davidaulloa/AmericanStories huggingface dataset:
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15

common stock being discontinued alto
gether, and dividends on the preferred STOCK
reduced to a per cent. rate. There is pro-
vision in the charter of the United states
Steel Corporation giving the management
authority to buy and retire its own stock.
Steel common can be bought around SlO a
share and retired. The owners of the prop
erty would then have a pretty sound IN
vestment If the United States Steel Cor
basis of the present market value or Its
securities, ii would not be overcapitalized.
XXX
James Stillman, president of the National
City Bank, and one of the leading members
of the Standard Oil party in Wall street,
was elected this week to the directorate
of the New York Central, displacing Mr..
Z. ". w. Rossiter, who has long been the
personal representative OF William X. Van
derbilt, ST., in New York Central affairs.
During the bear market it was suggested
in this correspondence that the Standard
Oil interest In a number Of different rail-
road properties. particularly in New York
Central, was being heavily increased. Re-
cent events have tended to confirm TINS
suggestion Within the past year the the
United States, as represented by distinctly
Rockefeller men In the directorates OF those
railroads, became decidedly more prom
inent Mr.. Stillman was recently elected to
the board Of the Chicago & Alton, which Is
essentially a Hartman property. The
Rockefeller interests are also strongly rep
resented In the boards Of the st. Paul,
Union Pacific Southern Pacific Chicago 81
Alton, Missouri Pacific, Wabash. Texas Pa
ciic. New York Central, Delaware, Lacka-
wanna e. Western, Missouri, Kansas &
Texas and Northern Securities. The Rookie
Teller interest i'm st. Paul and Missouri,
Kansas & Texas is prominent one, at
least this was formerly true of st. Paul and
probably is yet, but there is reason TO be-
lieve that the Rockefeller interests have
been shifting heavily from st. Paul to Mis-
souri, Pacific. st. Paul has been pocketed
by the combination of the Great Northern,
Northern Pacific and Burlington in the
Northern Securities Company. Since the
formation OF the merger the gross earnings
of these three railroads have increased
away beyond st. Paurs gross earnings. al
though the roads serve practically the same
territory and similar conditions govern all.
1t is a well-known fact that the wealth Of
the Standard Oil crowd has increased so
rapidly during the past two or three years
that the chief problem of this powerful
contingent has been to find investments for
its money. 1t appears to have been finding
such investments both In the railroad and
industrial fields. 1t is a crowd that has in
finite patience and can afford TO ignore fiuc-
tuations. Standard Oil stock, by the way,
has had an advance of more than 100 points
within a year, which Is a distinction espe-
cially marked in bear market
w. G. NICHOLAS.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15


the official statement of the New York associated
banks last week was the decrease of SO 2iO 500
in loans. following reduction OF s11. 900 In
the previous week. making the total decrease for
the fortnight s2l. 65s5oo The reduction last week
probably was due to liquidation OF speculative
accounts on the Stock Exchange and also to
some contraction of loan accommodation because
of the comparatively low condition of bank re-
serves and the continued drain of money to the
South and West for crop purposes. 1t may be
noted that the total loans now are only So PIP 800
above the minimum of the year. which was re-
corded Jan. 10. The banks lost 81. 9l3.20 net
cash during the week. which amount is sl3l29 800
below the sum which was estimated on the basis
OF the traceable movements Of money This
comparatively slight discrepancy, however, may
easily be accounted Tor 5y the operations of the
sl4 629 600 amount 81 415. coo greater than the
sum of the loss of cash and of the reduction in
loans. Hence, the statement fails to balance
The required reserve was diminished So 657 400
through the decreased deposits, and, deducting
this amount, the loss of cash. leaves s744 200
as the increase In surplus reserve, which now
is S. f3S 425. Calculated on the basis of deposits
less those of s36 sl 200 of government funds. the
surplus is SIS, S6S $50 The loans are in excess OF
the deposits by $50. 800 against So 050 500 in
the previous week. indicating. heretofore has
been stated that the banks employing to
the fullest extent their available loan resources
including capital. II may also be interesting TO
note that the cash holdings Of the banks and
likewise their deposits at the minimum OF
the year, the former being s2.9l3. 200 and the
latter s1i 629 600 smaller than the amounts pre-
viousiy recorded. Circulation shows the slight
increase of s1O5. 500 during the week. The state
ment was undoubtedly made on rising averages
for cash. The s462 600 gold which arrived from
London and the $345 500 which was received from
Cuba on Tuesday was only partly paid for at
the assay office. is usual with imports requir-
ing assay and the $4,000 gold which arrived on
Friday too late to be made available by
be accounted for in the current weeks state
emit"
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15

