The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-01-14
PROFESSIONALS
HANDLE MARKET
Movement to Cover Short Came
Late in the Day
MONEY. SLIGHTLY FlRMER
Shading of Prices of Copper Led to
Sharp Raid In Late Dealings
In Amalgamated Stock,
Causing Uncertainty.

New York January 13.-There was con-
tinued lack of animation In the stock
market today and the dealings were
palpably in the hands of professional
traders. This element was bearish IN It's
opinions on the outlook and sold stocks
quite freely throughout the day. The lever
of prices was carried generally from L TO
2 points under last weeks close. No large
amount of liquidation was brought out by
this considerable decline and there was
movement to cover short, late in the day,
causing a rally of point or over in some
of the most prominent stocks. but tnls
recovery was practically all lost again
before the closing, which was extremely
dull and heavy. There was no striking
news of a character unfavorable to val
ues but it was very obvious that any Or
ganized attempt to lift the market mas
been abandoned for the present
The speculative element has been In
dulging in the hope that the capitalists
and syndicates who have on their hanus
the heavy volume of securities resulting
from the combinations and new forma-
lions of last year were about to put
forth a number of new lines, but so far
none has appeared.
Depression was found in the formal Of
fer of 100000 of Atchison debenture
bonds to reimburse the company for GER
tain outlays. including acquired lines and
equipment which Wall street has assumed
had been or would be provided for other
wise Reports of very large projected out
lays for betterments by Union Pacific en-
phasized this influence.
The permission granted by the United
States Supreme Court for the State OF
Minnesota to argue on Its petition 10
bring suit for the annulment of the Tor
nation of the Northern Securities Com
pany, although its force was little under
stood, had a chilling effect on specula-
ton owing to its promise of a prolonged
legal struggle and delay in the fiotation of
the company's securities. The financial
world continues to ponder at the revela-
tions of overwhelmed credit In the cases
of the trolley syndicate and In the rubber
and asphalt trades, which carry sugges-
lions of other possible commitments OF
capital which would help to explain the
great falling off in demand for the Sc
curities listed on the Stock Exchange.
Money was slightly f1rmer today and
sterling exchange was no higher, but ex-
ports of gold are expected to be made
this week. There is a growing feeling
than even when money does accumulate
at this center it may not serve to stimu-
late speculation in the prevailing spirit
of skepticism in the value Of securities at
the present price level The shading of
prices of copper led to sharp raid In
the late dealings of Amalgamated Copper
which helped to unsettle the close. Elk
ceptional movements were made by
Iackawanna, which rose AZ and lost
most of 1t; Glucose preferred, which
gained 8, and American Express, which
lost g.
The bond market was inactive and ir-
regular. Total sales, par value, So 900.
United States refunding rs declined Is
and the IS coupon Y per cent on the last
call.
New York Stock Market.
nv Private Wire to Murphy a ca