The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-16
PRIVATE WIRE ADVICE ON
CONDITION OF SECURITIES
Drive Against Steel Issues Caused
Lower Prices in stock Market
Money on Call Steady
"A. w. Thomson, 1ndianapolis.I

IN
NEW YORK. Dec. 15.-London again sent q
higher range for Americans and the opening here
responded to the better feeling in London.
Among the active railway issues, Erie. Union
Pacific and Southern Pacific continued as the
leaders. Among the Industrials Amalgamated
The buying emanates from sources conspicuous
in all upward movements in the past.
~ dull and became very narrow. Profit taking
caused a reactionary tendency, and a fractional
decline &Sa snn frSm tine best 81 prizes thee S Se iae aay i OF SiSi.
dends on Shelters of IA per cent, placing the
se ADVANCE Sn e ? o PER the eee Common Dasns from s. last month
to 80. proves that this advance discounted the
declaration of this dividend.
There was nothing of interest in the way of
news during the session and the general list
trading of the afternoon was largely professional.
The market closed dull, but with every indica-
ton of strength.
Meyer & Kiser, Indianapolis.]
NEW YORK, Dec. ia drive against the
Steel stocks in the afternoon served to develop
a reactionary tendency in the rest of the market
and induced much nervousness. The selling of
Steel, particularly the preferred stock. was very
evidently the work of bearish traders, and did
not represent liquidation to any appreciable ex-
tent. The entire market eased off and loses
averaging a point from the highest prices of the
day were shown by a majority of stocks at the
vival of bearish sentiment, but 1t was not suf-
hcient to peutralize wholly the bullishness that
pervaded the market during the earlier part of
the day. The market seems sensitive to bearish
influences. but the undertone. which is apparent
good. There is no reason to believe that the
drift of prices towards a higher level has ceased,
ing the early session the market was firm, and
even strong. The Steel stocks at that time were
notably strong. and the fractions stocks were
being quietly manipulated for a rise. Brooklyn
Rapid Transit was aggressiyely strong; but later
and Southern Pacific were heavy at the open
ing. but ultimately became very strong. They
eased of later with the rest Of the market. Some
of the buying of these stocks is particularly
good. The granger stocks generally were fairly
firm throughout
Pennsylvania developed weakness in the later
trading and sold down considerably. During
the greater part OF the day Amalgamated Copper
was firm. and its subsequent reaction was not
pronounced. The industrial list generally SYM
down on profit taking. following the announce
ment Of a dividend OF ~ per cent; on the com
actly what we predicted. both as to the time and
amount. some months ago. Although no period
teriy dividend. Baltimore & Ohio was not ma
terlally affected by the announcement Of it's
Money on call ruled around the figures that
have prevailed for several days. News develop
good, and a substantial rally i'm the market is
quite within the bounds of possibility.
IPorterield & Co.. Indianapolis.l
NEW YORK, Dec. 15.-The upward movement
that started yesterday was further augmented
Ii lnc tdIly IA HdJOTlly OF STOCKS
advanced, and on the specialties considerable
Roadway was made. Copper advanced 81 a
share with bids of So a share for its next divi-
dend. Brooklyn Rapid Transit gained over a
point on buying, presumably by the same crowd
who engineered the advance of last week. In the
merits. Wabash Preferred and Missouri uPin pa eaflr
were well supported. United States Steel pre-
ferrcd got above $4 a share.
The strength continued until near the closing
hour, when the market became duh, with frac-
tional declines. In the rails and from eleven to
nOint in the indUStrtalS Rnf for fha arc
short interest Steel preferred would probably
sell lower comparatively in sympathy with the
shutting down and curtailing of expenses. The
fact ot this drastic movement will prove the
salvation OF this corporation. The economy will
paw the dividend. Like the railways. some years
back. when put upon a sound economic business
basis, IL will prove n great investment. Believe
the market Will open higher. but will be narrow
and dull.
IA. r. Thompson & Co. Indianapolis.l
NEW YORK. Dec. 1--we call attention to-.
day to the strength OF our favorite stocks.