The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-30
BROKERS' VIEWS ON
THE STOCK MARKET
IA. w. Thomson.l


East did not prove as threatening over night as
the bears who sold stocks freely yesterday
expected. Late London cables were more
assuring This had some influence and the
market ruled with steady tone. showing
tendency to advance. Most of the day the mar
ket was extremely dull, the volume of trans
actions being the smallest seen for some time.
The buying in AtchisOn was good. The report
that the stock would be listed in Berlin was
at the opening, but recovered this loss dur
ing the forenoon. The active stock huctua-
sion United states Steel issues were active
and received good support. Amalgamated Cop
bbu uving Of the stock steadied it, we do not look
for any material change in prices until some
thing definite is known regarding the solution
of the TAR Eastern question.
Meyer & hiser.I
NEW YORK, Jan. 29.-Trading in the stock
market to-day was cratic and there periods
when it might be characterized positively
weak There was no severe break, however, and
some stocks were notably well maintained. TAX
ing the market in review it might be said that
there was a fairly firm undertone and a lack
of aggressive selling. There was selling, Of
course. and Of 1t good, but the bear
ish element rather careful. Professional
traders were disposed 10 leave the market alone
temporarily, at least, and this made for dull
ness. which was accumulated at times by the
absolute lack OF outside business. Commission
houses reported very little doing and the APP
pearance of the market was such that venture
some outside traders heSitated. While the I'M
dertone of the market seems firm enough there
is something about It that would seem to indi-
cate that eventually reactionary movement will
predomnate. The market opened slightly lower,
ignoring the better tone of the London market.
There was momentary steadlness and then
spell of weakness during which Realty preferred
broke points on four sales. IL may be said,
of course, that this Is not an unusual exploit
for a manipulated stock, but it is certainly an
object lesson. There was no rush to buy it at
the lower prices, and confidence in the ability
of its hackers to keep it up is not very apparent
Another stock that is feeling the effect of
pool operations is American Locomotive, which
is literally tipped for a rise on the theory that
dividends will soon be begun on the common
that stock. St Paul of the very
strong stocks to-day. The Steel issues were
strength Pennsylvania and the Wabash stocks
were heavy for time but eventually frmed
up. Dizziness ruled after midday. Chicago Ter
mnal preferred was weak. Atchson continued
to be one OF the strong stocks. and Union Pa
cihe and Southern Pacific were helped by the
publication Of earnings News was meager and
money was. easy. The banks have apparently
Increase in loans, an increase in cash and an in
crease in reserves are likely in tomorrow
statement.
GPorterfeld & Col
NEW YORK, Jan. 29-There was a peculiar
stock market to-day. Consols came lower. grain
cables higher. with American securities in Lon
don higher. This is rather paradoxical. The
talk that Russia has not answered Japan's note
The course of the stock market to-day was ir-
regular. The industrial list showed some weak
lower than the close last night.
IA. r. Thompson & Col
NEW YORK. Jan. 29.-There was practically
no evidence Of any more than a spasmodic
liquidation in the stock market to-day. and that
ceased in the early trading. that. finding their
depressing tactics meeting with an apparently
oversold condition, the bears desisted and the
floor professionals began to play for a moder-
ate recovery. aided by pool manipulation OF
specialties and the favorable developments OF
the day, which included a big gain from the
int rior by the ban6s for the week indicating
a favorable bank statement Tomorrow, unless the
loan account il thrown out OF Probably
the best news received privately during the
day was the assurance that the banking Gle
rncnt viii come 10 the aid OF the overloaded
/ oates party and support the market. preventing
bear campaign which would not any way be
justified by tie existing conditions. So that the
outlook distinctly the purchase Western
railroad stocks, particularly Union Pacinc. Mis-