The Birmingham age-herald., 1903-02-02
STOI IARKET 4
 NUMINAL AFFAIR Some of Traders Who We're Short Bought to Recover THINGS DRAGGING ALONG Interest centered In the Bank State
Interest centered In the Bank State ment and Even More In the Clear ing House Figures, But Noth-
 ing Startling Developed.

New York, January 31.-The stock mar ket was a merely nominal affair today Some of the traders who were short yes- terday bought to cover on the belief that there was no warlike threat in the Yen- ezuelan situation and that the labor dis pute on the Union Pacific had less serious aspect this morning than was reached yesterday. There was continued absorption of Delaware and Hudson, which was explained as being due to re- ports of very large currency earnings. The extra dividend of # per cent iii Northern Pacific had been foretold but it was without apparent effect upon senti- ment As Northern. securities is prac tically the owner of Northern Pacific and as the incident in the securities companys dividend already made was presumably based upon Northern Pacific extra, the episode was allowed to pass without ripple. Interest centered in the bank statement and even more in the day clearing house figures. The latter dis- closed that the balances to be settled between clearing house institutions for the day were the largest in the history of
 
 s24977,949 The heavler individual debts and credits of few of the largest banks in the association made 1t seem evident that some financial transaction of great magnitude was carried through today. The sub-treasury had a large credit bal ance due to the payment of Central Pacific note due the government. The large loan expansion for the week was at tributed to the Pennsylvania loan which 1Ixr af cd n haU ly s4O,0 900. It is generally believed that a considerable portion of the loan was taken by foreigners and was thus a fac- tor in the, easier tone of exchange Which developed during the week. The re- deposit with the banks by the railroad company of the proceeds of the loan has been responsible for the free supply of funds which developed yesterday In the money market. The ordinary specu- lator finds cause for hesitation about operating in the evidence of such finan- cial requirement as was furnished by to- days bank statement and clearing house figures The market sold off after the bank statement and closed dull, but about steady.
 All through the week there was little to arouse the market from its lethargy. Its fits and starts were due to the efforts of professional traders to feel the market and to anticipate any new movement that might possibly develop There has been no outside response to these tactics and every movement. of whatever pro portions, has scarcely lasted day out. Some real sustaining force for values was the better feeling as to the Venezuelan situation. For the first time in several weeks the impression in Wall street had been so strong that all parties to the trouble were anxious to be well out of 1t without any other motive than the set clement of claims as presented. The incl dent had a sentimental effect in financial circles rather deeper seated than appeared on the surface. This was partly due to the unpleasant memories of the Venezue- Ian panic at the time of President Cleve- lands boundary message. The mystery which attaches to the diplomatic 1nita- tive in the matter and the surprise occa- stoned by the common action of Great Britain and Germany kept alive for some time a suspicion that the movement marked some far-reaching policy de- signed to test The Monroe doctrine. and thus necessarily calculated to provoke war. Last weeks market closed with the Venezuelan question unsettled and caused considerable anxiety. The recovery on Monday, therefore, was quite sharp.
 Dealings. in bonds ere far below the level of this week last year and the tone of the market was heavy at times United States 3s coupon advanced 4 per cent as compared with the closing call of last week.