The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-20
STOCK TRADING GROWS
CONSIDERABLE GROWTH NOTED IN
VOLUME OF DEALINGS.
The Market, However, Was Not rs Ac-
tive as Mondays transactions
Forecasted 1t Would Be.


NEW YORK. Jan. 1s-The promise held out
by the late stock market of yesterday was not
fully realized to-day There was growth in the
volume of dealings and in the breadth of the
demand. but the animation did not hold good
throughout the session. The gains were yielded
for the most part before the closing. which was
irregular
Great hopes OF enlvened market were built
yesterday on the special activity and strength
Of Rock Island and United States Steel pre-
ferred and the second-mortgage per cent
bonds. These movements were regarded evil
dence OF a return TO speculative activity Of
some OF the leading capitalists. who have re-
Trained from any notable operations in the
market for time.
The coming issue of the new refunding bond
issues of the Chicago. Rock Island & Pacific
Railway supposed to account for the re-
entry into the market of that party. The &C
tivity Of the Steels was attributed to the stock
conversion syndicate. with purpose to create
a market for their holdings of bonds resulting
from the stock conversion.
STRONG LEADERSHIP INDICATED.
This seemed to indicate an element of strong
leadership in the market the lack OF which is
supposed TO have been the principal cause OF the
persistent sluggishness of the market since the
turn of the year.
of the speculation. therefore. came into the
market with considerable enthusiasm this morn
ing. United States Steel preferred sold ex-
dividend OF l& per cent and when the price
IL became manifest that very many selling orders
would have to be absorbed before the price could
make further progress.
The condition OF affairs developed in
Pennsylvania when II rose to 120. There was
manifest heavy realizing in Amalgamated Cop
per, which carried * off a point below last
nights close, during the course of the day. The
Rock Island issues also failed to maintain the
buoyant tone of yesterday.
These developments in so important group
of stocks had a discouraging effect upon the
bulls. and the subsequent speculation showed a
lack of enthusiasm. The growing abundance of
money resources seemed 20 have attractions
small railroad and Industrial companies and
this class of securities again assumed the pre-
dominance in the market.
MINOR STOCKS GAIN.
The local traction stocks shared in the strength
of minor stocks There was a late rise OF
point in Union Pacific. and the Fries rose from
i TO points the announcement of the declara-
tion Of the full per cent. semi-annual dividend
on the first preferred stock. There had been
some apprehension that the full dividend would
not be paid in order to continue the voting
| trust. BY permitting the dissolution of the
| voting trust the dominant interest in Erie de-
| parts from the policy followed by the same in
terest In the case Of Reading. in which the
| dividend of the first preferred stock reduced
| in order to perpetuate the control of the voting
| trust, and in the case of the Southern Railway,
| In which the full dividend on the preferred stock
was withheld until the stockholders had author
lied the continuance Of the voting trust.
Realizing sales were resumed the late re-
I coyery and the market closed irregular. The
| large dealings in United States second fves
continued The market generally was somewhat
United States bonds unchanged on call
Sales and the range: