The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-06-08
BROKERS' VIEWS ON
THE STOCK MARKET

NEW YCItK. June There a little
more activity and frmness displayed in
the stock market in the last hour to-day
than has Teen noticeable for nearly a
week. The Principal cause of this improve
ment may Sc attributed TO the extensive
short interest encouraging professional
traders to 3ly for a turn, and other larger
operators t6 move against it for manipula-
tive purposss. The movement in Ontario
* Western 1.-THE last few days has shown
the trading element what is being done in
the way OF creating a better market for
trading purposes St Paul was picked out
as the leaCEr and next Pennsylvania and
Union Paci1c, and the whole market was
advanced uEder the lead of these stocks.
Nearly all f:le trading element lent a hand
In helping Rong the improvement, as they
are in the gumor just now to assist any
movement - prices either way If il can be
made extenHive enough TO offer operations
for profit or either bull or bear side. These
have been lead long that to-day's i'm
provement las stimulated general better
feeling and;has revived the hope that the
market mai do still better, at least long
enough TO 4ermit making turn.
3GMeyer & Kiser.l
NEW YORK, June Although the trad
ing in Ontaiio & Western to-day was rela-
lively heavy it was not on the same scale
as yesterday and the market in conse-
quence pr8ented an appearance of less
animation. zAs a matter of fact trading was
in small vofIme and if the sales in Ontario
&. Westerne were eliminated the total for
the trading session would have been de-
cldedly small. The trading in Ontario &
Western g1ve evidence to-day, as il did
yesterday, cf some manipulation, and there
are many who believe that the movement
in the stocil is purely speculative. Some
ooubt Is expressed to the ability of the
voting trutees TO abolish the trust, even
though th% desire to do so. Under the
terms of the trust it cannot be dissolved
until dlVYiend has been earned and paid
on the COMMON stock. The earnings avail
able for dividends even last year were
less than ~ per cent. on the stock The
price today was advanced to 49, but il
reacted before the close. There no ami
ket. Steel preferred. Union Pacific. st.
Paul and Reading We're firm and held their
own Southern Pacific was relatively
| strong. The Erie issues showed little
| change. Chicago Great Western common
| showed little strength but the trading
was light: London did very little in the
market. The bond market was quiet and
steady, ths feature being the trading in
| Consolidated Tobacco tours Money showed
no change.
r. Thompson & Col
NEW YORK. June The action Of On
tario & Wdetern was again one of the chief
influences ts-day, the general list following
more or Leo closely the movements of that
stock. Alter the opening weakness de-
veloped in. Ontario & Western and was
but later, lspon buying of Ontario & West
ern, the Whole list was benefited and a
general b ra;y set in. due principally ito
in toward Che close. however, and some OF
| the gains Xere lost, but the market closed
fairly flsn3 ConsiderabIe short GOVERNS
| helped they rally along, but the movement
was entlrdy professional, and we do not
believe 1T fill be long maintained.
&c. T. braulik & Col
| N!lW YORK, June THE opening in
stocks this morning was without any spe-
cial feature. Most of the list was a frac-
ton lower than last nights close and some
further RECESSION took place in the first
hours ira ng Business was DUH for most
of the mtT>ning, but after break of a
dollar a Care caused by some liquidation
on the patt of the room trading element
who had Fought Ontario & Western yes
terday afternoon the bulge, another
good buying movement set ir in that stock
and 1T rosa rapidly. regaining all the early
loss, and ,old up TO 254 without any set
back. At the top price, however. there
was considerable for sale and a lack OF
supporting orders caused a recession oi
part of TIL. advance. There are many ru.
mors regkding the accumulation of hi:
stock. buts,noth,ng authentic that can be
verified up:to the present time. The buoy
ancy in Oytario & Western had a stimi
latfng emest on the balance of the list
notably s(famong the coalers There wa.
some shoE covering in the Steel stock:
and also n Fries. Pennsylvania was wei
bought, ago Reading common and the sec
ond prefelsed. While the center of interes
has been :Ontcrio & Western. still Their.
was mssch better distribution of order,
to-day than for many days. and the clos,
shows thet buoyant feeling exists i'm tn.
| greater part of the list Whether IL can b.
attributed to outside buying or short cover
ing is. of course. problematical. but for tn,
moment .'e are inclined TO think IT Il
rather PREMATURE TO look for any advanc,
of Consequence in stocks, and, while Their
NAV be y further rally. il is likely to b.
confined specialities and not the list il
general. Hlose is steady TO firm, with tn
| aduanca fHirlv we'll held