ure. Our modern barber belongs to the
union, and in this State must meet a speci.
fled standard OF excellence or look for
something else to do. He holds a license
as secure as that of a properly registered
physician. but IL the prominent and able
DR.. Dreyfus has not made a mistake, the
chief occupation of the man with razor
Is gone. By two-minute application of a
compound formulated by the doctor, the
rough face of bearded man becomes as
smooth as that Of a baby. To the junk
pile with the razors be they safeties, un-
safe whire-handied or what not Some will
be kept for weapons 60 intensity the race
question: some for the uses of the domestic
chropodist and some relics; but the
factories must cut off this branch of pro-
duction and the barber must urge more
strongly the necessity of a clipped beard,
of enough whiskers to protect the bron-
chlal tubes of frequent hair cuts and Of
the innuemarble connections that at least
have the virtue of putting more money
in the drawer. The husband can no longer
be waiting down town for hours to get
shaved or dodge social engagements be-
cause the crop on his face is Obtrusive. 1t
is a hard blow and once more there is
forced the vexed question to whether
labor-saving devices do not work more
harm than good.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15
fPorterfield q Co, indianapolis.

IPorternelc a. Co.. lndianapolisI
NEW YORK. Nov. 1L-The covering which
started yesterday again the feature during
the first hours trading. and despite a weakness
In the foreign markets the trend was upward
and some stocks made considerable headway.
Among the most conspicuous In this connection
was Alton. good buying presumably IN the
interest Of the Illinois Central. This stock has
gradually advanced IS a share IN the face OF .
declining market and there is strong talk Of
putting IL 10 $40 a share next week United
States Steel well supported and n II be-
lieved that large investment purchases have
been made on the recent slump by those who
sold up In the seventies. The conservative
element is buying II on the basis that even n
the dividend should be reduced TO a 5 per cent.
basis. the stock is cheap; The common showed
sympathy with the preferred. In the
fractions Manhattan was the leader. and report
has II that a pool has been formed 10 boost
this stock The strength continued until after
the publication of the bank statement. which
was considered surprisingly good. but Wall
street illustrated It's usual methods and sold
stocks a favorable statement. Pennsyivanfa
was again the center of attack. but II showed
a scarcity in the loan crowd near the close.
Considering the onslsughts OF the week and the
continuous bear manipulation. the market closed
fairly well In hand. and any favorable develop
ments would soon be reflected In an upward
movement.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15
LOCAL FINANCIAL GOSSIP
Indianapolis Money Market in Satisfactory Condi-
tion-Prevaing Interest Loans

The prevailing sentiment among the
prominent indianapolis bankers is that
there Will be no financial legislation of
much consequence by the special session of
Congress. The bankers think Congress
may enact q law to have the custom re-
celptS deposited in the national banks,
wnich measure has been proposed as re-
HeI movement, but further than this IL Is
not expected that Congress will do any
thing in the way of financial legislation
some months ago tx was thought by
NUMBER or the prominent Indianapolis
bankers that this Congress might give con-
siderable attention to the subject of asset
currency and other measures proposed for
OF legislation along this line has vanished,
according to the general opinion. and the
most reliable advices from Washington, it
Is said by banker who keeps in close
touch with these matters.
The New York bank statement of yester-
day is regarded by bankers and brokers
generally as showing favorable condition.
xxx
The indianapolis money market is in an
entirely satisfactory condition. There is
plenty Of money to be had at per cent. on
good paper. The market is slightly tighter
than IL was six weeks or two months ago,
perhaps. in this way-that there are fewer
loans made at 5lz than some time ago, but
for good many weeks there have been
more loans put out at per cent. than at
6R. However, money conditions here show
little change. 1t is thought that after the
first OF the year conditions may dAse lit
tie and that the prevailing rate may be
slightly lower. But it is not expected that
money will get below per cent the pre-
vailing rate very soon again. The thing
that will tend to ease money conditions
generally in January will be the return of
the money used in the West to move the
crops to the centers. Indianapolis is not
really affected very much by the heavy de-
mand for money to move the crops but in
affecting conditions generally this thing
will have a slight affect on local conditions.
There seems to be plenty of money in all
parts of Indiana, as few of the Indian
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15
VIEWS OF A CHIcAGoAN.
Banker Harris Says the Western Bond
Market Is Satisfactory.
Special to the indianapolis Journal.


