The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-19
Local Financial Gossip;
Bankers and Brokers' Talk

Said local banker yesterday concerning Rep
resentative Morrals bill 10 have Congress APP
point a special commission to investigate the
currency system and make recommendations for
changes, to Congress: II think this is a wise
way to go about arriving at some recommen-
dations to Congress regarding changes. or
form, If You prefer, in the currency system
which would be Endorsed by who thor
oughly in touch with these matters and know
what should be done. Unless this currency leg
islation question is approached in some way
other than the manner in which ii has been
presented to the Senate and the House in the
past, IT doesn't look as If we would ever get
any financial legislation through. AS to The
fundamental facts about the matter, most of
those prominent in the currency reform move
ment agree, but they disagree as to how re
forms are 10 be brought about Representative
Morrall's bill provided for a commission to be
COMPOSED Of the secretary of the treasury the
bers as may seem desirable to the President"
Commenting upon this matter the wall-street
Journal. conservative publication. says: 1T is
to be hoped that Congress will adopt this simple
measure 1t will not submit Ii to any specific
plan of financial reform. 1t will leave its hands
free for any action which it may see fit to take
in the future. But, at the same time. it will
provide way by which the important currency
question may be kept before the people. and
such investigation made as will develop all of
solution to be arrived at that may be both
comprehensive and wise. The danger is that
congestion which has been such an object les
son Of the need of some financial reform. and
shall forget the causes which produced that
congestion and the remedies that might have
Morral Would serve to Keep the subject be
fore the people
Porterfield & Co.-The bank statement to-day
will show large gains in cash. probably over
any weak spots today. The econemic metho Sn
to be employed by the United States Steel Cor
s after the frs Of the year will help
There Is an increased demand in the local
securities market for Indianapolis Street Rail-
way stock and bonds The rising tendency in
the stock. the local exchange is due, 1t is
thought. to the fact that beginning Jan. 1 it
goes on per cent. dividend basis. Meyer &
Kiser have bought nearly s15O.oO0 of the Street
Railway AS on the Philadelphia Stock Ex-
change during the last ninety days. and sold
them to local investors The same firm has also
brought about 600 shares OF the stock out from
local demand. A. W. Thomson has also bought
heavily of the Street Railway As in the Phila-
deiphia market lately for local customers.
A. w. Thomson has the following from Logan
& Bryan's wall-street house: Indications point
to higher prices in the stock market to-day
and next week. and we advise the purchase
of good stocks on any dips. We are still very
bullish on the hard coal stocks. not so much
from their heavy earnings from the charac-
ter of the buying. Developments are brewing in
Erie that will cause the stock to sell much
higher"
There is a sort OF heavy tone in the trad
ing In stocks which is likely to continue dur
ing the coming week." Meyer & Kiser's Wall
street house wired them yesterday afternoon.
'As predicted the preliminary statements show
q substantial he New
morrow. Professional traders bullish."
International Mercantile Agency: Interest
and dividend disbursements at Philadelphia in
January will aggregate 50. 00o, 000 at Pittsburg
s6.0O00oO and at st. Louis. 81 900. 900. At the
Quaker City the wool industry fell behind Is
per cent this year owing to forced strikes The
oects a. io p,ttshur good General trade pros
Chicago reports fair outlook for next year ST.
Louis an encouraging. one. and st. Paul one
as good as this year.
It is estimated that the January payment of
interests and dividends will exceed those OF last
year by SIC, 900. says New York dispatch.
The total amount to be paid out in dividends and
interest next month Will aggregate $H5000V, Ii
is estimated The amount In Indianapolis will be
Prospect Of easier money was the dominat-
ing feature OF the stock market yesterday.
When 1t became known that the subtreasury
had gained about $4,000 900 from the interior
added to the gold imports. presaging a favora-
took the bull side and under lead Of United
States Steel preferred brought about a sub
stantial rally, prices closing at practically the
We repeatedly drawn the attention Of our