davidaulloa/AmericanStories huggingface dataset:
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02
BROKERS VIEWS ON
THE STOCK MARKET
IA. W. Thomson. !


NEW YORK, Feb. White better conditions
were seen in the foreign markets to-day,
exchange opened here with a pessimistic ten
dency. A fairly good volume of selling through
out the list occurred in the first two hours,
which looked like long stock coming from good
quarters, and stop loss orders caught in
many of the active stocks. The heavy selling OF
Steel preferred. which could not be accounted
for. creating a decidedly bearish feeling.
ingly gained ground that we had seen the end OF
the January rise and that sagging tendency
due until lower range of prices seen
Nothing was known at the great steel arch iron
center, Pittsburg TO account for the decline in
United States Steel, the trade itself being con-
sidered In fair shape, considering all things. Mr.
Rockefeller's resignation from the directorate OF
the company ascribed fol- the decline prin-
cipally. but no intimation is given as to who
came in the afternoon. when a decision was
handed down by the Supreme Court of Montana
in favor of the Amalgamated Copper Company
cumulated by the Boston and Montana company
of the Amalgamated company Stocks were taken
in large lots to the close advancing Copper
about points. This is a great victory over
Heinze, and virtually breaks his back.
Meyer & Kiser.J
NEW YORK. Feb There was nothing PAR
tlcularly satisfactory about the stock market to-
day. ard it for the most part reactonary in
tone. The manipulatve fraternity seemed to be
wholly discouraged and their hand could not be
traced in any of the market movements. The
strength Of Atchison is attributed, of course to
buying by banking house identified with the
fiscal affairs OF the Union Pacific. but there is
just a possibility that the manipulative breth-
may be doing a little in that quarter. 1t
is impossible to enthuse over this market An
nouncement made to-day that John d.
Rockefeller has resigned from the Steel Corpora
ton directory. There is significance in IT,
inasmuch as Mr.. Rockefeller's son will continue
on the board. Amalgamated Copper strong
to-day. The Montana courts reversed the de-
cision in the Boston and Montana Brook
lyn Rapid Transit weak during the day
Specalties such Consolidated Gas and Cen
eral Electric showed signs OF weakness. The
steel stocks We're heavy. The standard rail-
stocks showed little animation and mar
row fluctuations. Money continues easy.
IA. r. Thompson & Col
NEW YORK, Feb. 1.-The stock market was
a very unsettled and irregular affair to-day. The
morning news was encouraging to the bear party
but upon the recession there was little liquida-
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02
COPPER SHOWS STRENGTH
ADVANCED IA POINTS on THE BOs-
TON-MONTANA DECISION.
Body of Market ListIess and Weaker,
but Declines SmnII-BOnds Dull
General Outlook.

To corresponding day last year.. Io.Io4.5oo
NEW YORK. Feb 1.-The feature OF special
interest in the stock market to-day the
strength in Amagamated Copper. The issue
advanced nearly points on the Montana de-
cision.
The BODY Of the market was inert and Iistless
Dealings were Insignificant and changes were
small. The primary cause of the stagnation
undoubtedly the realization. sharpened by
the general review OF last weeks market. that
the January boom had proved abortive and
that speculative interest had baked at the lead
ershp seeking TO attract it into the purchase of
stocks
The condition Of the banking account and the
expectation OF a check to the accumulation of
reserves in New York is accepted warning
that the period of stimulating activity by specu-
lative operations had about passed. The portent-
Gus figure reached by the loan account of the
banks is in itself calculated TO exercise de-
pressive effect on speculative operators in
The sources of all this borrowing continue to
cause puzzled conjecture The transfer of loans
from trust companies TO banks borrowing on
sterling collateral which should be an incident
Of placing loans in Europe. and the holding of
bond issues awaiting a market. are all offered
as part explanations.
But all seem insufficient TO appease the sense
OF DOUBT caused by the hgures- IL is suggested
that there must be large floating Indebtedness
carried by railroad corporations awaiting a
favorable opportunity in the securities market
to be changed to fund form.
ton is subject of real misgiving. and the high
er cotton prices go the more apprehension is felt
that there may be sort of collapse which might
have considerable effect outside of that market.
Foreign influences were favorable to higher
prices to-day. and London bought early. The
selling of United States Steel preferred weak
ened the market. This stock came to pause
after the announcement that John ID. Rockefeller
had resigned from the directorate.
The SPECTATORS in the stock have made much
of theory that the control of the corporation
had passed to the Rockefeller interest during its
troubled vicissitudes, and were left in state Of
confusion by this development. The break in
Brooklyn Transit helped by of a
bond issue, and the other local fractions were
affected by the Illness of William G.. Whitney.
The strong advance in Amalgamated Copper of
Pa points due TO reports OF a judicial de-
cisiOn in Montana which would permit the COM
pay to collect dividends from its subsidiary COM
pany the Boston and Montana. which have been
tied up by injunction since the control was
acquired. The advance in Amalgamated Copper
checked the decline elsewhere, but did not
bring prices back to the early high level. The
closing lifeless, but steady
Bonds dull and steady. Total sales, par
value 81 1885, 600. United States threes declined
u per cent. call.
Sales and the range:
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02
TRADE IN GENERAL.
Quotations mt st. Louis, baltimore,
Cincinnati and Elsewhere.

