The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-01-12
SMALL NET CHANGES
IN STOCK MARKET
Professionals Had the Day from
Start to Finish.
SELLING TO REALIZE
The Bank Statement Did Not Disap-
point Expectations, But 1t Failed
to Induce New Buying-Cash
Reserve Falls Off.
SELLING TO REALIZE

New York. January 1.-THE small net
changes In stocks today shows that the
selling by the traders to realize practical
ly counterbalanced their earlier buying
and that the professionals had the mar
ket practically to themselves. The mar
ket evidently continues to settle towards
dullness by progressive stages. The buy
ing this morning was in anticipation of
a favorable bank statement and in the
hope that strong showing by the banks
would reassure speculative sentiment and
attract some buying of stocks. The
bank statement did not dsappoint ex-
pectations but it failed to induce any
new buying. The increase in cash re-
serves fell considerably below the esti-
mates in spite of hope that last weeks
similar shortage might have thrown
residue of gains over to this week by the;
system of averages used in computation
Known movements of cash indicated an
increase of over eight millions, while the
statement shows only $5,6l7,5oO but the
loan contraction helped the surplus item
30 that an increase of $5.637500 was shown
there. A shipment of $oOO,OO in gold cor
roborated the impression that there
would be gold exports in Quantity next
week small bank failure in Paines-
vile, O., supplementary to yesterdays
failure in Cleveland. was an aid to the
late reaction. American tobacco unas-
sessed stock made further jump of %
points to 200 on the sale of single lot
of 100 shares National salt preferred adj
vanced points on light transactions.
The January boom In stocks which has
- been hoped for by professional specula-
tors did not make its appearance this
week and the professionals who had been
buying stocks for some time in expecta-
ton of an outside demand found a poor
market In which to dispose of their hold
ings. The result was a decline in prices
and then dullness and irregularity IN
the normal course of such movements.
The short contracts put out by bears
while liquidation was in progress were
covered later, causing the recovery IN
prices, with the clearing out of these
large speculative contracts, the volume
of transactions in the market fell away
and the market became largely an AFFAIR
of board room professionals whose tactics
Operate to keep the price range within
narrow limits. Any sustained movement
in any group was only of hours duration,
always yielding to profit taking.
London has also been a steady seller OF
securities in this market during the week.
1t is generally expected therefore that
a considerable outward movem ent of gold
will set In next week. The large require
ments of our own government surplus
come in for consideration also. 1t Is
feared that the treasury will find increas-
ed difficulty in finding means to releave
this drain upon the money market owing
to the scarcity of government bonds avail
able for redemption. Sales of bonds to the
government at present seem to involve
corresponding retirements of bank circu-
lation indicating that there is more pro-
fit in the sales of bonds than in keeping
out circulation. This contract with the
continuing effects at this time last year
for the refunding law involving payment
of premiums upon refunded bonds and
increased privileges of bank note circula-
ton. Bearing further. on the m oney
market are the developments of unsound-
ness in the rubber market. the affairs
of the trolly promoting syndicate and
the collapse of the asphalt trust. The
proceedings in the United States supreme
court against the Northern Securities
company and the steps toward investiga-
ton of the affairs of that corporation
by the Interstate commerce commits
sion have been a depressing influence as
1t is believed they will retard the plans
of the promoters of that project for the
distribution of its shares and the active
operations in the stock market which are
expected to accompany that distribution.
There has been disappointment also in
the failure of the United States steel
stocks to maintain a leadership of an up
ward movement in the stock market. The
statement of the earnings of the corpora,
ton for the December quarter was a keen
disappointment to spectators in its
stocks, the preliminary rumors of
earnings, which are widely credited prov
ed to have been greatly exaggerated. The
selling of these stocks by disappointment
of some holders had a notable svmDathe-