The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-31

ers were shaken out While Union and Southern
Pacific easily the features Of the railroad
session was in the Steel stocks. which made ex-
cellent gains on the days trading The only
stocks was the statement made early IN the
session 10 that the recent quarters business
and that assurance has been given by well-ln-
formed people connected with the corporation
that the next preferred dividend OF per cent
was sure to he paid with possibility OF some
thing on the common That conditions IN tne
steel and iron industry have changed FOR the pet
ter there is no longer any doubt and IT is De-
l1eved that with the heavy cutting OF expenses
make a very creditable showing for 1904. Tha
railroad market to-day showed great irregular
The upward Trend Of prices is likely for some
weeks yet. but stocks should only be oorgnt on
weak spots. We believe many good turns can
short. Money higher on call this morning
This is only natural ana usual at this time and
the street took no alarm from the crcuI I'M
money market checked TIE manipulation IN the
share list and profit taking with certain
taking the place Of the artificial buying under
which the market advanced the two preceding
Meyer & K.ser.I
NEW YORK, Dec SO.-Irregularity marked
the of the trading in the stock market
to-day and there alternate periods OF de-
preston and exhilaration. At time could IT
be said positively that actual weakness pre-
vailed although substantial declines were re-
corded by a number of stocks. Taking the mar
ket I'm detail, ii seems evident that there was a
good deal OF profit taking, nuch equanzhg IN
anticipation of the holiday and very little snort
selling. The market such that speculation
for the fall ra Their precarious. The reaction
of the earlier trading was logical enough and
the subsequent aggrtssiveness savored somewhat
OF the artificial There is undOut tediy an eIloI-
nous short interest yet and this will always
tend to strengthen the market Professionalism
still rules and outside interest Is limited Dur-
ing the reactionary period of the forenoon ses-
declines a
made. When thu market continued 10 DIeah
dullness supervened showing the spirit OF bull
isbness sill nervadsnp traders Steadiness en-
sued and this followed by sharp raliy.
The Initiative in the early decline was taken by
Brooklyn Rapid Transit, and the traction stocks
were sympathetcally affected. The Steel stocks
reacted easily and the Industrial list generally
took it's cue from that security. Both Amalga-
ties lacked effective support The railroad list
followed the trend Of the market. and every
stock showed some decline There was good
Missouri Pacific. The Rock Island issues were
not particularly strong at first but braced up
the afternoon and became the leader in the
rally, scoring a substantial gain. Inc wnole
relatively good. News developments were shsht
tPorterfeld &c Col
NEW YORK. Dec. So.-soon after the open
ing Of the stock market the bears tried to force
liquidation. The news pointed to
lower London prices. AS the day grew cables
brought more serious from the Orient and
to create realizing in stocks Prices sold
OF 81 TO 81 the fractions and Steel preferred be-
ing attacked viciously. Around the noon hour
complete recovery was made with the steel
stocks the leaders. Apropos OF the steel we
learn from semi-officiaI source that the guar
terly earnings will be over sl5ocoOOo and the
yearly about Sill 600 COO The same authorities
say the per cent. dividend on the common and
the per cent on preferred Will be authorized at
the meeting Jan. 5. This looks reasonable
the way the stock IL acting. The rally spoken of
above held until the closing half hour when
part Of ii was lost in proft-taking. The leading
houses still bullish and claim the reaction
is healthful to bull market.