The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-20
Chicago Stocks.
[By A. r. Thompson & Co.'S wire.l
BROKERS VIEWS ON
THE STOCK MARKET
Ia. w. Thomson.1

NEW YORK, May 19.-Speculatlon IN the
stock market continues very small and
narrow, and is still confined almost entirely
to the local professional scalping con-
tingent. The market still shows no very
decided tendency either way, but is more
inclined to drag The short interest is
furnishing the chief support just now to the
general list, as there is no outside specu-
lative or investment demand, except for
either hgh-class bonds some of the
more recent new issues, like the Japanese
bonds. for instance, which are being taken
very freely by investors all over the coun-
try. Bankers, in the meantime, are stlll
busy floating recent railroad mortgages and
other new issues and making arrangemcn ts
for those which are pending, such as the
new $780, 600 New York Central bonds and
! the S35, 100000 new Cuban 5 per cent. loan,
which is to be offered for public subscrip-
ton next week. They are also still engaged
in concentrating the gold export move
ment, which we think will continue until the
whole s25,oocOoo japanese loan has been
paid for. About sS,0o0OO0 was shipped out
Tuesday and s5,000,O00 more will go by
to-days steamer and 100000 additional
on Saturday. This leaves the general stock
| market speculation still in the hands prin-
cipally, of room traders. OF course, there
must be some change soon, as the market
cannot continue very much longer IN this
rut. Aside from the probability OF some
rally at any time on manipulation against
the short interest. we see little probability
of any Improvement in prospects for the i'm
mediate future.
Meyer & Kiser.1
NEW YORK. May 19.-Trading was re-
stricted again to-day in the stock market
and the interest manifested was decidedly
| small. The market was professional, which
needs scarcely be stated. The general tone
of the market was reactionary, and nearly
| all the stocks traded in showed a frac-
tional loss for the day. A few specialties
were taken in hand and manipulated nota-
bly, Realty preferred. The strength in that
stock was ascribed to the impending pro-
mitigation of the plan for the reorganization
of the companys finances. 1t is likely TO
| be made public tomorrow. There were no
news developments of importance No
more gold was engaged to-day, and the
| total shipped this morning was $500 .00O
| 1t is probable that more than s. 900 will
| be sent out on Saturday. Unless the inflow
| of funds from. the interior is large and loans
are reduced COZ siderably, surplus reserves
the r banks to the Is area6y
over 100000 and this will have TO be
reckoned with in figuring on the bank
was Steel preferred. The fluctuations il
that security were narrow and the tone OF
the stock comparatively good. Pennsyl-
vania showed some activity, but nothing
| of interest developed In that quarter. This
that can be said of it, St Paul was dull
and easy in tone. The traction stocks
reacted fractionaly. During the earlier
trading Sugar was the newest stock or
the list, selling off under very slight pres
of interest London did practically moth
ing in this market. Money rates are un.
! changed.
IA. r. Thompson & Col
NEW YORK. May 1s.-To-day's market
should be characterized as purely profes
siopal. There was no news of any kline
to influence sentiment one way or another
There may have been few supporting
orders placed shortly after noon to forestal
the apparent inclination on the part of beal
traders to make a drive, but the marke
was narrow and offered but little induce
ment on either side Crop reports wer.
mixed and contradictory. Reports of rail
| road earnings to hand are not encouraging
be unfavorable and lower prices befor'
the end of the week are probable. In tn,
meantime advise sales any bulge.
caused by short covering.
&c. F. Braulick & Col
NEW YORK, May 19.-There was quit
a squirt of activity in the early trading
but it was mostly confined to few special
ties. The trading was downward, and i
appears that there is still some long stool
to come out on the rallies. While the mar
ket is irritating to the outsider. it is mucl
more so to the commission men in its pres
ent condition. The excuses INDUCED in b.
spectators during 1901 and 1902 produces
a condition which demanded that a perio
of recuperatiOn commensurate with tn
| damage done the financial situation shoul
ensue. The time has apparently not ar
| rived when speculation be encourage,
to any extent, and spectators will have Z
| ha ant no m or mi hat
under the bit. When the time does come
| and 1t is likely to be very soon, they vii
| undoubtedly all fall in line with their old
time vigor and help boost the now dorman
stocks to a much higher level Condition
are gradually assuming a more favorabI
aspect. Notwithstanding the .pessimst.
views expressed by the financial writer
all over the country. Reverting back L
to-day's market, the afternoon trading wa
dull and lifeess. but the general list Shove
| a more healthy trend. and early losses wer
| in most instances fully recovered Tn
close was dull and near the best prices O
the day for a few stocks, and fractionall