The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-21
BROKERS VIEWS ON
THE STOCK MARKET
[Albert r. Thompson & Col


NEW YORK. Feb. 2O.-Whe the publication
of an excellent bank statement to-day did not
cause any short covering to speak Of its effect
will probably be noted next week, so far as the
stock market is concerned it will operate
for easier money rates and time money, which
be obtained good collateral for a year
at Az per cent. may sink still lower. The bank
statement was exceptionally favorable, and the
increase In reserves puts that total at a figure
almost twice as large at the same time last
year. The arrangements are, of course respon-
sible to some extent for this. The decrease in
loans shows that some of the stock market liqui-
dation had its effect; the increase in cash was
in line with preliminary estimates.
Events of the week have proved that the bear
contingent does not control the market by any
means, and that while it may occasionally. on
bad news from Europe, force prices down. they
will rebound, owing 10 the sOld-out condition.
and the fact that liquidation Of Importance can
not be forced, as stocks being carried
by the powers that be, which have cheap money
to back them and which prefer TO carry good
tically nothing to do il, for such a condition OBJ
tains in view of the cheap money, low price of
The Northern Securities case will soon be out
OF the way. If reports are authentic and the
distant. We would not hesitate to buy dividend
Rayins issues. like Union Pacific. Atchison.
Vile q Nashville and Southern Railway pre-
ferred whenever attacked by the bear contingent.
they pay for al PtSn a 9r
being attracted by this condition and the circI1-
should brng pyosperfty ~ MrsI Preoautlons
The International Paper Company is benehtting
by the war, and we continue to recommend the
purchase OF the stocks Of the company
GPorterleld & Col
NEW YORK. Feb. 20.-There was a lower
opening to-day and rather a saggng market
from the start. Business was dull and seemed
TO be more of an evening up kind than anything
else. London cane lower and the bears used
that means Of opening this side in SYM
pathy. There was no market TO speak Of and
what trading took place in the first hour was
weak sister all day. There was apparently mo-
effort made to hold this stock for some reason
Pennsylvania was the most resilient of the trunk
lines RMS stock Is oVersold, hence its undercur-
rent of strength. Taking the list as a whole
there was nothing worth chrOncling TO the trans
actions until the bank statement was published
This was much better than expected and caused
some covering in the last half hour; not SUIT
ncient business, however 10 make much I'm
preston either way. Close was a shade better
ture. Don't look for anything but a traders
market for next week. with the percentage favor
ing a rally on short covering early in the week
Meyer & Kiser.l
NEW YORK, Feb 20.-To-day's session was
like that Of yesterday and the day before. in
fuenced entirely by selling for foreign account
London, Paris and Berlin all reported sem-pan-
icky markets. and prices abroad closed panickv
The only liquidation apparent in market was
that for foreign account. The market would
have closed weak had II not been for the sur
IN deposits and decrease in loans with 81 900 0O(
increase IN reserves. was construed most favor
ably The surplus reserve now is three times
what II VAS year ago. and over twice what A
was two years ago Money offered to-day al
per cent for six months, and for eleven months
money was offered at Az per cent Northern Sc.
curities again was strong the curb We are
recover their share by our opening Tuesday morn
ing.