The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-16
Local Financial Gossip;
Bankers and Brokers' Talk

in the number OF banks, the auditor will report
that there is a tendency among capitalists to in
in hei banks fhs,r because @Snsy on OF the fe SUmP restrict tSSneI placed
upon the trust companies.
The active demand for Steel preferred and
Pennsylvania in the loan department simply re-
fleets the known large short interest in these
stocks. Renewed efforts will be made to force
Pennsylvania and Steel preferred lower by the
shorts in order to cover without a
The Union National Bank was one year old
yesterday. Maj. w. j. Richards. president. an
nounced that the banks business has been larger
than was counted upon and that within six
months after the opening the institution reached
the credit SIDE of the ledger.
81
The Central Trust Company has declared a
dividend of 2k per cent. payable Jan. l.
Bankers are firmly convinced that the danger
point. so far as the money situation is concerned.
is passed. and that outside OF temporary fiurries.
incident to preparations for January interest and
dividend disbursements, which viii exceed $780,
cO0.00 comparatively easy money rates can be
expected from now on.-Chicago Record-Herald.
xxx
The treasury issued on Dec. IL its bulletin of
November domestic exports. The showing is par
ticularly fine. Cotton exports were almost $685..
G0o, 900. breaking all previous monthly records.
The total exports of domestic commodities were
sos, SIG. 202, which also makes a new high record.
The showing Of leading items Is as follows:
ton, s67, 3S2. 2S4; mineral oils. Sc. ass, 6o4; total, $685.
S26, 2C2. The exports Of domestic commodities for
been s72c, Is5. SOS. This is more than ssi. OOo.O in
excess of the same period in 1902, and Ss, 500. 00o
below the banner year of 1901. when our bread
against 1857. $780, 0e. the present eleven months
total.
As a result of reduced wages and freight reduc-
lions and the introduction OF economies in gen.
eral. 1t is expected the United States Steel Cor
poration will save something like s25, 900. 600 dur
ing 1904. The merger of the American Tin Plate
and the American Sheet Steel COMPANY has been
moved to Pittsburg early in January. This
means that several hundred Steel Corporation
employees will be compelled to change their resi-
dences to Pittsburg.
The United States Steel Corporation will begin
in January the payment of the IS a share extra
dividends on the stock held by employees under
the proft-sharing plan. About 40. 900 shares were
$50. 30 per share. The Steel Corporation will have
to pay in January, therefore, nearly $500. 600 cash
as bonus to $4,000 employees.
Charles G.. Gates, of the firm Of Harris. Gates
& Co., tine welI-known Chicago house. says: Il
can see nothing IN the present situation that
points to anything but a traders market. Bust
ness is wholly professional and must continue
so at least until after the turn of the year.
Eventually the trend OF the market should be
try. I cannot overlook the probability that con-
ditions, such as exist now In the iron and steel
trades. will work against prices from time to
time"
1t is reported from Chicago that John w. Gates
is short 100. 900 shares Steel preferred.