The Indianapolis journal., 1904-05-13
BROKERS VIEWS ON
THE STOCK MARKET
IA. w. Thompson.

NEW YORK, May 12.-Liquidation was In
evidence to-day from the opening to the
close. 1t was pronounced in the Steel
stocks, and in the early dealings. 1t has
been helped along by pressure from the
bears. who have been more aggressive
than they have been for some time lately.
The Steel stocks have been heavily sold all
day long and closed almost at the bottom.
Atchison, which sold ex. dividend, has been
about the weakest feature in the railroad
list. 1t looks as # a good many people
waited until the dividend came off TO sell
the stock Consolidated Gas was wildly
erratic. It was strong in the early deal
ings. then SOLD off quickly point on the
announcement of the Governors veto. after
which it rallied six points. losing 2la points
of this gain before the close. The stock is
entirely in the control OF the STANDARD Oll
interests and they seem 10 be milking the
terest SThe announcement that from S5,O0.-
900 to 's7,000,O00 will probably go out on Sat
urdays steamer, helped TO disturb specula-
tive sentiment. The time money market is
decidedly firm and the heavy gold exports
are at last telling in this quarter Good
judges look for a considerable higher rate
for money within the next month Notn-
ing encouraging came TO light either In
railroad earnings or in reports or generaI
business. Amalgamated Copper preferred
continued strong throughout. advancing at
elsewhere.
Meyer & Kiser.I
NEW YORK, May 12-Although the mar,
ket could not be called active to-day 1t
was decidedly better than for some time
past and the transactions footed up fairly
respectable total. The tone of the market
throughout the day might be called weak.
and majority of the active stocks showed
fractional declines. The spectacular feature
was the advance in Consolidated Gas IL
was announced. apparently officially, tnat
Governor Odell had vetoed the Remsen DILL
The stock broke somewhat and sold down
to 203A Before the close it had been rushed
up to 21O, and the shorts were severely
punished The only explanation of the
| advance seems to be that concerted arrive
was made against the shorts. 1t Is un-
| doubtedly a fact that there has been snort
| selling of the stock for some time. on az
| legged inside information of the Governor
| action The advance in Gas did not heip
| the general market, and 1t even conduced
at times TO nervousness. total OF sS,Vv'-
| 600 went out on La Touralne. during the
day the actual engagement OF S5O,WO was
| announced and tentative engagements OF
| 50, ,500Ova more were rumored- This would
| day and bring the total of exports to date
up to about $49. .0GO, 900. There is nothing 10
! indicate that this is. the end OF the gold
shipments, and the fact must be borne In
| mind that an advance in money rates, par
! ticularly call rates is likely If this drain
| is kept up. 1t is not too much to expect
| wholesale reductions in the reserve when
| Saturdays bank statement is published.
| The most active stock in to-days marker
| was Steel preferred and that security
| showed decided weakness. The common
| stock sold down to a new low record. Both
| were under pressure We understand. how
| ever. that the total of orders on hand at the
| end of April was ! per cent. more than Tor
| the same period a year ago Amalgamated
| Conner was generally steady throughout
| the day. Republic Iron and Steel was weak
| on rlmors of a receiver for the company.
| These rumors were denied. Tennessee Coal
| and Iron also showed weakness. missouri
| Pacific was inclined to be cratic Atchison
| lacked strength. The general tone OF the
| market Is feverish and uncertain. Money
| on call loaned at per cent.
re- F. Braulik & Col
NEW YORK, May 12.-Considering the
| big effort to break the market, it can be
said to have held very well. Liquidation In
Steel continues and the large shipments OF
| gold were used by the bears. The genera
| list responded some, and a majority OF
| stocks sold from 80 cents to 81 lower. The
| exceptions to the list were Amalgamatec
Copper and Consolidated Gas, the latter
| advancing about So a share, to 2l0. but In
the closing moments dropped half of the
| advance Market Is still "a narrow affair
| but il has appearances of selling some
| lower before change.