The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-07
PRIVATE ADVICE ON
CONDITION OF STOCKS.
Market Expected to Show Consider
able strength Early This Week.
Slight Declines Yesterday.
IA. w. Thomson, indianapolis. ]

NEW YORK, Dec 5.-The action Of the tape
to-day indicates plainly that during the heavy
trading in yesterdays session considerable
amount of stock marketed by insiders. re-
sulting in a moderate decline in the two hours
business to-day in the whole list. There is every
probability. however. that we will strength
again in the market early next week. other
stocks will be liquidated before q further reac-
ton takes place
With the further decline In values there will
be opportunity to buy again. as 1t seems to be
the purpose of big banking institutions to create
not only a market Tor stocks but also bonds
from now until after the first OF the year. A
matter overlooked by many. but which is becom-
ing Of s as the e, factor in
port business in the month Of October which
was the h sss with the the e5GePOn Of one
This initiates against great depression in busi
ness. as 1t proves we have market for manu-
featured materials as well products from
the ground the latter gaining great wealth for
the Western and Southern States. Heavy con-
tnental buying of securities in the recent two
weeks shows distinct confidence in our financial
position here. A further reaction is due in the
market. and on any soft spots buy Reading and
Rapid Transit, tennessee Coal and iron. stesis
Meyer 4 Kiser. Indianapois.I
NEW YORK, Dec. 5.-No developments Of Pc
culiar interest occurred In the stock market to-
day. although the trading at times was marked
by degree Of animation. There some re-
cessions from the higher prices OF the earlier
part of the session. but there was no symptom
Of weakness at any point which was contrary
to expectations. Many traders had assured
themselves that the reaction would come to-day.
and they were somewhat disappointed because
1t did not materialize
Profit taking at the higher level of prices
caused somewhat of an easier tendency To de-
velop. but pressure lacking and the stocks
improved rather than otherwise by the general
course OF to-days market and bearish opera
tors VINO nad covered their commitments on the
further contracts for the fall.
lyn Rapid Transit this morninr and on innsdi
ately after the opening there was furry in
then it began to ease of. losing substantial
part of its early gain. OF course. there are
We believe. to ascribe part of the strength of
sn the, stock, at least to manipulation. Brooklyl
possibilities of the company and any bull move
ment In the market can be taken advantage Of
The bank statement a negative affair."
giving little inspiration one way or the other
The puzzling feature about this bank statement
be reflected in it. They were lost last week,
too, and the whereabouts of the yellow metal IA
a little bit of mystery.
IAibert r. Thompson 6 Co.. IndianapoIisJ
NEW YORK, Dec. Authorizations In the
stock market to-day showed the effect of realz-
ing. which. as we pointed out yesterday, to
be expected in view of the sharp rise of the
last few days and eliminating in a heavy SELL
ing movement Of profit taking by pools The
bank statement about as expected except
that the loan account increased instead of de-
creasing. But the amount was not large and
was probably due to the increased speculation.
The small increase in cash. resulting
I.9,VOo increase In surplus. was anticipated by
close students The banks are now nearing the
surplus held year ago. and the total in excess
OF requirements is satisfactory. The outlook for
next week favors possibly moderate extension
OF the reaction. In which event we strongly rec
ommend the purchase of Western railroad
stocks and Reading. We believe Southern Pa
CHIC Union Pacific, Missouri Pacific and the
fractions to be excellent propositions for the
bull when soft There is no change in the fun
damentals, except that they should improve
Tor we shall in all probability begin to import
sovereigns next week from England Judging
from the weakness in sterling Money rules
wall street and the stock market, and stocks
will certainly respond.
lPorterheld & Co.. Indianapolis.l
NEW YORK Dec 5.-A retrospect OF the
weeks market shows encouraging and favor
able ending compared with the previous weeks
Quotations and the few stocks that have not
1nspicuous by their individuality. Among those
prominent are the Gould properties. Missouri
Pacific makes advance OF So 80 a share Wa
bash preferred nearly s. and the Texas properties
all show advances But the Improvement was
not confined to any particular class OF stocks
The buying sentiment has become contagious
and In Its breadth takes In all the railways in
dustrials and fractions Pennsylvania. which
was the target for the professionals. and only
two weeks since was down 10 III scored a big
advance. to lis. to-day United States Steel
preferred which utterly friendless a fort
night since made great stride. advancing 81
led with s. share advance After the bank