CHICAGO. III. Nov. H--In an interview N W.
Harris. OF N. w. Harris & Co.. makes some In
teresting observations as fellows: THE bond
market in Chicago. and in the West generally,
is in very satisfactory condition. The sales OF
bonds by our Chicago house for the months Of
July. August. September and October Of this
year exceed the sales for the same months for
any previous year Of the past three years In
amount Of sales and in profits by over no per
cent We attribute these favorable results in
our bond department 10 the fact that during tho
late industrial boom the leading banking institu-
tions in Chicago have not become involved large
ly or interested in the Industrial securities lately
issued in New York and the East generally.
The western manufactures has probably sold out
TO the Eastern promoters. and received over 81
In cash for every dollar which the Western In
bonds. The net result is that the West has ma
terially increased Its cash resources by the late
the expense Of the East Our banking house
does not deal In stocks, and has not dealt In the
bon, PONDS or stocks Of industrial corporations and
other large bond houses Of Chicago.
The Chicago banking institutions are not to
securities referred To by Mr.. Morgan some time
ago. The Eastern financial condition has en-
upon very favorable terms and sell them 10 our
clients accordingly, and believing that now Is q
favorable time for the conservative investor to
buy high-grade bonds. We have advised our
clients to buy. and have found a very satisfac-
Tory, tory market mar among Western investors We be-
1eye that the conservative position taken during
the past few years by the Chicago banking in
stitutions win secure a large Increase in the
business or Chicago banking institutions. Many
Of the Western banks and investors who have
been in the habit Of dealing principally with
relations and increasing their purchases in Chi
cage.
The late developments in New York will tend,
we believe to very largely increase the banking
and investing business In Chicago. The Vest
ern investors are now giving high-grade bonds
dent reasons"
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15

New York Press.

Ten thousand persons in New York play
poker on Sunday. These figures do not repre-
sent an accurate census OF those who try to
accumuIate RED. white and blue chips. but
tne esumate Is fair one.
Just now the Sunday poker game is -four
11hng. outdoor pastfmes. with the exception
ef football, cease 10 attract their devotees.
Tne glory OF Coney has departed and the
ead sea waves sing their never-ending song
70 limited audiences OF oyster dredgers and
dshermen. The park Is too cool for comfort
tore, Dame Fortune lures est those sew who "1 are
restless to try the fascinating game of
poker.
From the elevated trains good view may
De obtained or many OF these Sunday poker
games The participants seem oblivious of
the sight they present to thousands Jour
neying back and forth on the IL" Through
the windows may be seen a circle of men in
their shirt sleeves settled down to contest
that may last from early In the afternoon
until far into the night or next morning. 1T
u form OF gambling that cannot be
stopped When II comes to the private
game Of poker man Is liable TO regard his
home as his castle. and the boldest police
man thinks twice before entering. And there
Is always the likelihood that the game may
be transformed into harmless pinochle or
intellectual whist at the first rude knock on
the door, and the policeman would be put
TO the embarrassment OF explaining his in
trusion-
Hundreds OF these ''fireside poker games
are In full blast every Sunday. The players
are mechanics and clerks OF modera tie
means. The limit Is not high, and IL permits
q man with $40 bank roll and a fair run of
luck TO enjoy him self for hours with the
prospect OF winning enough TO buy a new
suit OK clothes or keep himself In cigars for
q week.
One housewife on Columbus avenue ex-
poets 10 get all her bonnet money out OF the
Sunday game OF poker In her house.
Il have no objection TO IL" she said My
husband VIII play poker, and I prefer TO
have him bring his friends TO the house
rather than go elsewhere. At first / fought
It. My husband did not always win. Now /
have arranged IL so he will have 10 be pretty
unlucky 10 come out loser at the end OF a
year. take rake-off Every time there is
jackpot the winner has 10 give me scent
chip. And every time the winner has three
OF kind and gets a call frcr: another play
fr get Decent chip. OF course / furnish
sdnch for the players. and they don't object
TO the tariff. bat In the end they pay a
pretty good price for their refreshments.
There was $3.50 In the kitty last Sunday
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15
PRIVATE WIRE ADvICEs.
Brokers Puzzled by Sctiop ~ Market
I'm Face of Good Bank Statement.

