The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-20

Ing in New York from the interior, which is a
good sign that money will be easier from now on
not be disturbing factor. The market closed
active and higher throughout the list. We be-
and again advise the purchase of the Western
railroad stocks.-A r. Thompson & Co.
An active trader on the New York Stock Ex-
change says: THE bear forces which started
last week to renew selling pressure on the stock
! market ran into buying movement from
Europe which temporarily disconnected them
| Since this buying has diminished they have re-
the Steel preferred and Pennsylvania. These hear
forces are now attempting to direct attention to
country.
The American Wooden Company Will close its
current year Dec 81 with total business of siO.-
000o0O. compared with So. 500 927 last year-the
largest years business in the history of the com
pany. American Wooden Company was formed
IN March; 1889, and since that time its business
sOO 1t has nearly 1000 looms in its mills. Which
| cover 600 acres OF floor space.
| The Boston News Bureau says: Eve under
stand that the net earnings of the United States
Steel Corporation were s7.6OO,OOO in October,
g &C. an M a fo4 s5s hsFsore
| Dec. 81 than the SlS000000 which has been esti.
mated from Pittsburg"~
There is no reason to expect a departure from
precedent in the money market during the COM
| ing two months This papers record of the in
| terror movements Of currency shows that from
| the middle OF August to the present time the re-
| ceipts of currency from the interior this year
/, were about $1,000 900 more than for the CORE
| than in 1901. On the other hand, shipments of
! currency to the interior were s24 OOo0OO more
than in 1902 and sl7000000 more than in 1901 This
| years larger shipments due to the relief
| extended to st. Louis and Baltimore, and to the
| high price OF cotton, which necessitated the
before. The general rule is that the net receipts
| OF currency from the interior during the first
three months of the year equal, or exceed. the
net loss to the interior from the beginning OF the
| crop movement TO the end of the preceding year
wall Street Journal.
| The foreign Indebtedness of the United States
at the beginning of 1903. represented by outstand-
| ing finance bills. was estimated generally at
| $500, 10000. Some estimates placed the amount
| as high as s500.000.o0o This Indebtedness has
been liquidated and the balance is now on this
side During the ten months ending Oct 81 the
merchandise exports exceeded the imports by
more than $500. 90. 900. The November Figures Of
the treasury foreign commerce statement show
that exports exceeded imports last month also
Commenting upon the United States's foreign
| trade and its effect upon the general business
| sentiment of the whole country, a New York
| financial journal says: mo other feature of our
brstaess situation is of such immense significance
as that relating to foreign trade. L may be
said that in the conditions which have there de-
veloped are 10 be found our salvation from seri-
| Gus business reaction. 1t might be said. also
that We're ii for the coming presidential cleo
ton, with It's outlook TO- contest of almost I'M
precedented intensity and bitterness, and were IL
not Tor the uncertainty as. to the effects a
decision by the Supreme Court in the Northern
Securities case the splendid showing on the side
| OF our foreign commerce would. in itself be the
suostantiai basis for another advance movement
| in American business. The change sturendous
as IL is, has come about suddenly that i,.. i'm,
rnense Importance hos been adeouateIy rec
ognized The foreign exchange marked ia "a
| sealed book 10 most people, and with the excan-
ton of the movement OF mercha rrdise most ~
| its operations have records in any authcntic
| statistics. As a matter OF fact the exact amonnt
| of our foreign indebtedness at the beginnins ~
| the year. although known to be OF an Immense
volume, Is a matter merely OF estimate not of
accurate calculation so that the wiping out OF
| this Indebtedness and the creation of a large
credit abroad Is appreciated scarcely As much a
| would be change or a few millions OF dollars
| In the records OF exports and imports as Issne5
| by the Bureau OF Statistics at Washinrton
| Nevertheless the change IN the situation which
/ has been brought about by the liqcidation az
this Indebtedness and by the establishment OF
this credit Is felt In business circles throughout
the country. 1t is having an invigorating effect
upon business septments