The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-13
BROKERS VIEWS ON
THE STOCK MARKET
IA. ". Thomson.l

NEW YORK. March 1.-THE opening was
heavy In the fractions and the leading railroads,
but was quiet in the rest Of the list. Metropol-
itan was the feature on the resumption of the
selling movement OF yesterday. The hostility OF
the subway Manhattan people in particular
caused the selling. for no doubt the Metropolitan
will lose business when the subway is started,
next June. The earnings OF the company are
also receiving some consideration. Traders were
tive. and showed some disposition to sell Penn
sylvania. Baltimore & Ohio and Union Pacific.
the market In its entirety, prices to-day seem to
reflect a well-defned selling movement engi-
ias been in evidence for some time. The reason
for the selling may appear later. but at the mo-
ment there is little news of Importance. Market
Meyer G. Kiser.l
NEW YORK, March 1.-THE features Of to-
days market were the severe breaks in Metropol-
itan Street-railwsy and Metropolitan Securities.
Both Of these stocks slumped badly and served
to demoralize the rest Of the market. Fortunate
ly. the market was so narrow that the maIign
influence of the breaks in these stocks was re-
stricted. There is no absolute explanation OF
the weakness in Metropolitan which can be Of
fered with positiveness. There are many sug-
~gestions, and some Of them are that the Metro
politan will suffer when the subway is opened
in June, that the Interborough Company has
blocked the subway plans OF the Metropolitan.
that the Interborough will control the Williams
burg bridge franchises. and that the Whitney
and Elkins estates are lqutdating their holdings
in Metropolitan stock. One Of the facts in the
case is that under the terms OF the lease of the
Third-avenue the Metropolitan Will have to begin
the payment of 5 per cent. on SIG, 500, 900 Of stock
on April Is. This would scarcely be Sufficient.
however. 10 cause the present decline in the
stock. Metropolitan, howevef. is not earning its
own Z per cent. guarantee. and consequently the
additional $4,000 annually will be somewhat OF
a burden. There was genuine Iouidation in
Metropolitan to-day, and the selling for short
account was limited. The stock closed at the
hottom Manhattan and Rrooklvn RaniS Trans1.
were sympathetically weak. although they aid
not break very badly. Pennsylvania was ham,
stop orders were caught: Support was extended
at this point by several prominent houses. and
the stock rallied. Union Pacific developed some
weakness. The Steel stocks were firm. AmqIga-
mated Copper was weak and Sugar eased off
somewhat; Peoples Gas was one Of the particu-
larly weak features Of the trading. There was
moro activity In the early session than has been
seen for a long time. The market. however. was
still narrow and professional. There was some
selling Of Consolidated Gas that looked "a n n
might come from the same quarters as the Met
ropolitan selling. The bank statement was A
colorless AFFAIR and without influence. The de-
crease I'm loans was larger than had been expect-
ed. and the loss In cash slightly less than the
preliminary estimates.
tPortsrfeld & Col
E YORK. March I2.-Reviewing the week.
It has been unsatisfactory from a bullish stand
point. and the whole list shows recessions. Dull
ness has been the pronounced feature. and out
side OF a few specialties there has been nothing
doing. To-day there was big liquidation in New
York fractions on JUNIORS OF adverse legislation
from Albany. Metropolitan suffered the most.
losing s. per share. BROOKLYN Rapid Transit nat
ststement the market looked panicky. but the
report was mere favorable than expected. and
covering followed. We have been conservatively
bearish on the list lately. nor do We advise pur-
chases, believing the bottom is In sight.