The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-21
PRIVATE WIRE ADVICE ON
CONDITION OF SECURITIES
stock Market Closes Week with Much
Strenxth-Pressure ON Steel Inef-
fective-GOOd Buying.
la. w. Thomson.l

NEW YORK Dec 1e-The opening was irreg-
ular The market lacked the stimulus OF Lon
don buying. but strength developed shortly
after There was some further pressure on Rock
Island Some pressure was also seen In the
Steel group. but the stock was well taken. due
to considerable investment demand for the pre-
ferred Delaware & Hudson showed considerable
strength and advanced sharply on the better
outlook for increased earnings owing to the ex-
IRENE cold weather all over the country. The
check general activity in the stock market We
believe Notwithstanding this the market viii do
better.
NEW YORK, Dec 19-There was little Of spe-
cifc interest in to-days stock market. which
was dominated by professional traders. Even
an excellent bank statement did not furnish any
incentive to activity. The list apparently
uninfiuenced by any news Developments and il
responded tardily to direct operations at any
particular point The opening market was irreg-
uny amount of activity at all AmaIgamated
Copper showed good undertone, with good
buying while Steel preferred active and
relatively steady around the higher level estab-
Iished for II yesterday afternoon. The granger
s sry, sndtber drive against the Rock island is
sues was attempted, but without any material
success although the price Of the common eased
of somewhat II seems evident that there is no
direct support being extended to that stock. and
of the compony in excellent shape and there
is no actual basis for bear operations in that
ment the coal stocks. particularly the high
priced issues, We're notably strong Delaware.
Jersey Central, the Erie and Reading stocks,
all aggressively strong. There was moth
ing to account specifically for this strength.
IA r. Thompson Col
NEW YORK, Dec. 19.-Our frequent references
during the evidence of Improvement in
the monetary situation were confirmed to-day by
the publication of most excellent bank state
ment. showing that the gain OF V9S 200 IN sur
cess Of the amount held at this time year ago.
The gain in cash of s7.2Oo0O0 which is larger
true condition of the banks, which are better of
than indicated The average system does not
gold received during the week from abroad and
the interior Surprising as IL was. the decrease
The ext.eme for II had BEEN expected that the
transfer OF loans from abroad would increase
loans. We shall expect TO see Improvement In
prices In the stock market next week on account
Of this excellent condition Of the money mar i
tion and the stock market is oversold. Pur
chases of good standard stocks should be made
ton st. Paul, Southern Pacific and Missouri Pa
cific as among the best. We expect TO see higher
S au6er Goods
tipped for an advance soon.
(Porterfeld & Col
NEW YORK, Dec 1s.-To-days closing prices
IN the stock market compare very favorably.
with the exception of a few cases. with the
final prices last week, and show gains ranging
from 81 TO 81 share. The most conspicuous
stock in the advance is United States Steel pre-
ferred, which shows a net gain Of 81 a share.
The week has been anxious one for long
holders OF stocks, S the different steel magnates
were in session The bears tried to influence
prices with rumors Of disruption in the pools.
but when the official announcement made
that billet prices would be sustained and that
the economies inaugurated by the United States
Steel Corporation will be Of benefit TO that COM
pany, q big buying movement of the Steel pre-
ferred began. which carried 1t beyond So The
rails all close the week strong, with the excep-
ton Of Rock Island, which was assaulted again
to-day on rumors of a bond issue The high
prices cotton have made big credit abroad
and the fact that the producer is getting the
benefit Of millions of profits on his cotton means
a great circulation of money in the South The
bank statement better than expected. The
outlook for good bull market was never more
encouraging