The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-18
Chicago stocks.
BROKERS VIEWS ON
THE STOCK MARKET
IA. w. Thomson.I

NEW YORK. Feb. T.-Foreign cables reported
London and other markets were practically at a
standstill and that stagnation prevails in all de-
partments, owing to a general disposition to
wait for war developments. Our market here
opened irregular and the tone was decidedly
heavy. The trading was small in volume and
fractionally up to the noon hour. when the tone
was confined TO floor traders. There was slight
pressure in Brooklyn Rapid Transit. The sales
were attributed to the pool. London was a very
moderate seller. Prices continued to shade off
became more steady. Erie was pressed for sale.
The source of the selling could not be traced.
1t is said that the - per cent. s~yncicate call
woule tring some long stock. Much talk was
inculsed in regarding rates in the West, but
We think the reports about cutting grain rates
are largely magnihed. The market closed dull,
but showing a slight tendency TO improve.
Meyer & Kiser.I
NEW YORK. Feb. 1z.-Despite the dullness a
marked reactlonary tendency developed in the
afternoon in the stock market and prices eased
of considerably. There was no strength dis
played at any point and the developments Of
activity by the bearish contingent would have
undoubtedly caused a severe slump. AS 1t was
activity was restricted principally to the first
hour and to about seven stocks. The early
market showed only fractional declines and an
UNDERGONE Of steadiness was apparent. The
easier tone developed before midday and in the
early afternoon genuine weakness could be de-
tected. The last hour OF trading was marked
principally BY the periods when the ticker was
at a standstill. The trading was wholly profess
sional and there seemed to be a holiday feeling
on the floor Of the exchange. Sentiment was
depressed, and the market was about as unin-
teresting a proposition as could well be i'm
agined. Some OF the active stocks in to-day's
trading were Amalgamated Copper. Atchison,
Brooklyn Rapid Transit, ST. Paul. Pennsylvania.
Erie and Baltimore & Ohio. Copper maintained
a fairly steady tone throughout and its loss
was less than most of the other active stocks.
Brooklyn Rapid Transit. in spite of obvious
pool support, declined easily. st. Paul lacked
resisting power. The selling of Erie was the
feature of the market and 1t seems only now
that the extent of the decline in the earnings Of
the company are being appreciated. Pennsyl-
vania exhibited some good buying, but no specific
strength. Steel preferred held fairly well. Com
mission business was at a complete standstilI.
Consolidated Gas lacked the interesting features
that it displayed during the past few days.
Baltimore & Ohio seemed to be affected by
German selling. The bond market to-day was
dull and heavy. Extreme dizziness prevails in
the monetary situation and rates are practical
IPorterfeId & Col
NEW YORK, Feb. 1.-THE stock market to-
day was a repetition of the last few days and
about all that can be said OF it is that it opened
and then it closed. The initial quotations were
about at last nights figures or fractionally be-
low them. There was no news of especial i'm
port to influence prices either way. except the
rumor of a probable conflict in the Balkans.
London story put out for effect. II passed I'M
actions were mostly confined to the room
traders. who chased eigkths and quarters TO
make spending money. The market was very
sold down a cent, then rallied u and held most
of it 10 the close. Pennsylvania was next in
activity, opening sc under last nights close.
sold off q more. and regained half of II before
the close. Erie was weak from the start and
tendency at the close. The sransers wer lew s1I
lower than yesterday and may sag still more
from all appearances. The balance OF the list
shows the effects of a general apathy on the
part of the trading public. which may carry the
wise folks are picking up bargains these days
and many OF the dividend payers certainly look
investor.
IA. r. Thompson & Col
NEW YORK. Feb. 17.-An excellent opportun-
ity is presented by the professional reaction in
the stock market to-day to get bargains in the
standard railroad list. particularly Southern Pa
cihc, Union Pacific, Rock Island, Baltimore &
Ohio and Missouri Pacific. There are reasons to
believe that these stocks are being accumulated
by large interests unostentatiously viz. on a
scale and without bidding for them. This kin
of buying reduces the floating supply of stock
and prepares for a good advance later on. The
selling Of to-day was almost entirely on the part
of the professional room crowd. which changes
its position very suddenly and seldom operates
for more than a point or two. The market shows
no sign of liquidation and will soon become over
sold again. This continual driving down of prices
softening to-day-is putting the market into
splendid shape for a substantial recovery by the
aggressive with money easy. The outlook. on
account of the heavy pension payments. is for
on Saturday, and the professionals will probably
get ready to discount II soon. One of the chief
reasons large interests are agreeable to CARRYING
stocks now is that IL costs less than a year ago,
when prices We're so much higher and money
liquidation under these circumstances. When
ever everybody becomes bearish, as they are now,
il is time TO call a halt on pessimism and 10
buy a few of the best securities. With iron trade
Improvement, continued prosperity in the South
and West and easy money. we cannot become
bearish. and advise purchases on all weak spots,
especially in the issues above mentioned.