ST. LOUIS Feb. Flour dull: red winter
patents $445Q4so: extra fancy and strslgnt.
al S2.50G2 s. Corn meal steady at s. 60 Bran
steady. sacked. east track. SqSlc Wheat high
May. S5TkdS5c: July 79Sc: No. hard S2GSic.
Corn higher: No. ?. cash. 45lse; track HEgt9i2c;
42lc HavLir,o9b lower az 81 s0i7i II 80 prairie
hrm at SsN9.50 Whisky steady al sLSlR. Cot
ton ties sl-05 Bagging. 5@ d6izc. Hemp Irvine.
&c Pork unchanged; jobbing, SlS@o. Lard IN
boxed, extra shorts. s7s2k clear ribs, SO;
short clears, SSH Receipts-Flour. ne@ bTls;
Shipments-Flour. 5000 brls. wheat, 5000 bu;
corn 5000 bu; oats. loo bu.
sia4 .. family. ss.5oas 3. Wheat STEADY; No.
red S5c Corn firm: No. mixed. i5iagiec
and irreEaaT 10 iSed saa 81 &c Lard quiet al
sSse Bulk 5 meats quiet at $50 Bacon steady
on basis Of SL2 Sugar easy; hard refined.
7sasc: July. 75Sq7sltc: cash. No. ? hard 7saSlc;
No. 3. 74077c. Corn-May. 43isd4sssc: july. ASA
Sc SSsh Me mixed [ibi tse' 30 30 white tSe
$50. Receipts-Wheat. So $40 bu: corn. g 500 bu:
e oorn. $50 b Sa osfs. sc0 bu neat 'Oo 0u
DULUTH. Feb. I.-wheat-In store No
hard. J07sc; No I northern. Ss2sc; No ? north
n G Sssse No northern. ss9sc Nav. SO.
July, SSi<c; september, T1zc. oats-On track
and TO arrive. -0c.
IS Is: February. S6.75: March. .S6s2isc asked:
April S6.65 Prime alsike. s.. 80. Prime limo
cash s27sc.
MINNEAPOLIS Feb. 1-Wheat-May, Ssss9
s92.c: July. Ss4sdSS@sc: September. 77izc; on
track. No / hard. 92lzc: No. / northern 90c:
No. northern. sc; No. northern. S2qS4c.
LIVERPOOL. Feb. 1.-wheat-Spot nominal
Corn-Spot American mixed new quiet at Is 2i4d;
American mixed old firm at As 6i2d-
BALTIMORE Feb. Close: Wheat-Febru-
airy. Sac May. 9iisc. Corn-February, $3.50;
April 5014 d50i2c.
MILWAUKEE. Feb. 1.-Barley steady; No. z,
Sc; sample, 3SQ6lc
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02
REvISIONS OF RATES OF
UNION TRACTION COMPANY

