The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-20
Chicago Stocks.
BROKERS VIEWS ON
THE STOCK MARKET
IA. W. Thomson. I

NEW YORK April 19.-The decision
handed down to-day in the United States
Circuit Court at St. Paul, denying the APP
plication of Messrs. Hartman and Pierce
10 intervene in the Northern Securities dis
tribution plan was not unexpected. The
market showed no signs of any apprehen
sion on the part of legitimate holders OF
stocks, as the belief generally prevails
that after all this action brought by Mr..
Hartman merely for the purpose of
getting ruling on the question. The meet
ing of the stockholders of the Northern
Securities Company will be held on Thurs
day, when action will be taken as TO the
method of distribution of the assets. We do
not look for any appeal from the decision
of to-day. The decision had its influence
i'm the afternoon session, when a reaction
airy tendency set in. The downward move
ment was led by the sale of a large block
of Metropolitan Street Railway. the stock
declining points and showing a feeble
rallying power. All the active list was
freely sold by traders and some slight
liquidation followed this selling. The clos
ing quiet and with little tendency to
rally.
Meyer & Kiserl
NEW YORK, April 19-The stock market
to-day suffered a severe setback and the
active stocks made heavy losses. Sew
eral rumors of more less serious i'm
port found their way into circulation, and
coupled with these was the decision of the
Circuit Court of Minnesota, adverse TO the
Hartman interests. The main rumor and
the most effective to the effect that
j. p. Morgan had died in Paris. This
caused a heavy selling movement in the
market and Influenced an activity which
the decision against Hartman had not
affected OF course, the Morgan rumor
was promptly denied and the statement
made that Mr.. Morgan is in excellent health
and is in England at the present time.
Another adverse factor in the DAYS market
was q sharp break in Metropolitan stock,
caused by the selling out of the holdings Of
deceased member of prominent house
in tho street The stock sold down nearly
4 points and il had a bad effect on the
entire market, particularly on the 1rac-
lions. The decision in the Hartman case
to the effect that the petition could
not be entertained, but the point is made
in the decision that there is no question
decided as to the equity of the plaintiffs.
The Hartman interests say that they ex-
pected this decision, and went to the Min
nesota court as a mere matter of courtesy.
They state that another suit will be begun
as soon as the attorneys are ready The
stocks that suffered most in the after
moons decline were Steel preferred, Metro
politan, Atchison. ST. Paul. Union Pacific
and Brooklyn Rapid Transit. The entire
market. of course, was weak. Union Pacific
wavered only slightly when the Hartman
Il
eral selling afterwards it broke easily. The
selling in Steel preferred was attributed
to certain inside interests. Consolidated
Gas was strong throughout the day. The
selling of Atchson was regarded as good
Delaware & Hudson active and strong
to-day. During the greater part of the day
| the market was dull.
IA. r. Thompson & Col
| NEW YORK, April 19.-The market tone
during the morning was apathetic, and the
dealings were merely for the professional
| account, even after the long awaited de-
cision on the merger petition had been an
nounced. Later in the day what was
claimed to be liquidation for a large es-
| tate disturbed the artificial character of
! the dealings. and a general decline set in
| assisted by traders selling rumors Of
| rumors were afterwards officially denied
but the denial did not materially rally
| prices. The inference to be derived from
| these facts is that the market is not in
| a position to absorb liquidat ted holdings
| at the current prices, although il is as
| serted that only 10000 shares were thrown
! over. Principally metropolitan developed
pronounced weakness. There was no sign
| of the strong support that was given the
market on soft spots a week ago and
| shrewd traders are arguing from this that
| the spring boom has about run its course
These traders consider stocks a sale on
strong spots. Certainly from the market S
| action to-day, il would seem that any con-
| siderable liquidation from whatever cause
| could easily bring about a good decline.