Show SHARP DECLINE IN THE MARKET Day Opened With Wit a Selling Move Movement Movement ove ment Which the te Support Of Offered Offered Offered Failed to Check MANY CAUSES ASSIGNED I MARKET DEMORALIZED AT THE THE S CLOSE New York Jan 29 The mixed tone to e of speculation today gave g ve place in the te late dealings to another anoter sharp selling movement leading up to the weak and ad disorderly closing The support ac accorded accorded accorded corded the market during the early part of the day had some effect in reassuring sentiment and in dissipating dissipating ting the te forced liquidation of Saturday in a few of the most speculative stocks It I became evident as a the day progressed that the cessation of the acute pressure of Saturday was wa not E resulting on any large renewal of speculative demand for stocks The wavering fluctuations of the day were followed by general declines under the pressure of widely idely extended liquida liquidation liquidation tion ton The motive for the buying in the late stages of some of the most sensational sens tonal advances in the market have been almost entirely limited to the belief belef that there was other buying on a large scale scle Last Lt weeks determination which was clinched by the te sharp shar drop on Saturday that very ver important sell selling seI selling ing istead of buying was going on deprived the speculative enthusiasm of its is principal motive Conditions of property or of business or financial affairs were coming to play a very ve small smal part in some of the most mos sensa sensational sensational tonal movements In the market As Asa Asa a consequence the weakest features on onte the te reaction are not connected with any new developments But with wit the reaction fairly in force was readily given by the speculative ele element element ment melt to suggestions of an unfavorable purport which have passed unheeded for many may weeks although quite quie as obvious as a they tey are today For instance there was a sudden re recrudescence recrudescence of apprehensions over the threatened legislation and legislative investigations The movement to in investigate investigate the state banking baking depart department department department ment at Albany was dressed out with wih many alarming possibilities in Its ef effect effect feet on the banking position in New NewYork NewYork NewYork York City A fear was wa expressed that thata a contraction of credits will wil follow The resolution in the house of at Washington Washinton to investigate the te combination of subsidiary railways under the control of the Pennsylvania had a similar effect The tone of the reports from railroad traffic officials was slightly more conservative than of ounce an a advance of ofa a point pint over Sat Saturday Saturday Saturday Eleven carloads of ore from Tintic four from Bingham and three from Tonopah were released release from the Taylor TYlor Brunton sampler yesterday Manager Frank Fank Wison Wilson of the New Johnny properties in county California has ha returned from camp with samples of fine ore and most encouraging reports of conditions generally to his associates Peter Porter B F Kelly Kely and others oters have secured a ten te months option on onte the te old Montezuma property at Bing ham and pumps are to be installed at once to drain drai the workings working in order that an examination may be made madeA A private dispatch received last night by James A Pollock Co from one of their Tonopah correspondents reports a big strike as a having been made on the level of the Tono property in that camp campIt campI It I is expected that a contract will be awarded today for the extension of the Belt railway at Bingham to the new ore bine of the Boston Con Consolidated Consolidated company compy About one and miles of ot track will wil ill have to be built buit to reach rech the terminal point pint Manager lanager Tony Jacobson accompanied accompanied accompanied nied by Superintendent A O 0 Jacob Jacobson Jacobson son came down from the Columbus Consolidated at Alta Ata Sunday night They report the roads in fairly faily god good gooc condition again and a string string of twenty teams are are now hauling ore and concen tates from the mine and miH of the company Secretary George Gerge W Lambourne of the company spent Sun day at the mine mie He reports that de developments developments developments on the level con to be of a most encouraging na ture though he declares that the al almost almost most mst hourly report of some one that thata a sensational strike has been ben made mae are altogether unwarranted George W Morgan proprietor of the Vienna Cafe and one of the chief men Jn in the te Morison Mining company chief ac accompanied accompanied accompanied companied by Sydney Bamberger left lef for Nevada yesterday for a weeks trip to the te mines in Humboldt Humbold county They went west as the guests of Everet Buckingham general super gest of the Oregon Short Line in his hs private car carA cr crA carA A J Settles Bettles of the Newhouse staff who is now flow devoting a great geat deal of sf his hi time to making maing tests tess on the copper bearing bearg porphyries in i the Boston Boson Con compans mines at the te mill ing plant mi erected for that purpose was in town tow again agin yesterday Another Wilfley table is now being added Anoter to th the mills equipment equi ment for the purpose or of fur te tUl ther ter determining the best methods o of concentration With Wih the te stamp method metod of crushing he het is much pleased and now feels certain cerain that it i will wil be used ad when the big eral mill ml is constructed Sev S methods of likely be tried out during concentration the runs that wil wi are to 10 be nade e and by and by bv other devices ta those now ow being belner employed wil be tried out late ate the te easing of the te car ca situation be beng being being ing ng admitted and the unfavorable ef sf of the te mild mid weather on he de demand demand e mand mad for some lines of ot winter goods and on coal also lo was admitted The expanding tendency of the loan ac account account acCount count of New York banks ban and the seeming imminence of an outward movement of gold caused some ome effect on the recently prevailing confidence over the easing tendency of the money market Interior banks bank which placed loans los losin in n New York on their own account during the money are now calling these loans for redeposit In New York banks bank ban and this Is Ia said to tobe tobe tobe be a prime factor in the large lare expansion expansiOn sion last lat week of the loan account of te the New York banks The stock market maket was Wa closely affect affected ed In sympathy with wit the te course couse of Reading leading While that stock was wa strong the he general list t held well wel and ad Union Pacific St Paul Pa Amalgamated Cop Copper Co Coper Copper per and the Rock Island issues made some aggressive show of strength the thelast thelast last ast named on the favorable report of net earnings for December When the lightness of the speculative demand for lor stocks had ad heeen demonstrated and ad the he downward rd course of prices established the decline became rapid orders were uncovered and a speculative holdings were thrown over with wih precipitation The congressional control shown by b the the adoption of the resolution of 01 inquiry on the Pennsyl Pennsylvania Pennsylvania vania vaia combination caused a feeling of uneasiness over the te prospects for other threatened measures of legislation The market closed sed in a state of semi c demoralization and ad at net declines running between 2 and 6 points for all al of the most prominent stocks Bonds were steady Total sales par vale U IT S declined per cent cen t on call cl clI I |