The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-13
CnicnEo Stocks.
PRIVATE WIRE ADvICES ON
THE CONDITION OF STOCKS
Market should he strong Rather Than
Weak Until End of Year, at Least
General Conditions Good.
"A. w. Thomson. Indianapolis.l

NEW YORK Dec. l2.-In reviewing operations
of the week I'm the stock market the close to-day
shows moderate recessions in railroad stocks
from the high figures made on Wednesday, rang
ing from to per cent. Irregularity has been
shown after a steady advance OF about two
months. This would indicate top to the mar
ket for the month, but the important question
to-day lis how far is the present decline going TO
run. While the railroads have shown remarka-
BILE strength, with apparently little liquidation.
Steel preferred has been very heavy with enor-
nous trading, showing distinct liquidafion.
Whatever the market may do in the next week
in specialties 1t is unlikely we will see any ma
terial change in the general list till after jan l.
In the meantime we should see advancip ing e d,s
bursements made the first of the year seek In
vestments at this period The business situs1 I3
and general prosperity in nearly every section
The only disturbing feature is the political stu
the big financial and business interests OF the
country.
IAlbert r. Thompson Co., Indianapolis
NEW YORK, Dec. 12.-Further raiding by the
bear element to-day effective in depressing
Pennsylvania, toward which their efforts were
concentrated. interest being transferred from
United States Steel preferred. This driving of
these issues is for the purpose of covering large
commitments In other parts of the security mar
xet. The effect Is not as pronounced as IL was
the last time. There is a big investment absorb
J ton, both foreign and domestic. with which TO
contend. Excellent absorption Of such stocks as
Atchison, Union Pacific, Southern Pacific Mis-
souri, Pacific Erie and Reading is going on. The
market is rapidly becoming oversold When this
condition results there will be another cam
paign against IL by the Rockefeller-Gouid con-
most prominent in the rise The bank statement
to-day reflected the improving money conditions
by increasing the surplus reserve 100000 and
darr eli lOan
| better money situation is taken into considera-
ton In conjunction with the probability that our
exports for this year will show an increase Of
500, Oo0, last year. with the United states
foolish VIII sell stocks at this time. There is a
big European prospective absorption OF our Sc
ST IN to is bene RAPIDLY
| duced. and the market be advanced sharply
| in the immediate future.
| Meyer & Kiser, Indianapolisl
| NEW YORK. Dec. 12.-Irreguarity marked the
| course of prices this morning. and several weak
spots developed in the course Of the trading. The
| attack on Pennsylvania was vicious enough to
have been more effective. but IT did not bring out
any great amount OF long stock. After the early
weakness the market rallied and drifted into
dulIness. All operations against the market were
not particularly profitable. but the bearIsh ele-
were a little better to-day. selling of at first
/ and then rallying. The traction stocks lacked
s ne to sas St paul WAS relatHeIy strong
| and this had a good effect. American Sugar was
erratic and did not act well. Traders continue
bearish, particularly on the Steel stocks We
can state definitely that the net earnings of the
I more than so per cent. OF what they were the
corresponding quarter OF last year. We do not
| hesitate TO say that the dividend on the common
I stock will be passed, but the dividend on the
i preferred will not, in our opinion. be reduced
The bank statement was comparatively good
one Surplus increased ST. 772 600. loans decreased
AZ $50, while cash increased $4,000. some
what better tone developed after the publication
ol lie la.nk statement. but the result not OF
i..t1riai importance The close showed slight
hnijr1, emen; in sentiment
[porterneld & Co., Indianapolis.l
NEW YORK, Dec. 12.-There very little
change in the aggregate In the days transac.
! tons except in specialties The Western con.
tingent sold Steel again. but found considerable
! resistance offered The selling In Brooklyn wa:
| no more than could be expected, as last weeks
| manipulation fragrant that the most un
| SOPHISTICATED lamb could IL. Such move
| nlents hurt a legitimate market. The bears
| tried to make big capital out of the Pennsylva
MIA losing a considerable strip of land along IN,
Chicago river. They succeeded in breaking tn,
| evidence Of profit-takng. Copper was irregular
but subjected to profit taking. The bank state
| ment was favorable, but was practically un
| noticed in the trading. Erie and the GoulS
| stocks showed the most resistance. and an
| inward demonstration next week they will b.
the leaders. Chicago Gas lost its bulge on tn,
J report that the supply OF fuel gas was exhausted
/ This stock will bear watching The decision or
the 75-cent gas is about due. Look out for Iowe
/ opeuinr Monday.