The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-18
BROKERS VIEWS ON
THE STOCK MARKET.
Buying of Steel Elves and Steel Pre-
ferred, on Improvement in Iron
Industry, Feature Yesterday.
IA w. Thomson. |


NEW YORK, Jan. 16.-Heavy buying of steel
per cent bonds was easily the feature of the
short session to-day. There was scattered good
buying of steel preferred The change for the
better in the iron Industry easily accounts for
the demand for these securities. 1t may be noted
that the recent buying has not been by the pub
lie but by those closely AFFILIATED with this in
dustry Tranactions in the general list were al
most Of a professional character to-day. Con-
siderable realizing over Sunday on the good bank
statement by small traders caused some slight
fractional declines, but the general trend was
strong There is rumor that the Northern Sc
curities decision is likely to be handed down
Monday. II such should before the close
of the session a much excited market would be
seen especially If the decision should favor the
Northern Securities Company and considerable
if material declines would be noted in the latter
case. as big interests are the large holders Of
the public so long as TO have material influence.
Hostilities seem to be inevitable between Rus
edly be reflected here by heavy, irregular mar
ket. But financial interests are ready to take
care of the situation and any declines OF note
are not looked for by important interests Of the
Ia r. Thompson & Col
NEW YORK Jan. 1s-while the stock market
did not respond particularly to the glorious
bank statement the best in years. published
to-day, 1t was because Of the check to sentiment
offered by the talk. many traders not caring
to take chances OF slump on Monday that
might come through more adverse reports. This
continued duness and holding back is in itself
discounting actual war. and we freely predict
of war. after. perhaps, slight setback caused
by the sentimental part of the matter. The
rising of deposits above loans TO the extent of
almost 81, 900. 900. This situation has not
listed for a long time. 1t is an important fea-
ture and makes for extremely easy money. The
increase in surplus reserve puts that item far
the enormous increase in cash represents part
of the gain carried over from last week The
big deposit item is probably due TO returns OF
currency from the trust companies. These
conditions when II IL considered that the list is
that the iron trade is improving. cannot fail
next week to result in enhancement of values.
relations now being established between the
various capitalists. And we strongly urge you
to buy Rock Island, Missouri Pacific. Pennsy-
vania, Wabash, Copper. as well as st. Paul.
Meyer & Kiserl
NEW YORK. Jan. 16.-There were develop
ments of interest in to-days market and it was
dull. professional and narrow in the extreme.
Fluctuations inconsequential except in a
few instances and not even a bank statement
sufficient to produce animation. The bank
statement was good one and the gain in cash
more than the most liberal estimates
had shown. AS an offset however. there a
creased substantially. The figures showed an in
crease in loans OF $lS 403 OO0 cash increased ST.
1888 600. deposits increased 49,. O00 which was
in the exact proportion Of the increase in loans
and cash. Reserves increased IS, 494, 900. This
bank statement showed conClusvely that funds
returning from the interior in large volume
The money situation here could scarcely be bet
and IL is the factor OF strength in the stock
market The Increase in loans is due, of course.
TO the continuance OF corporate borrowing. SO
far stocks concerned there were a few
displaying animation. notably Pacific Mail. The
arguments in favor OF this stock that IT will
be benefited by the Withdrawal OF other Pacific
ships account of the crisis in the far East
and also the possibility OF a ship subsidy. The
Steel stocks acted comparatively well.