The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-22

the brokers' daily letters upon the operations
uncoiored newspaper accounts OF the trading.
This fact shows that to the disinterested out
slider the Improvement is substantial
II appears-or is made out to appear-to brokers.
But, nevertheless, the marSet looks better and
general conditions show Improvement.
T ? 2 AHtfa
In connection with tie report that James r.
Keene is buying southern Pacific. the fact is
recalled that about three months ago Mr. Keene
reported TO have bought $4,000 calls
Southern Pacific IN London six months away.
The fact that he is buying the stock would
about his having bought calls six months away:
dispatch from New York says: 1t IS said
that James r. Keene and his friends bought
southern Pacific recently and are now taking
steps 10 put IL up, believing that active move
taken seriously, there is probability OF
any. development Of the kind until refunding is
well in hand
Concerning the reports forecasting the North
ern Securities decision Philip King says: 1T is
realized that there are many ways in which the
Supreme Court. while in form sustaining the
Judgment adverse to the company that is already
Of record, could yet modify it or lay down a
nnal construction of the interstate-c commerce
law that would allow the practical purposes for
which the Northern Securities Company was
called into being 10 be effected. These ends
could be accomplished If. for instance, the courts
should hold that, while it was illegal for the
majority of the stocks of the Great Northern and
Northern Pacific Railroad companies, it would
not be Illegal for the Northern Securities Com
pany 10 own and vote less than majority OF
the stocks. If the Northern Securities Company,
Great Northern and Northern Pacific railways
in the same way that the Pennsylvania Railroad
more & Ohio and similar railroad properties
legal objections could be raised At any rate,
people giving the financial market their daily at
tsntion are coming more and more 70 peheve tnSt
rhe present price OF N0rtheTn fb sc0TA
tingences proceeding from legal complications af-
fectng the property, or from any other cause
tion of the Northern Securities Company the
value Of its stock must be rated by every com
petent railroad expert at much more than that
of $50 share"
The governments estimate, made last fall. of
a return of $780, 900 to the farmers Of the
country from the years grain harvests was, as
is proved, much too small The present ag-
ricultural in this country, like its prede-
cessors for the last five years, has been one Of
t fge of F the 2d al f s IS snE
for far greater optimism in high financial circles
than was current little while ago.
7 +
Meyer Sc Kiser QNrom Bartlett. Frazier & Co.'S
Wall-street House.)-"It is a question whether
the pace set yesterday in the stock market can
be maintained indefinitely. There is manpula-
tion of course, and there may be enough outside
interest suaeien6 TO Pert Inc un nof ss 15
count on the indefinite continuance of the pres
ent advance The market was undoubtedly ex-
harated, and, while it may be maintained it
is all improbable that it will settle down
within short time"
Porterheld & Co.-There is great deal of
resemblance between the present stock market
and the condition in June, 1888, following Nc
Kinley's election. 1t VIII be remembered that
a bull movement started at that time which
carried prices up from 60 to so points. The
ket is broadening it climbs upward.
Prices have already responded from So to $40
a share from the low points last year. Buy
stocks and buy them