The Birmingham age-herald., 1903-01-31
AFTER RULING DULL STOCKS GET STRONG Professional Element Still Watching Venezuela U, $. BONDS UNCHANGED There Was No Special Feature of In' terest In the Early DeaIIngs-A
 Reaction Set In at the
 Close.
U. $. BONDS UNCHANGED

New York. January so-After ruling dull and somewhat irregular during the greaE- CT part of the day, the stock market m the later trading developed pronounced reactionary tendency, There was nc spe- cial feature of interest in the early oeai- angs, The professional element tried to make capital out of the reported sottls- snent In the Venezuelan negotiations but the greater ease and abundance of inoney and some moderately sharp advances in "A few speclaities. tended to offset the eff feet of the traders selling, Liberal of- ferinEs by the banks carried the cash rate to the lowest level In some time, Accord ing to trustworthy reports fully $2o,vJ0,ooo was loaned at Sih per cent, and perhaps hah that sum at per cent, It was stated that the greater part of this money was put cut by the Pennsylvania railroad, which recently made a large and adyent- ageous lean in this market. This how ever, was denied, and it was elsewhere re- ported that money which the trust com panies had been lending had been re- turned and bank money loaned at tue lower figures. The rate for demand money fell to 21h later in the day. The note worthy feature of the forenoon was the sharp advance in St. Louis and San Francisco on reports of an alliance with the Southern railway and Michigan, which was said to be for Pittsburg account Considerable weakness was shown by the traction stocks, particularly Metropolitan securities on talk that another install- .,,ant of tha sIthSrrinfiop to ha called for. Metropolitan street railway suffered in sympathy and Brooklyn Transit, in which there will be shortly change of management, was also weak. In the aft ernoon the entire list became unsettled under the leadership of Union Pacific and allied ste cks, which were sold on the news from Omaha of a serious hitch in the negotia tions between Union Pacific off, cials and the labor representatives.
 The closing was weak. Forecasts for the weeks money movement indicated gain of some $60OO,0O0 by the local banks. This is less than was looked for by stu dents of the financial situation. The rate of exchange advanced 10 points to 4S6. S5, giving rise to some discussion concerning the future movement of the market at the time when the gold outflow ordinarily set in. Those in touch with the movement, however, intimated that 1t had no unusual ElBnlncance, the NOluIne or DuSlneSS DelnS very much restricted, notwithstanding the departure tomorrow of the fast steamer which was expected some days ago to take out considerable gold. Today's rate, however, was several points below the export level, and experts declared there was very slight probability of early en- agreements At the same time 1t was said that next weeks foreign exchange would depend entirely upon London trading and the local stock market. Another large batch of railroad returns was issued, showing for the most part marked in- creases in gross earnings, but some of the net returns were regarded as unsatis- factory.
 Business In bonds increased slightly, but 1t also lacked a definite tendency Total sales. par value, &, ,225000.
 United States bonds were all unchanged pn the last call.