The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-19

friends to the firm undertone OF the railroad
list and still believe that securities like Union
Pacific. Missouri Pacific. Southern Pacific and
not look for any big bull demonstration. In
opinion the stocks mentioned viii advance
in response TO the investment demands OF this
class of securities which always take places
at this time OF the year.-A- X. Thompson x
One million dollars of bank notes were pre-
sented at the treasury at Washington for re-
demption last Monday. This is excellent evidence
that money Is returning 10 the East from the
West. in a large volume. Crop moving is now
over for this year, except in the South. National
banks are not allowed to count the notes of 9TH
banks part OF their reserve. althousn the
law compels them to receive such notes AT par
and they may pay them out In the same manner
as other money. Therefore. when there is an act
i've demand for currency during the crop move
ment the banks pay out the notes OF other banks
freely and the amount OF such notes sent TO the
treasury for redemption is comparatively small
accumulate in New York banks. received from
their correspondents, they are sent 10 Nashlng-
verted into specie and made the basis of loan ex-
pansion. as we'll as OF reserve against the ue-
posits CT the country banks which nave Deen
credited with the amount OF the notes
The United States Steel Corporation, with the
other important steel concerns. have 1904 con-
tracts for sls600.000 worth Of steel rails-iV GOO
tons. on the basis of the present price. SIS ton
1t is the somewhat general opinion that steel
rails will not be lower than SIS a ton unless the
steei manufacturers were assured that they
would have orders next year for 2OOOocO tons, De-
for the 100. Oc0 tons for delivery next year.
E II. Gray. chairman of the board of directors
CT the United States Steel Corporation denies the
report that he will resign Jan. 1.
The New York Commercial says: THE ques-
ton of what action will be taken by the direc-
tors of the United States Steel Corporation at
their dividend meeting in January continues TO
be setx s bef is deu to
the opinion Is almost general that the dividend
On the common stock will be passed. What action
is the question most actively discussed Many
brokers are of the opinion that Ii will be re-
is that to the PER regular dividend viii be declared
upon the preferred unless the steel and iron in
dustry should show turn for the worse before
the dividend r,eeting is held
The history of the December boom in the stock
market varies oddly chiefly because sometimes
the anticipated purchases add force to an already
advancing market. while at other times a gen
eral liquidation made possible the effecting them
at bargain. This distinctly in the I'M
certain December markets of 1901. In 1900. the re-
investment demand had to be made in the face
The story of 1899 another variation, though
more resembling 1902 The London crash over the
the markets up 10 the last week OF December;
yet in that week the January demand" sent
prices up or points apiece. Exactly the same
thing happens, on a larger scale, in the ''Nene-
lucia panic month of December, 1885, Perhaps
the most noteworthy exception was 1881 when no
It's force in the convusive and short-lived re-
coyery Of November. natural inquiry results
from this showing of precedent. That is. what
funds are actually released? The answer U.s.
disappointment almost always follows. This was
true, even in 1901. 1t seldom fails to come when
long-looked-for event arrives. which the mar
kets have been for weeks anticipating.-New
York Post.
A local banker is advised by his ST. Louis cor
respondent that between s.. 00O 600 and $4,000 00C
have been received from the West by the banks
of that city since the movement of funds used to
finance the movement of the crops began. This
latencss OF the crops. The general outlook in tho
St Louis money market is favorable to the Dor.
rover.
The excess OF exports over imports during No
vemher was the largest OF any month this year
according to the foreign commerce statement just
issued. The excess of the exports over the i'm
, ports also larger during November than dur
this Year the excess s"e OF exports over IMPORT,
amounts to nore than 100000. 1t would seem
again begun to swing in favor of Increasing ex.
cess OF exports. The excess of exports in 1897
sss 2s IA increased to $3.50 5s2 SIG in 1901 and de
then there has been a steady increase. The tota
excess for the past eleven months was nearly
time last year. while since the close of the fsca
year. June 30, the excess Of exports has beer
sos. ooo.o 900. The great bulk of the exports is. O
ing. OF the November exports OF $780, ass, 500
slO5, $685. 202 represents cotton, breadstuffs, ETC.
exports