Omaha daily bee., 1903-01-24
NEW YORK STOCKS AND BONDS.
Market Again COIprIess and Sales
Less Than Any Day This Year,

NEW YORK, Jan. 23.-Today's stock mar
ket was entirely colorless again and the
level of activity fell below that of yester-
day, which was the lowest since the OPEN
ing of the year. News developments were
without p~erceptible effect. There were
some professions of anxiety over the Nene-
Zuelan situation, accompanying the opening
selling, but this did not prevent the market
from recovering when a demand for Erie
developed. The bewtldered room traders
seemed eager for any sign OF leadership
and ready to tail on to any nascent move
ment. None of the days movements was
long lived. 1t is possible that the Vene-
zuelan situation is an influence on this dull
ness, but the causes of hesitation of spec
ulation are probably deeper seated and
ave to do with the general outlook over a
long future range. The signing yesterday
of the Panama canal treaty brings into
definite form the exchange problem in
volvd in the requirement for the payment
tor account of the United States govern
ment to the Panama Canal company Of
$40. 100000. 1t has been suspected for some
time that preparations were making In the
exchange market to meet this requirement,
but exchange authorities express the opin-
ion that the symptoms attributed to this
are due to other causes and that the ar
engagements for the transactions are yet to
be made. The recollection of the disturb
ance to the exchange market caused by the
payment to Spain or the $2U,OOO,OO indemnity
provided by the treaty of Paris gives great
interest to the present transaction, espe-
cially on account of the delicate alamo
now maintained in the exchange market.
was some falling off in the export engage
ments of wheat today, following the rise in
price of that cereal. The delayed arrival
of the steamship st. Louis was offered TO
explain last weeks decline in dry goods i'm
ports, so that this weeks additional de-
crease is the more notable and interesting
in the effect upon the exchange market.
Wabash stocks were weak today on reports
of new friction with the Pennsylvania rail-
road interests. The strength of copper,
both in London and here, was a help to
A~malgamated Copper. The renewed buying
of Erie gave some hope of resumption of
activity by pools, but the market made
little response. st. Louis and San Francisco
relapsed sharply, with denials of yester-
days deal rumors. The languld demand for
stocks made an advance seem so hopeless
that the traders turned to the short side of
the market and prices fell sharply below
last night I'm the active selling movement Of
the last hour. The decline was accom-
panied by rumors of ~unfavorable Vene-
zuelan news received at Washington. The
large gains in cash by the banks, both
from the interior and on subtreasury opera
tons, promised a rise In reserves of nearly
| S7,OO0,OOO There may be large loans to fig
ure in that item of the banks.
There was a report current this after
noon of a $35, OO0, 900 loan having been nego-
| tiated by the Pennsylvania company. The
market closed steady near the lowest.
Beds were irregular.
Total sales, par value, $2,S40,O00. United
States bonds were unchanged on call.
The following are the closing prices on
tba New York Stock exchanges.