Meyer Kiser. Indianapolis
NEW YORK. Nov. H.-It is a very difnouit
matter TO understand how in the face CT q good
bank statement. at least a bank statement
many times better than had been expected. the
market should develop weakness and sell or In
spots That is precisely what happened to-day.
and no good effects OF any kind were felt after
the bank statement came out There was. Ii 10
true. a momentary enthusiasm. but this was
lost speedily and the tone at the close lacked
resiency. There was feature TO any part
OF the trading during the day. After opening
weak and with fractional declines the market
steadied. gained In strength and hardened per
ceptibly. The volume Of business was not great
and the operations were mainly professional and
for small profits. Alton was particularly strong
and puzzled the greater part OF the market OBJ
servers. No explanations OF its strength were
forthcoming but IL assumed that the pres
ent pool In the stock is making demonstration
Pennsylvania did very well in the early part OF
the session. but sold down before the close The
traction stocks declined after the bank statement
published, and OF the standard rail-
way stocks also acted in that way. Union Pa
cifc nuctuated rather widely after the banks fg-
ures We're made public and its tone unset
tied. Westinghouse Electric was remarkably
strong.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15

apolis banks are shipping much currency
to their country clients: The prevailing
rate Of interest maintained by the ma
jority of the country banks over the State
is I and per cent. higher than the rate
in Indianapolis. Some of the county seat
banks are still getting as high as per
cent. on loans.
1.-The low rate of foreign exchange in
New York makes importation of gold
profitable" said the president of one of
the national banks, land this condition will
tend TO ward OFF any possible money
stringency in Wall street"
1.-The announcement on the Stock Ex-
change one day this week that a number
of Columbia National Bank shares would
be sold at auction the following day if
they were not taken at that session of the
exchange was an injustice to the Column
bia National" said prominent financier
yesterday 1T is so easy TO create a feel
financial institution that this sort of
method to sell stocks should be avoided"
Things on the indianapolis Stock Ex-
change will liven up a good deal about the
1st of January" said a prominent stock
and bond broker yesterday. I'VE will have
a decidedly bullish market the first of the
new year. / think. The bond and stock
market Is not in a slump now. by any
means, but January will see considerable
more activity. January Is the biggest dvi-
dend-paying time of the year. and when
all this money is paid to investors they will
seek new investments at once. Conse-
quently there will be larger demand for
the stocks dealt in on the local exchange"
XXX
E. M. Campbell g. Co. this week pur-
chased s271OOO of Vigo county bridge bonds
and $4,000 of Vigo county gravel road bonds.
The bridge bonds are per cents. to run
from ten to twenty years The smaller
issue are Az per cents, to run from one TO
twenty years.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15

TAlbert r. Thompson Co. Indianapoiis1
NEW YORK Nov l4-Short covering was the
feature OF the early trading in the stock market.
Scarcity OF stock was particularly apparent n
the traction list and IL is predicted the fractions
will have a good advance next week The Goulds
were buyers OF Manhattan to-day. Notwith-
standing the dissemination OF bear talk. the gen.
eral situation seems TO be clearing. and, while
favorable factors are ignored by the bears. the
values, which will come with a rush when the
investment demand shall have removed q larger
part OF the floating supply and make II exceed
ingiy difficult for the large shorts interest -
recover stocks. The money situation In Improve
ing and net earnings larger, whether or no9
the gross increase will show better results than
last year. regardless OF the trade reaction. BE-
cause OF the economical operation made
possible by reduced cost OF labor and mateIlalA
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15

Lipplncott's Magazine.