Notice Is hereby given that a revised
schedule OF rates OF fares on the inter
urban lines OF the Indianapolis Union Trec-
ton Company between Indianapolis and
Muncie. Anderson and Marion. and Aiex
andria and Elwood. including all inferno
date points on such lines. will take effect
Feb. 1, 1904.
The revised rates of fares will be as fol-
lows: Single trip fares on the basis OF one
and one-half cents per mile. minimum cash
fare 10 cents, round trip fare on the basis
OF 10 per cent reduction from single trim
fares; 25O-mile mileage books. good on ali
lines Of the company, Will be sold for 81 %.
l00O-mile mileage books. good on all lines
OF the company. will be sold for $3.50 Mile
age books will be sold only by conpanv
cashiers at passenger waiting rooms. An
additional seat fare will be charged on linn
tied cars.
Indiana Union Traction Company.
A. L. DRUM, General Manager.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02
Feast In Iron Trade
Not Derry Far Distant

The conditions regarding railway traffic are
not very different. At the moment they are less
good than they have been. and than has been
hoped, but they are surprisingly good and there
are reasons 10 expect better things Net earnings
for November had already reported a slight de-
crease, which has grown into a decrease for
December of y IS per cent. as compared with
an increase for six months OF p p per cent But
January reported a larger gross than did De-
cenDer' ana II Is not improbable that January
net may be moderately better than last year
the succeeding months TO everybody's surprise
sank exchanges last week showed an Increase
due 10 the increase in speculation rather than
10 wholesome trade. and for the month show a
decrease. At the other extreme OF this restricted
activity Is the extreme excitement In the com
modlty markets. Cotton is at the highest price
since specie payments: wheat Is getting near the
dollar mark; coffee is making new records for
this century under the stimulus and meth
DDS as were SO successful in the case OF cotton
Here Is very pretty arrangement OF epitauhs
Hall OF our domestic trade is in a reduced con-
diton OF system, and the other half Is In a hec-
tic flush But the great body OF our business
Is not IN either extreme, and both conditions
tend e. self-cOrrection. All OF these conditions
focus In security values. and here II we are
not on hard pan We are not far from H. Those
who expect return 10 the prices OF 1903 are nor
numerous. anc nave not monopoly Of wisdom
They are in urgent need Of a crop scare and
may be expected TO fash Bryan's ghost before
the eyes OF those eager 70 be frightened n ts
yielding 10 idle alarms. Awful things NAV
happen. but so also may very pleasant ones and
We are in a condition to await the Issue without
trepidation.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02
Butter, Cheese and Eggs.

NEW YORK. Feb. 1.-Butter-Receipts 4o2
packages. firm extra creamery. &c; creamery,
common TO choice, 15G221ac; State dairy. l4Ql9c:
held creamery 14620c. Cheese-Receipts. 93S
packages. steady: State, fun cream fancy, small
colOred. September, 12c; late made, l0l1c: small
white, September lie: late made. 10lac: lar q
colored. September, 12c; late made. 10l1c; large
white. September, 12c; late made. l0hac. Eggs
Receipts 6271 packages; lower and irregular:
State and Pennsylvania, nearby, average finest
SIC: State and Pennsylvania. seconds TO hrsts
3OQ32c; Western extras &c; Western frsts. Bic
PHILADELPHIA. Feb. l-Butter firm and 30
higher: extra Western creamery. 24c: extra near
by prints &c. Eggs &c lower: fresh nearby. &c,
at the mark: fresh Western &c, the mark;
fresh Southwestern, 31d32c. at the mark: fresh
Southern. 30c, at the mark Cheese steady and
in fair demand New York full creams, choice
10 fancy, n&sQ12c; New York full creams. fair
to good. l0c.
ELGIN, Feb. 1.-Butter ruled firm on the
Board of Trade to-day at 23c per 10, advance
OF 1c from last weeks quotation. Several lots
were offered at Csc and not sold. Sales in the
district for the week were 10000 lbs
CHICAGO. Feb. lon the Produce Exchange
to-day the butter market firm; creameries
l5d225c: diaries. 13d20c. Eggs easy: at mark
cases included, 26d2Sc. Cheese steady at 100
101zc
KANSAS CITY, Feb. Eggs lower; Missouri
and Kansas. cases returned. 23Izc; No. 2
whitewOod cases included. 24c.
CINCINNATI. Feb. 1.-Butter steady Cheese
steady; Ohio fats. 101zc. Eggs easier at &c.
ST LOUIS. Feb. L-Butter firm: creamery.
1692Sc; dairy, 12Ql7c. Eggs higher at 26g2shc.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02

