The Indianapolis journal., 1904-01-19
BROKERS VIEWS ON
THE STOCK MARKET.
Feature of the Market Yester-
day-GOOd Bond Business.
IA. w. Thomson.I

IA. w Thomson.J
NEW YORK, Jan. 1S.-Steel issues practically
made the market to-day. 1t is becoming a rec
ognzed fact now that the per cent Steel bonds
going to be payers in the future and
that the preferred stock will continue on a
per cent. basis. Unless the iron situation shows
itself in a form than recently. there are
no cheaper securities in the market than Steel
5s. Another prominent feature in the trading
to-day was the Rock Island securities. The
entree of Mr.. Loree TO the presidency of the
property and the changing of the financing to a
conservative basis has created a different senti-
ment in regard to the preferred and common
stocks The Missouri Pacific statement showing
a heavy net loss for November, was disappoint-
ing. However. there gross increase of
about S100, 900, hence II will be seen that oper-
ating expenses were extraordinary. This matter
be looked at as being technical. IL is the
habit OF this company to charge expense account
bond business has been done to-day and a strong
demand has shown continually. which is a most
Meyer & Klserl
NEW YORK. jan 1s.--Consistent strength was
manifested by to-day's stock market and there
were no weak spots nor irregularity displayed
There was a lack, however, OF animation, and
increase in commission house business was
reported. The market dull and entirely pro-
fessional, and there semblance Of growth
Of an outside interest Although there was
nothing TO found such q rumor on a story was
noon session that decision might be handed
down in the Northern Securities case to-dav
This served to induce a certain amount of un-
certainty and retarded to some extent activity
even among professonals The war news wes
mixed as usual. and seemed to have less effect
than during the last week II is not all GER
tain that war between Russia and Japan Will
come, and there are elements in the situation
pointing to peace. Taking individual stocks.
he issues. AmalRamatpd
the Alton stocks. In the later afternoon trading
there was sharp advance in the Rock Island
by shorts. Both the bonds and stock had been
strong all day, and the short interests were
figures The Steel stocks very strong-the
sinking fund bonds remarkably so.
IA. r. Thompson & Col
NEW YORK Jan. ls.-There could be but one
response to the excellent bank statement Of Sat
urday and the stock market is 10 be reported
as strong to-day with speciality advances and a
very good demand for bonds, which usually pres
ages a buying of stocks in volume later on. The
oversold condition. the easier money and better
war news were all factors in operations for inn
provoment and we expect to see 1t continue this
ducing investors to enter the market In the gilt
edge department. which operation will soon ex-
per cent or more on the invested capital There
was evidence Of Morgan buying to-day in the
geenral market but more particularly in United
States Steel issues which strong. The pre-
ferred stock gives evidence OF going higher
There has been reason 10 believe that the Nor
pan interests were bulish for some time but
waited an opportunity. We believe their issues
will be among the most conspicuous in the i'm
movement we anticipate. The Eries for in
stance were bought by Morgan when they de-
clined The preferred issues should be purchased
for a turn when weak. The banks start the
week with a gain in cash from the subtreas-
,,rv and the interior exchange rates show that
the eastward flow of cash continues. Another
GOOD hank statement is very probable and 10
discount IL the stock market will advance oc-
casionally checked, perhaps by the war rumors
hut only tempOi arily. The large interests have
been buying bonds at private sales. A big block
changed hands on Saturday. This buying is now
exten5ing TO stocks. We strongly recommend
again Amalgamated Copper, Southern Pacific
Missouri Pacific, Rock Island and Pennsylvania
as the best things TO buy