The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-15
THE INDIANAPOLIS JOURNAL, MONDAY. FEBRUARY Is. 1904.
TRADERS STOCK MARKET
FEW CHANCES NOW FOR LARGE
PROFITS ON EITHER SIDE.
Effect Upon Securities the Coming
Week-GeneraI Outlook.

Special " ~ InllduapOlS JOuEnal.
NEW DIRK Feb. 1.-THE immediate outlook
in securities is for a traders stock market.
General conditions are such that no one can
reasonably expect TO go into the market for big
profits either on the long side or the short side
But this condition does not preclude the chances
for profitable trading. What is meant by a
traders market is one in which huctuation in
the general list is not extensive either way.
But there are plenty Of quick turns TO be made
in this kind Of a market.
Though the bank statement Saturday was I'M
favorable, showing another expansion in loans
and decreases in all the other lines. the money
market is still In such condition that rates are
at a comparatively low level and there are
plenty Of funds In the street.
The Russo-Japanese war has been in progress
long enough already to show that this is not
going TO have a very bad effect-if a bad effect
at all-on American securities. True it is that
the market the past week was slow and dull
and some set-backs can be noted. But the great
est depression upon securities the past week
came not out Of the war in the far East. but
out Of local conditions-that is. adverse condi-
tions on this side.
Taking into consideration all the adverse con-
ditions the stock market had TO stand up against
ment that the market has almost remarkable
strength. Stocks can be dull and listless with
d'tion of the market now. Saturday the sales
were less than 100. 900 shares, but the number OF
important losses noted is small.
the stock market all Of last week than any other
condition. The connection Of securities and
cotton comes from the fact that some of the
biggest interests in the securities market have
large interests in cotton. It was feared last
week that the drastic liquidation in the cotton
market and the sensational breaks would have a
harmful effect upon securities. But the danger
from this source seems TO have been passed
safely. and 1t is not thought cotton will have
as much influence upon the stock market the
coming week as il has had for some time.
80
Now that 1t is evident that we will have for
an indefinite length of time a ''war market
it behooves the spculator or investor to con-
slider with carefulness the just effect upon prices
of either Russian or Japanese victories as these
occur. II is difficult to lay down a general
proposition that shall fit all occasions, but the
weight Of evidence clearly goes 20 show that
japanese success will help prices on our stock
exchange and that Russian successes will hurt
them. The reasons for this are: first, that Eng
of Japan almost to the verge of a breach Of
neutrality. and that London will naturally be
of ultimate Japanese triumph in the contest
rise or fall. In the second place, the feeling
is very strong that anything that curbs the polit-
ical and territorial ambitions of Russia makes
this feeling is or is not justified it is not neces-
sary to discuss. but it exists, and it will govern
the tine f yaryene Of GplrlRtm with Wit P %hieh great banEing
interests view the present struggle.
A former Chicagoan. now a member of the
STOCK EXCHANGE ana living III NEW 1Oih' tSliS
a story of how Judge Grosscup made his first
start towards a competency:
When Judge Grosscup began practicing aw
in Chicago said the broker. 'he had very lit
taken sick one time and as / knew him very
well. 1 got into the habit of calling on him
almost every evening to cheer him up. On one
of these visits he told me that he had a couple
OF hundred dollars saved UP and in order TO
take slN of it and buy him so shares of stock
on a 2 point margin Being in a stock broker
that kind. and agreed to make the speculation
for him.
as the Chicago Gas Trust The stock moved
up day after day, and the judge, with the
line as fast as the broker would permit. one
day he bought a cali on 800 additional shares
got there and beyond. Judge Grosscup was sick
for four months. and on his first trip down town
the form Of a check for SIG, 500.
The next thing he did was TO get into some
two years. From then on it was easy Sailing
for him, and when he assembled the federal
read his decision in the Peoples Gas litigation
in Chicago the other day, recalled his first
thought to myself. Well. old fellow, you are
STFtai gave r yOa'. h 5eat SSS S the su way cR that 1u Gss
Grosscup is nursing a well-developed ~presiden-
tial bee in his bonnet"
A plant is afoot to admit the United States sub
aCaSHA ~ DOSNo AhtO NWt CaAih HO0St
and will doubtless be successful. The subtreas-
uries in New York. Chicago and st. Louis are
members of the various local clearing houses.
Rumor is busy with a proposed issue Of new
securities to the extent of $40. 600. 900 by the New
York Central to provide funds for carrying out
its Improvement plans. 1t is said that announce
ment to this effect will be made this week.
:
The new Pennsylvania notes are going abroad
very rapidly and there is a strong demand for
them. This is reassuring as indicating that for
eigners are not unduly upses by war. II for
eigners take a large amount of these notes. as
seems likely. IL will bring a lot OF exchange into
the market, which will help in financing the Pan
anna payments.
Wall street has figured out a new theory for
the advance in the price of Steel preferred. II
is that the stock is being bought by Hartman
interests who will later on place large rail con-
tracts with the company, the effect of which
will be bullish on Steel stocks. Mr.. Hartman
is believed TO represent a potential tonnage OF
between 10000 o and 1.5O0.O 900 tons in this affair