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

preparatory to the gathering Of funds for jan
uary disbursements; and later continuation
after the first OF the year.
These movements may be followed, as far as
we hardly looked for the violent liquidation in
Steel as has transpired. which makes the stu
ceedingly difficult to prognosticate. 1t is known
that the political situation OF 1904 at Wash
banking interests here. and it is likely that
the course OF values in our market in the
these interests in obtaining what they consider
representative man who will treat fairly the
That the large financial interests banded
together against the present administration,
quite csrtan ha o nG ae9Tt% markets S d
future will depend upon the outcome at the Re-
publican national convention next summer.
Railroad stocks weakened at the close on the
report from Washington that Colombian troops
had landed at the Isthmus, though this matter
railroad market win be supported and that the the
continued short selling will cause very sharp
rallies.
Meyer & Kiser Indianapolis.l
NEW YORK. Dec u.-There just one
distinct and effective influence in to-day's mar
ket. and that the weakness of the stocks
of the United States Steel Corporation. The
weakness in that quarter was sufficient to bring
about cratic market, irrespective OF senti-
ment or specific views of professional traders.
1t is not possible to assign any clear explana-
as If the present feeling towards that stock was
but the recrudescence Of that nervousness which
was so apparent a month 80 ago. The con-
dtion of the steel and iron trade is such that
there is always a plausible foundation for a
beartsh rumor in 1t. The selling of Steel to-day.
fined to traders operating the short side of
the market, but It represented actual liquida-
represented a foreknowiedge Of Impending adj
1t is not possible to assert that to-day's mar
ket was unqualifedy weak for the very rea-
whole trading session as to Contradict any
such statement. The railroad list was strong at
by an an @ Te a
stocks lost their agsressiveness and the move
ment Of Brooklyn Rapid Transit gave the i'm
preston that those who had judged the inspi-
ration OF its strength heretofore to be man.
moved irregulary and trunk line grangers. Pa
cities and coalers were alternately firm and
felt the influence of the weakness in the Steel
stocks and moved irregularly Peoples Gas
vorabe to the company will soon be rendered.
News developments were not important. Call
rates o ws5e n0rma and the preliminary
the banks Of about 100000. 1t is very easy to
develop the spirit of bearishness and almost
impossible to inaugurate bullishness. But Is
exceedingly unwise to take every reaction in
the market as the precursor of slump of un-
limited extent. This market has sufficient vi.
rlity in 1T to make 1t dangerous for a con
tinuous performance on the short side.
IA. r. Thompson & Co., Indianapols.1
NEW YORK. Dec u.-There a marked
Improvement in the money situation to-day
Call and time funds were offered in greater
freedom The big gain of s.. SOC. 900 from the in
terror bears out our argument to the effect thai
the volume OF return has set in. The gair
of 81, 0Oo.0 900 indicates that the bank statement
will be favorable. In anticipation of this We
look for a general covering movement. There
was excellent absorption of the good railroad
stocks to-day by investors and insiders under
cover OF the weakness in United States Stee
preferred. There are indications that the Rookie
feller-Gould group are likely to be pushed Il
the front very soon and we recommend tn,
purchase of Missouri Pacific Wabash and Tex
Pacific. We also believe that the Erie
Southern Pacific and Amalgamated Copper will
be found conspicuous. There is hardly any
doubt that the pressure United States Stee
preferred. which was chiefly short selling, Il
nearing a temporary elimination. At least tn,
volume Of trading in the afternoon indicated
IL. There is no reason to expect an advance In
the stock on anything else but short covering
at present, and nothing to buy it on
when there are other good opportunities Brook
Ign Rapid Transit may now be bought again
when soft, for the turn.