The Philanthropic Lady sat I'm the midst
OF the McFadden family expostulating with
them in a painful voice on the frequency
with which they chased 1.-The festive cam
around the corner to the nearest liquor sa-
loon.
You ought 10 provide some kind OF .
wholesome amusement for your family
said the Philanthropic Lady sterniy TO the
abashed McFadden. You should do sorae-
thing to tighten the burden OF living. Every
life needs little sunshine In it,
20 missus." spoke up Miss McFadden.
aged thirteen. eagerly. 1--WE has plenty OF
fun. There's always fight or somethins
oney last week a gentleman cut a lady :
throat and drug her past our door"
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15

attributed in part to foreign subscriptions
10 the new railroad bond issues. and ,Srin-
cipally to the heavy offerings OF tbilis
against cotton exports, which have fSrced
the exchange rate down TO the gold ", port
point in spite of measures by fofeign
bankers to protect their gold supply. The
gold movement is expected TO reach fcon-
siderable proportions and relief froms the
interior demands upon New York fora cur
rency is thus felt TO be assured.
The recent notable absorption in thesoond
market has halted but prices have not
yielded materially. United States twos de-
clined CSC. and the threes and old fot.rs q
per cent. below the closing bid of last geek
SALES AND QUOTATIONS.
Following are the days share salest and
the recorded price changes:
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15
No Hurry.
Lippincott's Magazine.

Joaquin Miller. 'the Poet of the Sierras -
recently visited q friend in Boston This
friend. whose literary tastes run largely to
Emerson. Browning and Maeterlinck, found
the venerable poet in the library one after
noon deeply absorbed in a book
What are you reading?" asked the Bos-
tonian.
"a novel by Bret Harte." replied the poet
The nubbite shifted. Il cannot see', said
he, 'how an immortal being can waste his
time with such stuff"
Are you quite sure" asked Miller ..tfiat
/ am an immortal being?"
why, OF course you are" was the un-
wary reply.
I'm that case responded the Californian
grimly, II don't see why should be so very
economical OF my time"
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15
SHAVING WITH CHEMICALS.
Raxors VIII BE Thrown Into the Scrap
Pne-Every Man His own Barber.
Detroit Free Press

Detroit Free Press.
Imminent danger hangs over an ancient
and honored industry. from the days when
he was the local orator, prophet and leech
when he belonged TO the distinguished
order of Hirudinea, the barber has been an
institution He stirred the scalps of the
crowned heads, Amounted their hair with
sweet-scentec oils. applied his healing
lotions and told the court secrets that il
was never Intended the imperial potentate
should know. He healed and made his con-
tors of the DAY. Gradually he passed into
the field of specialism with other profess
sional men, hair cutting. shaving, shampoo
ing. trimming, dyelng, restoring and baths
covering the opportunities.
The novice of to-day practices on the
buns and other unfortunates who have
not the price Of a shave or wish To spend
their substance In more attractive pleas
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15
Market Very Irregular.

IA w. Thomson. Indianapolis
NEW YORK. Nov 1.-THE market was vspy
irregular to-day IL showed a fair amount Ct
hrmness until the bank statement appeared
That showing was much better than expected In
every way, but IL was seized upon by bearfsh
traders giving an opportunity. Consequently
the whole market slumped OF In the last half
hour and closed weak There %
importance and the trading all professional
Closing prices practically the lowest.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15

NEW YORK.-Imports of dry goods and gem
eral merchandise at the port OF New York for
the week valued at SO, u33 s02.
Exports of specie for the week were yif3 so In
silver and $4l. 600 in gold
Imports OF specie were ss4s2o in silver sna
1872 $50 in gold.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-15
MONETARY.
Rates ON Loans and Exchange-Clesr
ings and Balances.

INDIANAPoI.Is.-com paper 4ds ger
cent. time loans. sac per cent. clearings. S1e-
GA %; balances. Sc0s. -.
NEW YoRK.-call money nominal; no Loo as.
Time money steady. sixty and ninety dayfs
per cent. six months. 5i1GS. Prime mercar: lie
paper steady at per cent. Sterling exchange
fairly steady: actual business In bankers bEls.
ss4Ss.s5QtssH Tor demand. 81 7sK9I7 sX for sixty