Special to the Indianapolis Journal.
NEW YORK. Feb. Disappointing is the
word most frequently used to describe the con-
clifton OF the iron trade. The optimism felt and
expressed few days ago has turned into pessm-
upon the failure OF the optimism to take
the form OF orders for goods especially by rail-
ways. II is admitted that the goods would be
taken literally at the price for which they are
sold TO foreigners but the railways claim their
pound Of hesh-that is their excessive profits
under best and bravest tariff 1t is then
a mere question Of price and trial Of endurance
between the railmakers and the OF rails
That the railmakers hold out stubbornly
shows them 10 be in sounder shape than many
hsd thought but belief is growing in their ulti-
mately yielding. one reason is disappointment
in the expert trade. from which much had
been expected. Business without profit. and
only for the indirect advantage Of keeping mills
and men busy. is not attractive and is nearly
the condition upon which foreign business Is
being done that OF the most successful seek
ers after export contracts has expressed prefer
ence for the home trade.
When this frame OF mind is reached IL IL but
a step 10 shading prices and when this is done
the trade may be expected TO make OF its
startling transformations. Iron Is either prince
or pauper. because n IL always amid either a
feast or a famine. There is no doubt that we
are In the famine period and II history
teaches anything IL IL certain that there Is
feast not far ahead. whatever may pe the look
OF things at the moment.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02
NEW YORK MARKETS.

NEW YORK, Feb. l-Flour-Recepts. 1915
brls: exports. 1896 brls Market quiet mn,
steady and fairly we'll held. Winter straights.
s4%d4i0. Rye -four firm. Buckwheat -four
dull. Corn meal steady. Rye hrm. Barley dull
wheat-Receipts, $50 bu. Spot firm: No. ?
red. elevator. CSC: Nc. red s4c. T. o. b. afoat.
No l northern Duluth. N.O0N. I. o. b. aaoat.
No hard Manitoba nominal Z. 0. b. afoat
options-May. slkas2 l-l6c. closed at s2zc.
July. seAaIkc. closed at S7Ikc: September sozL
4SlLc. closed at slhc
Corn-Receipts. 1880 bu. Spot firm; No
sec elevator and SIC Z. o. b. afioat: No yeIiovv
55c; No. 2 white. sc. options-May. 55ss a5sssc.
closed at 56&c. July closed at 54Ac
Oats-Receipts. Is Oe0 bu Spot strong: No
acc: standard white, 4SH4SAc; no. g. s5c: No
white. 4sAc: No. white. 4sl.c; track white.
47q52c.
Hay quiet, Hops firm. Hides frm Leather
steady. Coal nominal
Beef steady. Cut meats irm; picked Shout
ders. S. Lard dun. Western steamed 81 IS.
Refined dull: continent. $50. South America.
s. p; compound. So 2Sae 70, Pork Arm. Tallow
dull. Cotton-seed oil steady. Petroleum steady
at sc. Rosin steady. Turpentine dun at etG641c.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02
Earnings of AmaIgamated Copper
COmpany.

