The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-24

easiness here. this would hardly account for tho
selling in active railroad issues to-day.
Rumors early in the day that the Northern
Securities case would be handed down and an
unfaVosable decision would be rendered, was
used to depress the list but this decision Will
likely not be forthcoming for some time yet
Continued extraordinary weather conditions are
anything else, as this is causing severe losses
to railways throughout the North. and earnings
will show very bad for the next month.
Meyer & Kiser.l
NEW YORK. Feb 23.-General declines were
made throughout the list in the afternoon ses-
sion OF the stock market to-day and an exceed
ingly weak tone developed Some OF the losses
were severe, and the tendency OF the market was
clearly downward. The selling could not be at
tributed wholly to the short interest. and IL
was very evident that long stock coming
out Some attribute the break to the further
uncertainty concerning the Northern Securities
decision Although the Supreme Court con-
Vened to-day and handed down a number OF
the list. There were many who expected the
decision to-day. and as result selling OF stock
became general in the afternoon. Ii was figured
by the speculative fraternity that the DE-
cision, whether adverse or not. would be prefer
able to the continued uncertainty. IL may be
that the case will not be decided for a month and
in the market. The opening market was fairly
steady, and, while the tone was heavy, no
weakness ue'eopeu ui ane az, -, pay "a me
continued throughout the rest OF the trading
session Southern Pacific and Union Pacific were
deveioped much weakness Southern Pacifc was
heavily sold without any specific cause to ac-
count for IT, Union Pacific also sold down and
st. Paul. Atchson. Baltimore Ohio. Penn
sylvania New York Central Louisville q Nash
vile, Norfolk q Western and the Reading and
Erie stocks all broke and showed no resisting
though the preferred broke one point. AEnalga-
mated Copper pref. was sold heavily and broke
were many bearish rumors circulated the
stock. The entire tone of the market was
feverish and weak. Money showed little change
. and of importance lacking
IA. r. Thompson Col
NEW YORK, Feb 2S-There gratifying
activity in the stock market to-day and even
though at the expense Of values TO a moderate
extent, was welcomed by Wall street for the
reason that the intense dullness of the last
week made the burden almost too hard 20 bear.
The reaction gives a line future movements
and makes judgment more accurate, so that We
are now prepared TO say that on this break
stocks OF the best character. like Union Pacific.
Southern Pacific. Missouri Pacific United States
Steel preferred and Gas. which were well bought
to-day, should be bought to hold without hesita-
ton as thew will with a temporary choppy
fuctuation rise TO much higher prices later on.
Money is beginning TO circulate and stimulate
business This is evident to US from the advices
received from various banking connections.
which say that the war supplies are being pur-
chased more heavily in this country than else
where and that it is certain TO exhilarate gen.
eral conditions In the East. The prosperity or
the West and South is assured Of maintainance
terrnent OF the iron and steel business is assured
also by the requirements OF the various powers
for further ornaments There has been much
talk of James r. Keene assuming the bear side
o the stock market, but we are OF the opinion.
Judging from close utilization with him, that
the well-known operator Is doing practically
nothing in the stock market The conservative
people of the street are watching developments.
but they are not selling the market short, and
are advising friends who can AFFORD 10
hold stocks. 10 buy them for a long pull when
ever they attacked like to-day. We do not
believe a better position than this can be as
sumed, and advise that you DO the same.
IPorterfield & Col
NEW YORK, Feb. 2s.-London and Paris were
both over Fridays fright and decentralization and
the market here showed fractional gains in the
early trading. but a feeling Of uneasiness
spread over the room and stocks were offered
more freely than for SOME time. The expected
decision in the Northern Securities case acted
as a nall over the market and assisted the bears
After the announcement from Washington or
its postpOnement the market had gained sum
Client downward movement 10 yield 10 other m
I fuences The action Of Pennsylv IN cutting
grain rates conjunction with the unsettled
/ rates West were pointed out a disturbing
feature These features. together with the IN
settled war situation in the far East, were too
much for the pools who have been holdlnB Sc
curities The strongest feature was People 5
Gas Others show declines. raging from - % -
| II looks like lower prices in the morning. There
is biz short interest in the market mat may act
as A panacea but good authorities think the
/ market will be some lower before wednesday
/ n