The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-09
PRIVATE WIRE ADVICES ON
THE CONDITION OF STOCKS
London Demand for American Securi-
ties Creates Strong Tone In Stock
Markets Active Session.
IA. w. Thomson. indianapolis

NEW YORK, Dec. S.-Followlng the leau OF d
higher London market for American securities.
our opening here recorded advances generally
throughout the list. and later showed great &C
tivity, with an upward tendency. Large blocks
of stocks traded in on the advance.
Taking the high prices this morning, IT would
seem that the steady advances. running about
zen points, have been made in the active issues
and since low figures in August and September
fifteen to twenty points have been recorded In
many securities. So it will be that we have
been in a slow bull market since that period. A
reactonary tendency is due throughout the llst'
before any further general advances take place
We believe this advance viii come later, Wnen
long stock has been shaken out and et @
Amalgamated Copper are purchase on any
further declines.
Meyer & Kiser. Indianapolis.1
NEW YORK, Dec. Sit is easy enough to &C
count for the reactionary tendency of the stock
market during the later trading to-day and the
inspiration of it was plainly enough proft-tak-
ing. No analysis of the market could reveal any
sign of weakness that could be construed as dan
gerous 1t would be idle to assert that the mar
ket could continue indefinitely day after day to
show advances and not reflect at any time the
recessions which invariably follow the taking OF
profits 1t is now two weeks since the distinct
Upward movement began. and the apostles Of
bullishness who at that time practiced what
show shey R FOR the faith that was in them
There were some comforting things about to-
DAYS market that are worthy of comment. Stocks
There also an increase, limited tnougn IL
was. in real commission house business 1t Is
too soon to predict a return of public buying
but the outside public, or that part OF IL when
months. is perking up and taking notice of things
marketwise The market at the opening was
sonaTy in others General strength quickly
veoped and activity was marked An easier tone
cceeded by an upward movement that affected the
whole list. Profit taking developed and stocks
iis points. ST. Paul was strong during the great
er part of the session. but sold down in the later
movement. Pennsylvania and New York Central
with their allied stocks. reacted The granger
stocks notably Atchison and Rock Island, which
Union Pacific, Southern Pacific and Missouri Pa
cifc followed the general trend of the market
traction stocks were handicapped to some extent
by profit taking by the political clique that has
ferred acted Very we'll. considering the market.
following the general drift of prices. The indus
but nothing which might cause any worry.
NEW YORK, Dec S.-We attach the greatest
Importance to the remarkable strength mani
tested to-day in the stock market. The absorb
ton was of very encouraging nature, and may
be ascribed largely to purchases by the public.
which has at last been induced to purchase by
the attractiveness Of securities and by the
strength of the general list in the last ten days.
1t is always necessary that the public be a fac
tor in any sustained rise. Manipulation must oc-
cur first, but 1t cannot be maintained without the
must sooner or later be constructed.
Those who bought to-day are the shrewd out
siders who do not wait until the top. Mscella-
traders will recognize soon that the con-
ditions Justify a substantial Improvement but
by the time they make up their minds the list
will be considerably higher. Gold is now being
received in New York. not only from Europe, but
from the West and this; added to the large
pose of dividend distribution the first Of the year,
necessarily operates to reduce call rates. This
money must be employed. The money market,
we have repeatedly pointed out, the first of the
month of January. The stock market discounts
| is now the order of procedure. We hope our
| friends will take advantage of the opportunity
presented to purchase A1snisoh fseihe
| upon all soft spots to hold for rise. which will
| take place between now and the middle Of jan
[Porterfeld & Co., Indianapolis.l
| NEW YORK. Dec. THE stock market was
| again full of good things and the professional
| crowd bought freely at the opening. The large
| commission houses followed with large COM
mitments. The buying that started around 4.
yesterday in Copper hestated unit
| that stock got above A. to-day. In the rails
! everything responded. from Atchison to Wa
! general Improvement ST. Paul sold near
| ly up to 1i5 Missouri Pacific crossed 81 and the
| others followed. Pennsylvania got close to l.,
| and everybody breathed easier to the Ions
| delayed bull movement gathering force The
4 upward tendency continued until the delivery
| hour. when the bull leaders encouraged profit
/ taking. which resulted In some reaction of from
/ one-half to 81 q share. This is as ii should be-
must make haste slowly" Otherwise there r,
| is danger OF overconfdence and overtrading
reaction. when stocks will again be pur.
| chase.