The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-14
BROKERS VIEWS ON
THE STOCK MARKET

NEW YORK May 13-Market was I'M
der steady pressure all day long and again.
several previous days, Amalgamated
Copper preferred has gone against the gen.
eral current showing strength throughout,
and closing at a good net gain only frac-
tionally below highest price it sold at dur
ing day. Various rumors are afioat, mostly
in regard to a settlement of the fight be-
tween Heinze and the Amalganated Cop
per preferred interests. These reports nave
been spread often and have so often
proven false that 1t Is hard to know wheth-
er or not to believe them. This stock has
way OF always doing something unexpected
The liquidation on large scale has con-
tinued in the Steel stocks, and the COM
mon. meeting with little support. again
made new low record. Reports of the iron
and steel business from people in a position
TO know are uniformly bad. The railroad
list weakened in the afternoon, Influenced
by this liquidation in the Steel shares, and
although there was a general rally at the
close, which carried the general list above
the low point, market was weak all day.
for some time and seemed pegged at 206s.,
a slight decline from yesterdays close.
Preliminary estimates of the bank state
ment show that the banks have lost about
so, OOO, 900 to the treasury, but have gained
about 100000 from the interior. 1t is pos
sible that the loan and deposit items will
again be swelled and that a material reduc-
| ton in the surplus reserve will be noted in
| to-morrow's statement.
Meyer & Kiser.1
NEW YORK, May 13-There was fair
| share of activity in the stock market to-
| day, basing comparisons, of course on the
| extremely dull days of the past two or
| three weeks. Although the volume of trad
| ing was not very large there seemed to be
| a revival of interest. 1t Is a difficult matter
to determine the exact trend of sentiment.
1t might be possible to say that the bullish
nc RI ho cyoin mi c1n
| ly. but this is more theory than a deduc-
ton based actual facts. The total
amount of gold engaged to-day for ship
| cation was made for fully 100000 more,
which could not be filled, because the assay
| office has exhausted it's supply of bars of
| point is raised in connection with the Jap
| anese loan. 1t has been generally under
| stood that this amount was to remain here.
| part OF the funds will be shipped abroad
| This will increase the gold exports materi-
| ally If true We understand that a repre-
| sentative of the syndicate is going to Chi
| cage TO see what can be done towards IA
| cilitating a certain part of the loan. I'm
| doubleday the strongest stock to-day was
/ Amalgamated Copper preferred The
/ strength of this stock is a puzzle to many
| traders but Amalgamated Copper preferred
has always been noted for its vagaries
| common stock establishing a new low rec
| ord. The preferred was active and weak
| The bonds behaved better than the stock
1t was stated during the day that the
| Consolidated Gas Company would issue in
| the near future, $200O0,000 OF 4 per cent
| bonds, convertible into stock in two years
| the proceeds of the loan to be used for i'm.
| provements. The stock was somewhat err
| ratio and inclined to sell off. Pennsylvania
was steady. Metropolitan showed good
| deal of strength. London sold stocks, prin-
| cipally Steel preferred and Union and
| Southern Pacific. National Lead had, an
| other advance to-day. The preliminary es-
| Inmates indicate loss In cash by the ba nks
! of about 100000 The actual loss is likely
| to be much more than that. Money on call
to-day was quoted as high as 2h per cent
IA. r. Thompson & Col
NEW YORK, May 13.-Liquidation contin-
| ued to-day in the Steel shares, and there
| Short covering caused occasional rallies. bu,
| the general tone is weak. The movemen,
| in Copper we believe to be purely manipu.
lated. aided by further defeat fer Heinze.
&c. F. Brauik & Col
| NEW YORK, May 13.-The market again
had two sides to it. The majority of the
list had decline ranging from u to
point for the days transactions, while or
the other hand Copper was advanced s
| a share further and held its strength until
the last hour. when half of the advance
was lost through realizing. 1t looks as II
there was something in the rumor of Heinze
and Amalgamated compromising as th,
stock is bought by insiders irrespective o.
| weakness in the list. The Steel stock.
came in again for general LIQUIDATION anf
the common made its lowest record. TIL,
preferred was also lower, and even if tn,
at these prices Ii will yield nearly 10 Del
| cent on the investment