The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-20
Local Financial Gossip;
Bankers and Brokers' Talk

Interest In the local securities market the
past week has conferred in the break in Union
Traction and Indiana Union Traction and the
advance In the price of Indianapolis Stree-rail-
way stocks and bonds. The price OF the street.
railway per cent. bonds has advanced s25 per
this week SIS a share. Along with the de-
mand for street-railway stock and bonds there
street-raiway fves The last bid price on the
Stock Exchange was LOG. with ITO asked. These
them on the market The increased demand for
the street-railway securities is caused by the
fact that the stock will go on per cent.
dividend basis next year.
Union Traction common was down to 20 bid
at one time this week, and % asked. At the
last session of the exchange for the week. Fri
day morning, the bid price went to 221a and
the ask quotation TO q. One hundred and ten
shares Of the common stock We're offered on
the exchange at ~, but of it taken.
In the open market, this week, a large block
OF the common transferred at q price con-
siderabIy under "a. There have been few sales
on the exchange this week.
The Federal Union Surety Company direc-
torate will hold meeting Tuesday afternoon.
Whether the question of putting the company
on a dividend basis will come before the direc-
tors at this time is not known. None of the
matters to come before the meeting has been
announced.
The Capital National Bank will go a per
cent. dividend basis beginning Jan. 1. The Capt.
tai National stock is quoted at las. asked. on
the exchange. AS a per cent. stock. with a
ers say this stock is too low. and that 1t un-
doubtedly will sell higher in short time.
XXX
Meyer & Kiser have the following from Bart
lett Fraziers wall-street house, Those who
are best qualified to judge the stock market
conditions such that there is reason to
modify the views expressed some time since
that the drift of the market would be towards
a higher level. There may be specific condi-
tons capable OF being unduly exaggerated;
actual events. but the final result will not be
appreciably changed. In ot.er words, the situa-
ton is such that 1t is wise 10 publish broad
cast just yet the gospel OF bullishness. but that
conditions will soon warrant It,.
The statement of the New York banks yester-
day, showing S. 600 600 increase to the surplus
item. over S7.o0O.00O increase in the cash item.
and nearly IS. 800 600 increase in the deposits,
is regarded by brokers and bankers generally
as the best bank statement for four months.
The bank statement the main factor in
causing the very strong close of the stock
market. The market was strong Friday after
noon, after three days and a half OF tagging
and depression. and was fairly strong yester-
day morning, but when the bank statement APP
peared the strength increased materially, The
stock market continued this week to be a mar
ket almost entirely of speciaties. and without
any apparent outside interest until yesterday,
when IL was reported to some OF the local
brokers that there was, absolutely, some out
side trading. Sugar was strong the first part of
the week, but subjected to heavy profit
taking when the Cuban reciprocity bill was
passed. Manipulation of the United States Steel
Issues was also feature OF the weeks trans
actions the wall-street exchange. Tuesday,
Wednesday, Thursday and Friday, up 10 noon,
there was not much bullishness to the market.
Then, Friday afternoon. led by Steel preferred,
the whole market got stronger and closed the
session with a good tone. The decision OF the
underlying cause the strength in the Steel.
Atchson and Rock Island were depressed the
latter part OF the week on the report OF bond
large, in the number Of sales. as the previous
week.
The Republic Iron and Steel Company has
started its muck and bar mill at Alexandria,
Ind. full capacity. In the southern field the Re-
public Is said TO be displaying renewed activity
and preparing for an increased output In 1904.
Outside buying was noticed in the stock mar
ket yesterday for the first tins since the reac-
tionary tendency set in. This buying has been
caused BY the immense amount Of money arriv-