The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-22
BROKERS VIEWS ON
THE STOCK MARKET.
Ia. w. Thon1son.l


NEW YORK, Jan. H.-Bullish enthusiasm was
worked UP to such an extent to-day that it
suited in the biggest and broadcast market
have had for some time. There were tips out
on almost every active stock the list. and
speculation was animated from the start There
was heavy buying by clique brokers and the
leading Western speculative contingent. Sales
were nearly million. shares. Chicago houses
are estimated to have bought fully 200 900 shares
OF various stocks. while Philadelphia and Boston
houses are estimated TO have taken $1,000 TO
present activity may be continued for the bal
ance of the week. at least with some further
advise caution in operations. and especially
against overtrading the long side Of this
bulge.
NEW YORK, Jan. 21.-To-day's market was
the best that has been seen in long time. and
more activity developed than on any day since
the beginning of the year. There was a slight
houses reported increased business from conserv-
alive sources The tone of the market ex-
ceedingiy strong throughout, and it was not only
advance. but the entire list was benented also.
There were no news developments TO which the
market movement might be attributed and the
fact seems evident that prominent interests are
behind the present movement. There is no doubt,
however that the movement in at least dozen
stocks represents the activity or powerful In
terests Certain speculative influences are behind
mart OF the rise, but there is sufficient auxil
iary bullishness TO make the entire market er-
fectively strong. The only news of any impor-
lance was the announcement that block
of Southern Pacific bonds had been pur-
chased by two prominent banking houses. The
war news was ignored Traders in the after
noon attempted TO retard the market, but this
only served TO emphasize It's stIeIlgIn ana ana pre-
as specific stocks are concerned the ROCK Island
issues we're particularly strong. and shorts in
that quarter had uncomfortable time. There
was good buying of the Rock Island bonds All
r. Gotes-H awlev specialties were taken in hand
the realty stocks, Louisville * Nashville, South
err railway preferred the Alton stocks and
& Gates
identified with many Of these stocks and the
mn. Of the trading could be traced 10 that quar-
ter Pennsylvania was strong and st. Paul
vsnce in the afternoon. 1t was helped by the
snnouncement OF the sale Of bonds for better
ment Sugar was very strong and a great
deal of bGllish talk was eircpiaJfd on mat stRSk
stocks acted we'll. General Electric had sharp
advance The fractions were firm, but not ag-
sie9s''' IPorterheld & Col
NEW YORK. Jan. 21.-There was big market
TO-DAY with sales around the million mark.
Everything responded to the better tone. In
the rails gains of from 81 TO IS were recorded.
RepubIic Iron ana steel the leaders. The
pool in Realty Il stll active and the stock could
not be bought to-day except by bidding up.
IA r. Thompson Col
NEW YORK. Jan. Give take a pardonable
pride in reporting to you the realization Of our
predictions in regard to the stock market, which
to-day inaugurated a bullish movement that is
likely TO continue for some time account Of
the extreme ease in money, which is forcing the
withdrawal OF funds from the money market
and the conversion into good securities returning
more on the capital involved than could be OBJ
tanned elsewhere The money factor was the
chief factor operating for enhancement. II is
reinforced. at present. by Southern and West
ern prosperity and a revival of trade in iron
circles in the East. We again give il as our
opinion that all standard stocks should be bought
whenever soft. Developments to-day showed
that the scare and the Northern Securities
case have been reegated 10 the past. that money
had easied further, that professionals were all
busily> engaged in booming stocks, that the Gates
PARTY with the Standard oil behind IL. is taking
the leadership In a bull campaign that will last
for some time that investment buying continues
in both the bond and stock markets and that
FOR the first time. there was big increase in
the outside Interest with good absorption OF Of
ferings and an aggressive boiling tone 10 the
general list including Pennsylvania, Wabash
Missouri Pacific. Southern Pacific and Baltimore
& Ohio, 20 which called attention in yester-
days letter as being the best. There is a good
bank statement In sight. and there is reason
why It should not be discounted by a further
advance before the week Is out