The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-29
STOCKS SLOW And LOWER
ADVANCE IN ATCHISON FEATURE OF
Yesterdays MARKET.
Buying of This Issue Only Place Bull
Pool Was Active-Bond Market
weak-GeneraI Conditions.

NEW YORK, Jan. 2s.-The speculative party
which has persstently supported stocks through
the latter stages Of the recent advances desisted
to-day to a large extent and allowed prices to
slip back without any apparent measures 10
resist
During the morning there big order
ecuted in Atchison. which lifted that stock
large fraction over last night. This buying was
attributed to an organized bull party for the
purpose of supporting the market.
The gale was accompanied, however by the
rumor that Atchison to be listed
the Berlin Boerse. The fact that Atchison has
block of s10.coO.vO0 Of bonds for sale sup
posed to furnish motive for stimulating the
market for the stock. The movement was In
effective in checking the declining tendency else
where.
The rally in the last hour palpably due
to covering Of short contracts by room profess
SIGNALS. and pointed an inference that the
days selling had been the short side. The
bears. however. found it easy to secure stocks
that they quit buying and prices sagged again
to the end Of the day.
The closing was weak and dull. The highly
professional character of the market makes it
fitting that it should be treated from the stand
point Of technical causes. So far as actual con-
ditions bearing values concerned. the
most Influential interests the frankly out
spoken tones Of pessimism.
The tonnage is there" says the Iron
Age and the industry must simply adjust
itself TO the prevailing conditions" Futile eff
forts. il SAID still being made bring
the Southern iron makers TO terms Of agree
ment for production and selling.
United States Steel preferred not iIlog
ieally the weakest and most active stock under
these eli cumstances. A batch Of very unfavor-
able railroad earnings for December furnished
another reactionary factor.
The coalers, several of which reported to-day,
show the inevitable effect only of a com
parison with last years abnormally favorable
conditions in the trade, but of the continued
growth in operating expenses, which is of in
creasing effect in all railroad statements. Yet
Erie, Ontario * Western and Reading. which
were the conspicuous instances of unfavora BILE
December reports, were rather less affected than
the average of the list in the selling.
Possibilities OF future restriction of money
supplies are coming up for discussion again,
owing to the decline in the inflow of currency
to New York.
The reflection implied by the action of the
Stock Exchange authorities in striking from
the list the securities of an industrial corpora
ton on the ground of Misrepresentation Of
financial condition was u somewhat depressing
factor. The severe weather in the winter wheat
belt was a possible factor well. AS a result
prices were / to points lower when trading
left of than they were last night.
Bonds were heavy under the leadership Of
United states Steel second hves. Chicago Ter
minal fouTs slumped 3I2 points Total sales at
par value were IS, 73O. 900. United States twos
declined Il per cent. call.
sales and the