The question of the Amalgamated Conner
Company's earnings has attracted more than
usual interest, considering that it has shown
It's ability to maintain 2 per cent annual rate
calling for 100000. without the use OF the
money due it from the Boston and Montana
Company. The Supreme Court of Montana. over
year ago, issued order in action bro, rbt
by friends of the Heinze interests, restraining
the Boston and Montana Company from paving
over 70 the Amalgamated dividends on the
stock held by the latter company II was
thought this would seriously handicap AmaIgas
mated Virtually all of the Sc. 750, 900 stock Of
The Boston ana Montana is held by the parent
company, and the Amagamated looks 10 this
company for more than third of its earnings
according TO authorities. Boston and Mon
tana s net earnings at the height OF its nros
perity, In 1900. sos. Isl. but they shrunk
greatly In the ensuing copper trade war Dur
ing the last year, however, it is generally
conceded that all Of the companies have done
better. most of them having increased their
dividends. This was the reason why some sx
pected n larger Amalgamated payment For
some slime report has been current that Anal
gamated has been dsposing of a part OF IFS
Anaconda stock, with view to converting its
assets into cash, but this lacked confirmation
New York Post.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02

LONDON. Feb. THE first series of the 1904
Wool auction sales closed to-day The attendance
was not as large as usual. The offerings num-
bered oSSa bales. chiefly scoureds and fine and
medium greasy merinos. Prices were firm. Aus
traian secured merinos during the session ruled
very firm and advanced per cent Greasies
were unchanged Inferior and heavy Australians
were somewhat easier. on the other hand, good
light descriptions ruled in sellers favor Fine
cross-breds barely maintained the December level.
Medium cross-breds opened TO ~ per cent
and cross-breds 10 per cent. higher. They de-
clined partially during the second half OF the
series and closed with medium per cent higher
and coarse IA to 10 per cent up. Cape of Good
Hope and Natal long greasy was unchanged. Fine
short was dearer and scoureds showed a gain
of led. During the sales 5000 bales taken
by home buyers, 60 600 sold 10 the continent
and 1000 TO America Six thousand bales were
held over for the second series. Following are
to-days sales in detail New South Wales 40
bales: secured, Is 2dq1s 61kd; greasy. SID.
Queensland, 1.5o0 bales: secured. Is 3dG1s 10isd:
greasy. 7q1Od Victoria. 100 bales; secured. Is
1isdd1s Sd greasy. So Od. West Australia. /. 200
bales: greasy. 5dd1s I'D. New Zealand 3 100
bales; secured. 6dd1s 4lzd; greasy. 5s&d1Olzd.
Cape of Good Hope and Natal, 800 bales; secured.
9Ldd1s Id: greasy. 6Q91zd.
ST. LOUIS Feb Wool steady; medium
grades combing and clothing, fd2lc; light fine,
15d17lzc; heavy fine. 12al4c; tub washed. zoo
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02
Local wheat Market Stronger.

The local cash wheat market ruled stronger
yesterday and the market frmer. The
range:
Wheat stronger; No. red. CSC track; No. 2
red csc milling freight; No. red, sc track
February. 94I9c; wagon, 9fc
Corn hrmer: No. white. Acc: No. 3 white
45c; No white 43c No. white mixed I5c:
No. white mixed. 45c; No. white mixed
yellow, &c; No. mixed. i5c; No. 3 mixed, 45c:
No. mixed, 4Sc; ear, nominal 45c.
Oats steady; No. 2 white. 411zc;. No white
Ale; No. mixed 40c; No. mixed, 4Oc
Hay STEADY; No. timothy rs; No. 2 timo-
thy, $40.
inspcctions-Wheat: No. 2 red, car; unrner-
chantable /; total, cars. Corn: No 3 white
20 cars: No. white, 3; No. yellow, /: No 4
yellow 2: No. mixed, s; No mixed, 2; ear
mixed. 2; total. IS Oats: No. mixed
cars; rejected, 2 total, cars
THE WAGON MARKET
Corn-Old, 45G5oc; new. 4Oa45c.
Oats-Sheaf so9l0 per ton; new. shelled oats
37G 40c per blu.
Hay-Cloyer; S.5eGs; timothy, s1Oqn; new
mixed, s10011; millet, SSa9
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02

