The Birmingham age-herald., 1903-01-23
STOCK MARKET
 STILL L|STLESS Prices Reflected Nothing More Than Shifting Whims ADVANCES MEET CHECK News From Venezuela That German Vessels Had Renewed Attack Upon Fort at San Carlos Caused
 Nervousness.
ADVANCES MEET A CHECK

New York, January 22.-The drift or prices in todays stock market was stiii hstIess and hesitating and reflected noun ing more than the shifting whims or hopes of the room traders, whose oper- ations absorbed the total dealings. Yes terdav's advances met rather positive check this morning in the news from Venezuela of renewed attack upon the fort at San Carlos by German war ves- sels. It is believed the least consequence of this must be to obstruct progress of the settlement of the dispute between Venezuela and the powers, which has been a source of uneasiness in the secur- ities market ever since it became acute. The reports from Washington of a posi- tive attitude of dsaPproval of this latest step on the part of the American gov ernment offered the possibility to the imagination of trades of more direct com plications on our own part in the quar- rel It was evident. however, that a more serious view of the situation in it's effect upon American securities was taken in London than here, and the de- clines effected there in American stocks induced an active arbitrage selling here at the opening. The Londan selling was not entirely checked. even when prices receded to below the London parity It was, not until after the close of London trading that the local market made any effective recovery The London selling of stocks created demand for exchange which stiffened the prices of bankers bills and reawakened the gold export question. There was also a fractional reaction in the price of sterling at Paris. but London discounts and money went lower, and the favorable Bank of Eng land return aroused discussion of prob able decline in the bank rate at an early date.
 The Bank of France also reflected gain of about million dollars in gold for the week and a large contraction Of note issues and repayment of loans. Export demand for grain meantime continues large in spite of rise in price of wheat and affords a good supply of exchange bills The price of American eagles also fell a fraction in the Lordon market today. Some special weakness was shown by the New York szA-lic utilities owing to the agitation of the franchise tax ques- tion and the difference of opinion disclos- ed as to the application of the averse decision to the law as a whole. The de- clines from last night ran from 1 to 11s fin the speculative leaders during the morning weakness The late recovery in
  anticipation of dividend increase on Northern securities, the directors of which went into session early in the aft ernoon. Active buying and sharp ad- vance in northern securities on the curb. and point rise in Great Northern in the board room, was taken as corrobora- tive evidence. The three point advance in St. Louis and San Francisco, though un- explained by news was a sustaining in- fluence in the market There were ru- mors that the roads was to pass to the control of the Southern railway The professed expectation Is the Northern securities dividend will turn from a year ly rate of AZ per cent to per cent, or a lump extra dividend. The The declara- tion of the IS dividend was not an- nounced until after the market closed. The closing was steady, but very dull.
 Bonds were dull and irregular. Total sales par value s2.910000. United States bonds were unchanged on call.