The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-22
STOCK MARKET EXPANDS
TRADING YESTERDAY WAS THE
LARGEST THIS YEAR.
Profit Taking Was in Progress All
Day. but All offerings Were Read
lily observation-disclosures Active.

NEW YORK Jan. 1.-THE influences which
have been gathering force for some time in
the stock market caused outburst Of activity
and strength to-day. The whole market was
carried TO a higher level and routed large and
obstinate short interest.
The rush 10 cover by the shorts was an i'm
Portant influences in carrying some of the
active stocks upwards, and the spectators who
were long OF these stocks were able to take
good profit.
The movement was without important news
developments beyond those that have been under
discussion for several days. There was a ten
dency towards capitalization of the belief that
war between Russia and Japan Is likely TO be
averted FOR the present, at least.
The foreign markets continue to manifest
hesitation and inactivity in the Apprehension ION
the agreements reached on successive points In
the controversy have given growth to the con-
victiOn here that the points remaining are not
sufficient to justify resort to war.
GROWING DEMAND FOR BONDS.
The growing volume of the demand for bonds
has made impression upon the speculative
mind a usual precursor Of an Improvement
in the buying Of stocks. and the continued heavy
accumulation OF money at this center adds to
the belief that the demand for bonds is likely
TO extend to the stock list.
ment in the iron and steel trade no longer exists
and definite prospects OF a betterment OF con-
ditions there have made an impression in the
Yesterday and to-day the bull campaign ap
peared under such auspices as to impress the
uncovered bears with the fear that it's progress
might extend beyond their means TO oppose IL.
The covering demand very heavy from vari
outside points. The leadership in the mar
lSet operations rather clearly traceable TO
several sources which have been important in
duences in great market movements OF the past
few years. The prestige OF this leadership
helped to demoralize the bears.
MUCH PROFIT TAKING.
There was enormous profit taking throughout
the day. at first in stocks which have led the
preliminary advance before to-day. These in
cluded Southern Pacific Rock Island, Reading
the Fries. AmalgamGted Copper and United
States Steel preferred.
Later, when some OF these laggards were
brought into the movement the profit taking
shifted to stocks which had advanced in the
early part OF the day. This double process OF
closing up speculative commitments served to
reduce the technical forces in the market for
further in either direction.
The breaking OF the drought in the Southwest
of the helpful influences of the day,
owing to this marked influence upon the wheat
market Speculative hopes indicated a large
diversion OF profits of cotton speculation into
stocks, and the initiation Of Stock Exchange
membership of the leader of the cotton specula-
tiOI- appropriate feature of the day.
Tie market closed active and firm and near
the top prices tor the majority Of stocks.
Bonus active and strong. Total sales at
value were ST,C75,O00. United States bonds
were unchanged call.
Sales and the range.