ton noticed in the railroad list and the floor
sentiment turned bullish for a moderate raj
near In the afternoon rumors of a fayorabIe
decision in an Amalgamated Copper case caused
throughout the list. If the decision has ban5
rendered as stated, we believe Copper will sell
by a raid on Baltimore Rapid Transit and FIR
ther pressure upon United States Steel preferred
Inc comment upon the iron trade was still un-
favorable, and a sensation was created bv the
announcement of Mr.. John D. RockefeiIer's re-
ureinent from the United States Steel Corpor-
alton. which action. however, is not considered
Significant. and we understand his son will con-
elected place of Mr. Rockefeller IT i Si, ssi De
We continue TO recommend the purchase Of
Atchison. Missouri Pacific and Southern Paci,
nc, which were well bought to-day We do not
as as a class as yet We would not buy Baltimore
RAPID transit at present. The Western and
to our Information. and a trading market is like.
" to be maintained for a time. rallying when
GPorterfeld & Col
NEW YORK, Feb. 1.-The early market was
dsinclined to follow the foreign strength Lon
don was up Y average above our Sat
urdays close. and curb prices were even bet
ter. The professionals had some rurnors relative
to unfavorable developments in Baltimore Rsnid
Transit and pounded it. Amalgamated Conner
was also an early target, but the upper court :
reversal of the Boston-Montana case was a big
victory for Amalgamated and removes the in
junction that has held for three years This
means several millions available for dividends
Inc market Immediately responded and Cop:
pei advanced over 50 share from the IovrSIt
Inc close showed inside buying in large blocEs
ana IL VIII sell higher tomorrow The list was
ggTIauS' Rockefeller's resignation S director In
Sited states Steel was surprise. and accounts
IoL Its iate weakness, as considerable of the re-
cent cent seIing Is attributed to lquidatng his hold
iings. There was persistent buying in Atchison
Doun oy London and the Western crowd The
H Ihel closed feVerish and probably but for the
Eopper incident would have been somewhat
lower. There is nothing especially against II
ana with money down to per cent. for call loans
anu 5t7 Tor 30 days, and per cent di,-i
Iehd paying stocks selling in the SOS and COS
look like gilt-edged investments 'O'
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02
Oils.

OIL CITY. Feb. 1.-Credit balances 81 SIS: GER
tifcates bid. Shipments. .421 brls: aver
age a. SIG brls; runs, 126 5sl brls; average 654I
brls. Shipments Lima). 129. 902 brls average.
67.2l6 brls; runs 0ima) 6s.l64 bTls: average. Co.
1S2 brls.
SAVANNAH. Feb. 1.-Turpentine dull at Sic.
G. s2.s5; II. s.. %; 1. $50; X. sS35: NJ Sass:
y. $40; window glass. 1885; water white. AS.
WILMINGTON, Feb. 1.-Spirits OF turpentine
firm Coo Rosin firm $3.50. Tar arm at
81. 40. Crude turpentine firm at s. 50 TO S4.z5.
MONTPELIER, Feb. 1-Crude petroleum
strong; North Lima, SO; South Lima and In
diana, 81. 81
CHARLESTON. Feb. L-Turpentine and rosin
nominal; nothing doing.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02
New Grain Exchange at Omaha

OMAHA. Neb.. Feb 1.-The Omaha Grain Ex-
change began business to-day. A hundred bro
kers gathered the floor and listened In
a brief address by President Wattes who an
pealed to the grain men and brokers to deal
fairly with the public. expressing his faith In
the success of the exchange. He sounded the
gong. and himself offered the first lot of graf,
for sale. He sold 5000 bushels of Nav corn =,
ACC. at the same moment declaring the exchange
open for business. The receipts of grain we're
good seventyhve cars Of corn being received
during the day The early trading was rapid ana
the corn market had range of l1zc during the
half hour. -
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02

CHICAGO. Feb. Trouble with the EN-.
ployes of the Illinois Steel Company a,
south Chicago over the general wage re.
duction being made by the company spread
to-day to the skilled trades engaged IN
maintenance and construction work or the
buildings and equipment OF the company
Two hundred bricklayers and building Ia.
borers. reduced from 50 cents an hour tc
S7iz cents, were ordered on strike