The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-06
Chicago stocks.
GBy A r. Thompson & Co.'s wire.I
BROKERS VIEWS ON
THE STOCK MARKET
IA. w. Thomson.1

NEW YORK. Feb. 5.-The foreign markets
were much disturbed over the war outlook.
Cables from London stated that hnpe OF main
tanning peace had been abandoned Americans
in London, however. were unchanged and the
opening here remarkably steady. showing
hardly any change from last nights close.
United States Steel issues continued to receive
excellent support After the first hour a sag
which developed from the traders The very
heavy borrowings et ralToaos s1ca "a, as inc Mis-
Of stock authorized by the Delaware & Hudson.
After the noon hour the market continued to
bear traders sold and the active list showed de-
clines of about one point
Meyer & Kiserl
NEW YORK. Feb. 5.-Sharp breaks all along
the line were in order in the stock market to-
day and weakness dominated trading up 10 the
close. The forenoon session irregular with
fairly firm tone. narrow and undressing
The midday session developed traces OF weak
ness. and the final impetus given by the
announcement that the PennsyIvania Railroad
had decided to borrow $50 100000 on its notes.
This has been rumored for some DAYS but there
were few who could bring themselves TO be-
lieve that this company would pile up more
Pennsylvania the weak feature of the mar
ket and Il was sold in large volume The sell
against such action on the part OF traders or
long holders of the stock. The traction stocks.
weak Sugar broke rather easily. Amalga-
mated Copper sold down on what looked like
ware & Hudson. The market was not active
at any time. but there were times OF severe
likely 10 prove poor one
IPorterfeld & Col
NEW YORK. Feb. 5.-Stocks opened rather
weak and lstless. There was some endeavor
TO put up Steel and Sugar during the early morn
ing hours, but the pressure the general list
had its effect all over. The bear traders sold
everything right and left the more acute
tension in the far East and reports that actual
hostities were only question of hours Favor
gradually yielded. Copper and Brooklyn were
the softest spots, with Pennsylvania and the
vim to the days tranactions and when traders
got tired OF pounding the market IL lapsed into
towards the close renewed attacks were rnade
and persistent selling closed the list at the low
Steel preferred-which showed about the only
resiliency While the war clouds are really
the event OF actual lighting we rather look for
effect has been dispelled.
IA. r. Thompson & Col
NEW YORK, Feb. 5.-General unsettlenent OF
sentiment occurred to-day on account OF I'M
favorable developments in the market and a re-
dictionary tone was taken on. The war rumors
of the factors but professionals were
very apprehensive Of the wild cotton fluctuations.
fearing failures in that quarter of the financial
| liquidation in cotton not 10 eliminate in
thing detrimental 10 the affairs OF finance These
developments caused selling in the general stock
/ list, but liquidation was only noted in Brooklyn
| Rapid Transit and Pennsylvania. which have
not cared 10 become bullish One Of the
/ favorable Developments was the report Of the
/ gain in cash by the banks for the week. IL is
| very small compared with other weeks. and
| will probably be wiped out by an increase in the
Il loan account OF the bank statement tomorrow.
Professionals looking for unfavorable
] document. but they may be surprised the
rank statement is a puzzle most Of the time.
The money market is hardening as stated some
| time ago. but there is yet aggression in
/ that quarter. Call money remains easy and while
! il remains so the loan account should swell We
! have repeatedly recommended trading posi-
/ tiOn. and believe il best 10 continue such q
stand. We do not believe that this is bear
market. There is no important liquidation yet
! TO come absorbing to best authorities and un-
less IL is forced there will be check 10 the
sliding. We are OF the opinion that the scaled
down buying OF Southern Pacific and Union
| Pacific will handsomely reward those who
afford. We do not regard Pennsylvania or
| Brooklyn Rapid Transit as purchases at present.
They should be sold rallies. We find reason
! in the improvement in iron-trade circles noted
to-day TO advise the purchase Of United States
/ Steel preferred especially. information from
! good sources sustasns this position.