The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-01-30
SELLING WAS GENERAL
LIFE SOON TAKEN OUT OF THE
wALL-sTREET MARKET.
Market Turned Weak on the Plethora
of Offerings to the Small Buying
Demand-MOnetary Situation.

NEW YORK, Jan. 29.-There was a re-
vulsion Of speculative sentiment in the
stock market to-day, and the movement
to sell gathered force up to the close
which was active and weak. Generally
speaking. yesterdays gains were wiped
out The movement had no other obvious
cause than the desire TO take profits on
the part Of professional traders. who had
bought yesterday or earlier. IL took only
about half an hour of trading after the
opening to demonstrate that the slightly
increased demand attracted by yesterdays
sharp advances were being so fully fed by
proft-taking sales as 10 repress any ten
dency TO advance beyond small fractions.
The contingent of bear traders was quick
to take advantage Of this situation and to
offer down prices. taking the market away
from the sellers. The character of the
whole market thereupon relapsed into the
rut of dizziness and professionalism. The
animation Of yesterdays late demand had
aroused strong hopes that the great bank
ing interests which control the large rail-
road systems were once more embarked
upon a movement to put up prices and
securities. The disappointment Al to-dav's
deVelopments was correspondingly keen
Inc speculation felt acutely the lack of
STIMULATING effect Of the recent strength
IN Amalgamated Copper That stock CON
tlnued easily the leader OF the market in
point OF activity and made an actual adj
vance OF fraction. When IL seemed to be
yleiulng the sympathetic effect upon the
rest of the market was Immediate The
reason for its reaction was not disclosed.
conditions remained unchanged, so far as
was known. The price Of the metal was
lifted another fraction. and the buying In
London continued very large There was
some selling by brokers usually employed
py insiders, but this was the case yester-
Gay. Ihls selling and the appearance of
dlsapproval Of the advance by insiders
seemed 10 nave added influence on senti-
ment to-day The stock lost pa on the
gay, closing within a shade OF the lowest
sugar showed the effect OF disappointment
over the failure to advance refined sugar
and lost rs on the day. The large volume
OF trading In these two specialties gave
them large influence on the market The
feeling In regard TO the outlook for peace
N south Africa was not so confident to-
Gay. number of unfavorable reports of
DecemDer net earnings were a depressing
influence. Cleveland. Cincinnati. Chicago &
ST Louis; Chesapeake K Ohio and Ontario
d western reported considera bic decreases
IN their net earnings for December The
action or the United Mine Workers con-
Ventlon in providing for q strike fund had
a somewhat sinister effect upon the trad
ing. Money continued to grow easier The
neaVy balances at the clearinghouse of
some or the individual banks gives rise TO
the supposiuon that large syndicate trans
acuonS are going on in the financial world.
OF winch the public is not informed There
were sharp gains on small transactions by
a number of dormant stocks including
several OF the express stocks. the National
SALT stocks, Nashville. Chattanooga a. St
Louis, Twin City Rapid Transit and q num-
Der of minor industrials.
The bond market became irregular. in
sympathy with the weakness of the stocks
IotaI sales, at par value, were s. 300 0OO
United States fives, registered advanced ~
per cent. on the last call
Following are the days sales and the
recorded price changes: