The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-14
PRIVATE WIRE ADvICES ON
THE CONDITION OF STOCKS
Market Should BE Strong Rather Than
Weak Until End of Year. at Least
General Conditions Good.
IA. W. Thomson, IndIanapolis.I


NEW YORK, Dec. 12-In reviewing operations
OF the week in the stock market the close to-day
shows moderate recessions In railroad stocks
from the high figures made Wednesday. rang
ing from to per cent Irregularity has been
shown after a steady advance Of about two
months. This would indicate a top to the mar
ket for the month. but the important question
to-day is how far is the present decline going TO
run While the railroads have shown renaIka-
bic strength, with apparently little liquidation.
nous trading. showing distinct liquidation.
Whatever the market may do in the next week
in speeialties. it is unlikely We will see any ma
terial change in the general list till after Jan l.
In the meantime should see advancing con-
ditions rather than declining ones. as the dis
vestments at this period. The business situation
throughout the country shows continued stability
and general prosperity in nearly every section.
The only disturbing feature is the political stu
alton. which appears to be causing concern among
the big financial and business interests OF the
country.
GAlbert r. Thompson Co.. Indianapolis.l
NEW YORK, Dec. 12-Further raiding by the
bear element to-day was 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
ket. The effect is not as pronounced as II was
the last time There is a big investment absorb
contend. Excellent absorption of such stocks as
Atchison, Union Pacific, Southern Pacific. Mis-
market IS rapidly becoming oversoid when this
condition results there will be another cam
paign against it by the Rockefeller-Gould con-
most prominent in the rise The bank statement
by increasing the surplus reserve 81, 7oO. 900 and
decreasing loans more than 81 10000 When this
better money situation is taken into considera-
ton. in conjunction with the probability that our
exports for this year will show an increase OF
even now a creditor of the world, none but the
foolish will sell stocks at this time. There is a
big European prospective absorption os Sc
curities. according to good information. The
floating supply OF securities is being rapidly re-
duced, and the market can be advanced sharply
In the immediate future.
Meyer & kiser. IndianapolisI
NEW YORK. Dec. 12.-Irregularity marked the
course of prices this morning, and several weak
spots developed in the course Of the trading. The
attack Pennsylvania 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
dizziness. All operations against the market were
not particularly profitable, but the bearish ele-
ment was rather persistent. The Steel stocks
Snd then ryng The Traction Stocks Lacked
the manipulation OF previous days. and were In
clined to sag. St, Paul was relatively strong.
erratic and did not act well. Traders continue
bearish. particularly on the Steel stocks. We
can state definitely that the net earnings of the
corporation for the present quarter win not be
more than 90 per cent or what they were the
| corresponding quarter of last year. We do not
hesitate to say that the dividend on the common
stock will be passed. but the dividend on the
preferred will not in our opinion, be reduced.
The bank statement was comparatively good
one Surplus increased ST. 0o0 loans decreased
ST. 1Ss 000 while cash increased $S9, 900. some
what better tone developed after the publication
OF the bank statement. but the result was not OF
material importance. The close showed slight
| Improvement In sentiment.
(Porteraeld & Co., Indianapolis.J
NEW YORK. Dec. 12-There very little
| change in the aggregate in the days transac-
| lions, except in specialties. The Western con-
tingent sold Steel again. but found considerable
| resistance offered. The selling in Brooklyn was
| no more than could be expected last week.
manipulation so fragrant that the most un-
sophisticated lamb could it, Such move
ments hurt legitimate market. The bears
| tried to make big capital out of the Pennsylva-
MIA losing a considerable strip of land along the
/ Chicago river. They succeeded in breaking the
\ stock 81 a share. The regular list sympathzed
only fractionaly. Sugar quiet and showed
| evidence OF proft-takIng. Copper irregular
! but subjected TO profit-takng. The bank state
| ment favorable, but was practically un-
| noticed in the trading. Erie and the Gould
| stocks showed the most resistance. and on any
] upward demonstration next week they will be
| the leaders Chicago Gas lost its bulge the
| report that the supply of fuel gas exhausted
1 This stock will bear watching. The decision or
| the 75-cent gas is about due. Look out for lower
| Monday.