The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-11

and continuation Of declining tendency. The
decline in United States Steel preferred n was
ascribe to-days decline in Steel preferred TO any
thing more than general manipulation winch
Steel preferred has become the leader In the
market of speculation and movements or this
insiders on the general situation. Heavy SELL
ing of this stock would cause rush to sell
every Other stock the list This caused the
recent heavy short interest in railroad secur-
tiles. and 1t may be the purpose or the Dull
terest by such tactics. The buying of Erie and
Reading has been OF the best and showed ma ma
gains sT IN rne With a the e list in the after
noon session. These stocks can be bought on
any recessions as they are likely to snow large
Certain important interests state that the up
ward movement in Amalgamated Copper is not
yet over. but after recent sharp rise the stock
should be bought only on breaks A consid-
cradle short interest is known to exist A lower
opening Is expected tomorrow morning.
Meyer & Kiser, Indianapolis
NEW YORK, Dec. 10.-There We're few stocks
on the list to-day that did not show the effect
of the reactionary tendency which developed
force before midday. Weakness was evident in
various quarters and sentiment was influenced
adversely by the decline throughout the list.
Taking the market generally it was cratic
and irregular during greater part Of the day:
The downward movement was not consistent and
resistance was in evidence. although ultimately
not effective. 80, =,
attention during the forenoon session by their
strength. BROOKLYN Rapid Transit was agrees
v Tty that consolidation of traction
is inevitable The manipulative genius OF some
spensbe or the amp in Rad
sit The Steel stocks were undoubtedly weak
and the preferred was sold down TO ,, the &C
ALREADY noted. Pennsylvania was under pres
sure, and eased of, while New York Central
stocks acted comparatively well, but Atchison.
Rock Island. Union Pacific. Southern Pachc.
Missouri Pacific and such stocks reacted with
the rest of the list Specialties were erratic.
AS the market continued to decline a bearish
sentiment grew. and at the close professional
operators were somewhat evenly divided News
DEVELOPMENTS were not very important, ,, line
of a Russo Japanese war had bad effect on
foreign markets which was ,,, somewhat renected
IAlbert r. Thompson & Co.. Indianapolis.]
NEW YORK. Dec. 1o-Reactionary in tone
to-day under the influence of pressure upon the
preferred stock Of the United States Steel Cor
poration. the general stock market showed good
absorption. 1t particularly noticeable that
the Western towns sent orders to buy on re-
cessions. such Atchison. Missouri Pacific.
Union Pacific and st. Paul. Unfavorable rumors
accompanied The pressure on United states steer
decline in the stock has discounted the adverse
news whatever 1t may be; IL probably is a
because of the stationary condition OF the iron
and steel trade, which, however, gives evidence
OF improvement. Amalgamated Copper, We be-
lieve. will be of the next specialties to be
advanced sharply. and we recommend its pur-
chase, with the idea of taking a scale-down
in the event of reaction. In the railroad list,
we believe Erie will be found to move up sharp
ly, with Reading IN the van. in the very near
future London, which nearly always has good
information IL, is buying. Fundamental con-
ditions are steadily improving. Money shows
betterment. Gold continues to come way
from all parts of the world. Rates for call and
time funds are reasonable and will not advance
to any extent. except possibly in the call market.
tPorterfeld & Co., Indianapos.l
NEW YORK, Dec. 10-There was consid-
cradle bulge In the first half hours trading.
and Brooklyn Rapid Transit led, with 81 ad-
vance. The coalers well bought. Erie
sold up to 80; Reading to ASH. After the first
hour the market became dull and irregular.
with the bears attacking United States Steel
preferred. Rumors floating around that
the quarterly earnings would show big de-
crease. This seemed to affect the entire list.
which soon became subjected to realizing. After
the closing hour further selling occurred and
the whole market declined, with final prices
showing losses of from. to points. United
states Steel preferred broke 215 points. There
are some peculiar features to the market to-
night that not encouraging. We believe
stocks be bought some lower before Satur-
day. The best purchases on further declines
are the granger railroads and the fractions.