The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-10
BROKERS VIEWS ON
THE STOCK MARKET
"A. w. Thomson. I

n. w
NEW YORK, Feb. 9.-The London market
was weak on the news of the commencement
of hostiIities at Port Arthur. Americans
from a half TO one point lower than our close.
Considering the weakness in foreign securi-
ties Americans ruled stronger than gen
orally expected. London sold 10000 shares by
balance. The opening here showed a decidedly
better tone in spite Of the depression in Lon
DON The buying was general and the market
showed distinct tendency to recover its loss
of yesterday. The shorts were largely instru-
Couids under the lead Of Missouri Pacific and
Wabash. active, and joined In the ad-
vancing. There evidence OF excellent buy
ing OF Pennsylvania during the session The
market ruled very dull during the atternosn
be adverse TO a further advance just at pres
ent.
NEW YORK, Feb. s.-Good strength was
manifested by the stock market to-day and
a majority OF the stocks scored advances. The
opening market ignored the lower London cables
and disregarded the actual beginning OF
Prices were fractionally higher. and the tone
became steady and continued so. There were
no weak spots throughout the list. although
at times a tendency 10 ease of became mani
fest. In the early afternoon the market be-
came very strong and until the influence Of
Steel preferred scored a further sensational ad-
vance. The tone OF the market al the close
Is possole lhst oIlis .af ~ anntbe SsT mr. mr.
IL is extremely doubtful II IL has any element
OF permanency in ~. II Is difficult 10 under
stand the continued strength OF steel preferred.
aggressive. Primarily the bullish influence in
the market to-day the short interest. Bull
comfortable for those committed 10 the short
account. This especially true Of Steel pre-
Situation TO warrant any bullish feeling this
particular stock, and II might be the worst
the short interest eliminated. Pennsylvania
showed considerable strength and short cover
s-gS bized with IL Union Pacific and south
ern Pacihc acted well and there was some good
buying OF both these stocks
IPorterield & Col
NEW YORK. Feb 9.-The great strength dis
played IN securities to-day again demonstrates
the fnexhausrive resources OF this great coun-
try With a foreign actually in progress
and one Of the greatest domestic losses ever
chronicIed through the terrible calamity in
Baltimore. every one came down town prepared
10 see a further decline in the market The
opening about upon parity with the clos
il had no disturbing influence The trend q
prices was upward. and the entire list was bene-
dfed Baltimore a. Ohio and Pennsylvania,
which were the greatest affected BY IRE. had
excellent support and closed with net gains
the real leader in the market. In our letter yes
terday called attention 10 the fact that II
structural material to replace the burnt dis
trfct Shrewd investors took advantage OF this
information and bought early The advance vas
about 81 a share. which was remarkable under
the prevailing conditions. We believe this stock
will continue a leader. A per cent. stock SELL
Ing in The SOS looks tempting TO investors.
Probably there will be some realizing from time
10 time through the adjustment OF losses. on
any such declines believe stocks should
he picked up The market presents many oP-
portunities that should be taken advantages
OF at these prices.
IA. r. Thompson Col
NEW YORK Feb. 9-wall street was treated
10 a pleasant surprise to-day by the appearances
OF organized support in the stock market scarc-
ity Of stocks and an oversold condition. which
resulted in a sharp recovery from the depression
Of yesterday Our opinion j. that the outlook
for tomorrow favors further extension OF IN.
rally but in that event would sell PennSyi.
vania short We are bearish that stock IN
/ we became bullish last week al the low prices
/ We would say that We would not ignore fail
/ returns In this stock IL viii probably advances
| moderately tomorrow from closing prices 40
count OF the better prospects IN the steel trade
| but there many uncertain factors AZ presen
I existing that nothing but a traders market Il
i urobable and the active stock viii act according
| " The war to-day unfavorable. bu
| war has been discounted. said yesterca Az
] other developments showed movement OF monel
| from Japan 20 the United States for safe keep
| ing The fact that the Insurance companies Nj
| not suffer heavily as anticipated caused "a
/ voraiae comment. We are still brllish 90 south
ern Pacific and Union Pacific. and believe the
shAaid bs boo>h< and held