The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-07
BROKERS VIEWS ON
THE STOCK MARKET
IA. w. Thomson.l

NEW 1Ofth. April b.-The declaration by the
United States Steel Company. yesterday after
noon of the regular quarterly dividend on the
preferred stock. together with the publication OF
the statement of the net earnings OF the first
quarter OF $780, amounting 10 Sl3.2J0.oO0. exerted
a stimulating influence on the London market
this morning. Prices were fracSonally higher.
the feature being the advance in Steel preferred.
There a scramble to buy stocks at our
opening and arbitrage houses bought heavily OF
Steel preferred Under covering OF the extensive
buying there was heavy realizing. Much buying
in the last few days was in expectation OF tho
taken this morning on the advance The engage
ment of over s.. 100000 gold for export to-mor
Further shipments are expected in the near
future. The feeling is gaining ground that pow
these interests regard the payment Of the regular
Steel preferred dividend with extreme satisfac-
cided strength. with broadening tendency. The
closing was strong with every indication Of
higher rrlces tomorrow.
Meyer & Kiserl
NEW YORK, April 6-There was a good tons
to the market throughout the entire trading
sion to-day. and il healthy and broader than
has been seen for some time. While II was gen.
orally professional outside interest could be
detected. and the buying Of stocks looked better
The professional trading element. since the
Northern Securities decision handed down.
has been following the market rather than at
tensibIy on the market that
side, their position has been OF a tentative
ture. and they are ready 10 at the first de-
velopments unfavorable TO their position For
week or more past the market has depended on
individual stocks and their vagaries caused a
certain feverishness. nimical TO real bull mar
ket, 1t cannot be said that to-days market pre-
sents all the phases of an incipient bull market.
but il was broader and better than might have
been expected The showing by the Steel corpo-
ders on hand. and in the apparent confidence OF
the directors in the outlook. helped the situation
gagement of 81 go. 600 gold had little effect a
total of $4,000 will go out on to-morrow's
steamship. The banks welcome gold exports. IN
M % s5 ION a ,nas 1 MOI 'n TerH eb l
The leader In to-days market was steel pre-
ferred. IL the most active stock and By all
odds the II SPsnsd up aT
kept at or above that figure for a considerable
part Of the day Union Paciflc was nm. but
showed fluctuations Southern Pacific.
Pennsylvania. ST. Paul. Missouri Pacific and
nected good buying. Anticipated Copper was
steady There we're periods ina, insetin b asins
showed no indication OF saggirg The buying Of
Lackawanna said TO be for insiders. London
bought stocks to-day j. z. Morgan sailed for
Europe to-day.
IA r. Thompson Col
NEW YORK. April e.-Sentiment among tho
floor traders to-day was generally bush. and
upon the failure OF selling pressure TO develop in
any quarter they concentrated their efforts
the bull side Of the market. and with the aid Of
ing the list generally upon the strength in a lin
tied number OF specialties. The trading for the
part professional. however as the puo-
lie seenrs Inclined hold aloof- Apparently.
more heed is paid outside Of the market 10 the
various uniavorable developments or the past
week than is given the exchange. where the
belief prevails that prices are 20 be advanced by
strong people in spite or conditlons ~ u argued
by those VINO take this view that eventually the
public viii do its share toward making a better
market. il IL be persuaded that the large in
terests are favorably inclined to bacA the move-
''- rtsor.erfeId & Col
NEW YORK. April ga better feeling abroad.
the declaration of the regular dividend on Steel
preferred. good buying orders in all the active
list and the room traders arrayed on the long
side all combined to open the stock market this
morning in a blaze Of glory. The feature was
Steel preferred which ofened 5000 shares
above 60 southern Pacific was well bought early
ON rumors that II would figure considers Div in
some new deal The stock. which has been lac
gard all through the late pig advance in Union
Pacific took sudden bulge 20 well above 81.
Missouri Pacific md Pennsy lNania In for
good rallies. In fact, the whole list very
strong the entire forenoon. What recesSfons
came were slight. IL IS said the greater part ~
the bu.ing in Steel preferred came from shorts
This probably Is true. the stock has hee,
bulge to-day. however, should eliminate me
most OF IT, In the induStrialS. Colorado Fuel did
a stunt for several points. Tennessee Coal ana
Iron and Realty preferred also woke up again
The strength in Union Pacific seems To hax-.
spent its force The stock sells of rnor.
readily than for some time past and any further
the close Rock Island preferred was suddenis
put up sharply The market closed al about 80,
prices and has every indication Of going hisher
We would rather wait until a break comes "a
then pick them up. Choose any good stock and
you Will be all right