The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-27
BROKERS VIEWS ON
THE STOCK MARKET
Ia. W. Thomson.1

NEW YORK. Jan. .6.-To-days prices in the
early showed great irreguarity, follow
ing the London market Repeated drives
made in TIE active issues for the purpose OF
unooyering stop orders. but very little stock
came out Without further unfavorable news
from the East better tone seen in for
eign security markets. which reflected here
in the late dealings with the sharp advance
shown throughout the active list. The move
ments in of, the specialties the
suit Of manipulation. but it easily be said
that SHELTERS common is entitled to higher
range of figures since this stock is earning
20 per cent. and paying a dividend Of 3 per cent.
Rubber Goods common is said TO be earning over
10 per cent. and a dividend of or per
is talked of i'm the future. Locomotive
common is earning between and per cent.
and the company has accumulated a large
plus but it is believed that any dividend on
this stock is entirely Of the question at pres
ent though the outlook OF this industry is most
reassuring for the future. The increase on
the dividend TO per cent. Of the North Amer
lea Company created better feeling among in
dustrial circles and II is known that this com
pany is earning very heavily to-day We should
see a renewal Of activity tomorrow and ad-
vancns prices generally throughout the list,
barring unfavorable events over night.
Meyer & Kiser.l
NEW YORK, Jan. 2e.-Dulness dominated the
stock market during the greater part of to-
days session. but i'm the afternoon trading sub
stantial strength developed, and a higher level
of prices reached. The manipulative fra
ternity was not so much i'm evidence to-day
but IL insult be confessed that there was some
manifestation OF their hanoiwork i'm the latter
part OF the session. London came lower this
morning and tho news concerning the japanese
situation was rather ominoGs Despite these
factors our markets opened higher. though
maintained throughout the forenoon session and
reactions were MADE in number Of issues The
fluctuations were not sufficiently wide 10 induce
very much trading. and the market could rot be
characterized as weak at any time. Profession
al traders lid not take much interest in the
market until the afternoon; when number Of
stocks were taken in hand and prices marked
up. Some good buying developed in PennsyI-
vania ard Wabash stocks in the afternoon trad
ing and this had . stimulating effect the en-
stocks throughout the day. and the buying i'm
that quarter was particularly good. Pacific Mail
luctuated rather widely on the conflicting war
rumors. The strensth in North American was
sufficiently accounted FOR by the increase in the
dividend from To per cent. There some
buying of Atchlscn also on the publication of
The earnings. steel preferred held very well
throughout the day.
Porterfeld 6 Coz
NEW YORK Jan. s6.-Thc market showed
great resstency to-day in the face of TIE lower
tone from London and the efforts Of the profess
sionaI bears. The closing shows some improve
ment all around The rails. under leadership Of
Missouri Pacific. all show betterment Pennsvi-
vania a strong feature in the face OF the
hear talk We learn from a semi-Official source
in Philadelphia that Pennsylvania will show
twelve mlliors surplus for the year after all div
iceIlds and charges are paid. This report proI-
ably figured in he hnal transaction which car
ried Pennsylvania above Up
a. r. Thompson & Coz
NI.W YORK, Jan 26-'Thc stock market be-
came somewhat oversold to-day. signs OF its
approach were observed in the early London mar
ket. which reflected New York short covering.
The shorts made a drive at the list soon after
the opening here, and tried 10 cover. but there
cline of consequence proved Intellectual Good
buying was met I'm the standard issues ana
toward the afternoon the floor elemen: gave IN
the selling and started recovery. finding not
many stocks offering. We informed en- most
excellent authority that the bond sales over the
counter-the only cenUne-Geging the last two
weeks were enormous. and larger than the entire
sales for several weeks past. This indicates a
great surplus OF cash. which have been ure-
dieting for some time. Almost invariably ac-
ccrding TO Wall streets history. the buying of
bonds i'm this measure has been succeeded by
stock purchases IN large volume. We anticipate
this condition in <fe near future g. the money
the receipts OF currency bv New York TODAY
indicates another favorable bank statement sat
urdag. We cannot. In view OF these conditions
too strongly recommend that you purchase good
securities Whea soft. We are told OF a cool
move imminent In Missouri Pacific Southern
Pacinc ana Union Pacific favor!tes OF ours
They were strong to-day Sugar Is TIPPED iCr
further rise. but ia II would only take small
returns. We bullish on Rock Islands. Peo-
pies Gas Will go higher, as II is being bought by