Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-01-24
Rather Weaker Tone to the
Stock Market,
SLIGHT CONCESSIONS
EMBRoGLIO HAD A
DETERRENT EFFECT,
London Bought Erie Issues, Which
Caused Them to Be Firm on
Wall Street.
Special Dispatch to The Even,nr Star


NEW YORK, January 2l-American rail-
way shares In the London market were dull
and irregular In price movement, with the
exception of Erie issues which showed
fractional improvements
The Venezuelan situation formed the
principal topic of conversation and conse-
quentiy exerted the most influence at the
opening or the local stock market. Traders
were disinclined to do much trading for
either side of the account, and the Initial
dealings were void OF definite features
Prices at the start showed fractional inn
provements, but the slight gains were not
held In any degree OF firmness, and after
the first few minutes Of speculation the
market became dull and spiritless with
here and there small concessions from
opening prices.
Neither bear nor bull leaders were at all
aggressive and the market appeared to be
purely a professional waiting one in which
good or bad news-whichever happened to
come first-would be effective
Missouri Pacific made the best showing at
the start. being up z per cent. but this adj
vance was not well held and the stock
very soon after opening lost most of its
gain. Southern Pacific and Union Pacific
poth showed fractional improvement, and
II was thought both were fairly we'll sup
ported by insiders
There appeared to be better demand for
Brooklyn Rapid Transit than for any Of
the other traction shares. but the price was
only heid moderately firm: The coalers
were inclined to gain little in price, the
publish attitude Of London toward the Erie
issues helping to check short sales on this
side and enabling the bull pool to bid up
the price fractionally whenever opportunity
offered. st. Paul was steady after a little
setback In the initial trading.
Amalgamated Copper showed the great
est strength and activity In the Industrial
md l,n1,
generously distributed bull tip, which
looked rather suspicious on that account.
In the bond department speculation was
quiet. Up to the end OF the first hour the
market generally developed no tendency,
and prices about held their own in the face
or increased dullness.
Pennsylvania railroad stock acted q little
neavy today. and perhaps the new loan for
$5o,OOO,OCO. just closed with local banks had
something to do with its weakness. A
good many different reports were circulated
to explain the reasons and the purposes
for which the loan had been made The
company pays AZ per cent interest on the
money, the loan to run for six months,
with the option Of a renewal for another six
months. Well-informed people expected to
see the money used for local improvements
and the loan paid of soon as funds were
obtained from the sale Of the company's
new stocks and bonds.
After the first hour the bears became q
little more courageous and a general SELL
Ing movement was inaugurated, in whirn
there was some liquidation by those who
have bought stocks within the last week or
two. In this decline. however, the greatest
losses did not amount to more than / par
cent In st. Paul. the same in Pennsylvania.
per cent In Missouri Pacinc about Ia
per cent In Hooking Valley. while the rest
OF the active list declined from u to n per
cent. The closing was somewhat Irregular.
with prices at about the lowest Of the day
in most instances. .z s.r--
Government bonds were unchanged; rail-
road bonds about steady. Total sales Of
stocks, 195. 100 shares; Of bonus, 81, 106, 900.
The weekly bank statement follows: Re-
serve on all deposits increased SO, 1877 $50:
reserve other than United States increased
%, $50, loans increased 81, 394 900, specie
increased $S.92s. GOO, legal tenders Increased
$1943 300, deposits increased, $11. zoo, 200, cir
culation decreased $S5,9O0- ,-,
The increase in lawful money It. will be
seen by the above statement Is So, 1229t)O
which is considerably larger than yester-
days estimates. while the increase in loans
Is very much smaller than was looked for
In both Of these respects, therefore, the
statement Is exceedingly favorable. There
Is some discrepancy in the deposit item Il
being about 81 800 900 smaller than Is called
for by the other changes. The net result
brings the surplus reserve up to $26, 414,97o.