The daily morning journal and courier., 1902-01-14
g1namctaI
 THE STOCK MARKE EFT.
A Continued Lack of Animation

Continued Lack of Animation.
 New York, Jan. 13.-There was con
 tinued lack of animation in the stock
 market to-day and the dealings were
 palpably in the hands of professional
 traders to q large extent This element
 was bearish in its opinions on the out
 look and sold stocks quite freely throughout the day. The level of prices was carried quite generally from to
 points under last weeks close No large amount of liquidation was
 brought out by this considerable de- cline, and there was movement to
 cover shorts late in the day, causing a
 rally of a point or more in some of the
 more prominent stocks, but this recov- l cry was practically lost again before
 the closing, which was extremely dull and heavy There was no striking news ! of an unfavorable character to values, 1 but it was very obvious that any inn 1 portant organized attempt to lift the
 market has been abandoned for the present. The speculative element has
 been indulging the hope that the great capitalists and syndicates who have on their hands the heavy volume of secur- ities resulting from the combinations and new formations of last year were about to put forth a determined effort to lead a bull speculation, with the in- tention of making market for their securities. No sign of any such attempt has appeared since the publication of
 the quarterly report of earnings by the
 United States Steel Corporation last
 week, Hope Of such leadership was
 still further discouraged by rumors of
 the illness of the market operator in-
 trusted with the care and manipulation
 of these stocks and by reports of un-
 loading in his interest. More tangible
 grounds of depression were found in
 the formal offer of $3000o 900 of Atchi-
 son debenture bonds to reimburse the company for certain outlays. including acquired lines and equipment, which
 Wall street has assumed has been or would be provided for otherwise. Re- ports Of very large projected outlays for betterments by Union Pacific em- phasized this influence. The permission granted by the United States supreme court for the state of Minnesota to ar que on it's petition to bring suit for the annulment of the formation of the Northern Securities company, although it's force was little understood, had a chilling effect on speculation owing to its promise of a prolonged legal etrug- gle and delay in the f1otation of the l securities. The financial | world continues to ponder on the reve- l lations Of over-e extended credit in the l cases of the trolley syndicate and in | the rubber and asphalt trade, which l carry suggestions of other possible | of capital which would help to explain the great falling off in l demand for the securities listed on the stock exchange. Money was slightly frmer to-day and sterling exchange was no higher but exports of gold are to be made this week There s 8 growing feeling that even when money does accumulate at this center t may not serve to stimulate specula- ion in the prevailing spirit of scepti- ,ism in the value of securities at pres mt price levels. The shading of prices if copper led to a sharp raid in the late dealings on Amalgamated Copper, ] which helped to unsettle the close. Ex- ] optional movements were made by l which rose IA and lost I most of it, Glucose preferred which . 'ained and American Express which | :. ost g. The bonds market was not very &C., i've and irregular. Total sales par 'alue $3,130,000. Unitd States refund- ng twos declined Is and the threes oupon IA per cent. on the last call.