scented.
SENTIMENTAL EFFECT.
The incident has had a. sentimental effect
in financial circles rather deeper seated
partly due t.. the unpleasant memories Of
the Venezuelan panic at the time OF Pres.
ident Cleveland's Dol I dairy message. TIL
mystery which attached to the diplomatic
inIatitive in the matter and the surprise
occasioned by the common action of Great
Britain and Germany. kept alive for a time
some far-reaching policy designed to test
the Monroe Doctrine and thus necessarily
calculated to provoke war. Last week.
ton causing considerable anxiety. The re
covery on Monday. therefore,. was quit
sharp. The striking point for the trader