The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-05
BROKERS VIEWS ON
THE STOCK MARKET
IA. w. Thomson.l


NEW YORK. Feb. 4-The opening was irregu-
lar. The movements in the railway list We're
confined 10 fractional limits The news from
the far East considered more unsatisfactory
and the traders inclined be bearish, sell
ing Baltimore Rapid Transit and ST. Paul Stop
orders caught Other fractions were sym
patheticalIy affected. United States Steel issues
were exceptionally strong and the Iron Age con-
siders the outlook more favorable for increased
Delaware & Hudson of an Increase of stock was
tot favoratsy received, although the rights to
the shareholders are valued at six. A num-
Der of railway statements OF earnings FOR De-
Gember were published among which Southern
PACING made a magnificent exhibition. There
was cable received by one of the steamship
dispatch from Picking said the Japanese govern
ment had decided TO discontinue negotiations
with Russia This was not taken seriously and
has been in.
Meyer & Kiserl
NEW YORK. Feb. 4-There was littse inter
est in the ST Ock market to-day and it was dull.
narrow and ieatureless for the most part There
period of weakness and reaction but for
the most part the tone was steadier The one
thing that contributed most TO any steadiness
tculaIly the preferred stock. The buying OF
Steel preferred was generally regarded good
factor that could not DE dire9arSea n han MAS
the general tone Of the market There is no
Strength in the Steel STOCKS 3an hsssn for this
haps, the more cheerful tone OF the Iron Age in
The real strength influence in Steel seems TO
be the short intersst and that is a precarious
influence IL actual conditions adverse. Pro-
fessional traders this afternoon sought to arouse
s8s P bur n a @ OVER the strength in
ter and the result scarcely }ustiied the effort
off perceptibly and then steaded St Paul
was inclined TO weakness and had a disouet-
ing influence in the eaTly trading. Union Pacific
Pacific sold on: Delaware & Hudson was weak
tone. Realty lacked backbone. The traction
stocks were weak in the initial trading and
of the market the wild advance OF the
Colorado Fuel and Iron convertibles. which adj
be assigned for il and il looks like manipula-
theticslls strong. Towards the close the market
became exceedingly weak and reactions were
made throughout the list The tone OF tho
closing was nervous and lacking entirely in
any enthusiasm
IPorterfeId & Col
NEW YORK, Feb. 4-The stock market
opened dull but rather soft. There was a re-
newed attack by the bear contingent and most
of the stocks yielded appoint or so before IL
bottom and market showed considerable resii-
ing sharply. Late in the afternoon. on fresh
talk OF hostilities being about TO begin In the
closed at about the low point OF the day for
the majority of the list Steel preferred
short interest still outstanding in this stock
it would not be difficult matter to run IL up
several points any time.
IA. r. Thompson & Col
NEW YORK. Feb. 4-There was good buyinr
of stocks this morning after the early weakness.
occasioned by an attack encouraged by the war
news. Short covering commenced soon after
ward upon the professionals noting the strength
of United States Steel preferred. which. how
ever. entirely due to the bears. We believe
the stock be sold for rally. Little
liquidation has been forced in the general list
beyond the holdings OF the Gates party. which
has reduced its speculative commitments and.
: they have been absorbed by shorts the mar
ket position is somewhat stable. IL was
the opinion expressed in conservative quarters OF
the street to-day that declaration had been
discounted by the action Of the stock market.
and that hOstilities would be followed by en-
hancement OF values in the railroad list and in
Copper. We are bullish Southern Pacific and
Atchison. as heretofore mentioned. and call at
tention 10 the increase OF $627. $50 in the De-
cember earnings In suISort Of our position. We
also urge the purchase Of Union Pacific. for IL
will benefit by Southern Pacific earnings mas
much Southern Pacific will pay a dividend
soon and part Of this. rather, most Of IL.
goes 10 the Union Pacific The Panama canal
payment is now being arranged.