The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-17
Local Financial Gossip:
Bankers and Brokers' Talk

TENS. which is simply waiting upon one thing,
and that Is the ability to finance upon reasonable
reaction in business and the change of senti-
ment that has occurred in the past fifteen
had TO do with bringing 1t about. Nevertheless.
there is one cause which is deserving OF atten-
largely dependent upon its working. We refer
to the fixing OF the floating capital in what
to a reduction in the floating supply of capital
available for speculation and new enterprises.
-Wall-street Journal.
The consolidated rer ot of the condition of all
national banks on Nov. II. 1903, shows that be-
tween that date and Sept. 9. 1903. the banks lost
in cash ss4.677.47s. Between Sept. / and Dec. 1.
1903. the money in circulation increased $50, 266.-
24O. Without counting Withdrawals from State
banks. the money in actual circulation. outside
OF %b,a Ssnk Is Increased for the period ssii stS' as
1903, OF SLO6l, 600 is sl.l6 per capita. In lsc2, the
cash in national banks. from July l6 to Nov. 70.
creased ss,iSi.74 from July i TO Dec. i. making
the Increase in money in actual use outside OF
banks 80 20SeS7; which for the estimated popu-
capita.
The depression in the iron and steel industry.
which has been followed by a heavy falling off
In earnings. will result In a heavy shrinkage in
the income of the heads of the subsidiary COM
panies and officials of the Unitel States Steel
Corporation. According to the proft-sharing plan
of the combine the officers are entitled to a bonus
on earnings in excess of a certain figure. If the
earnings fall below 800, 900, 900 during 1904 1t Is
doubtful II any extra dividends to officers will be
A local broker has the following from a Chi
cago investment brokerage house: There seems
ef the & 8 money 1nsyS MARKET Rt oe earlS 1n eoJn snuarys ' Rai iroad
projects are waiting for an easier situation TO
York stock market is waiting for easier money.
Commission houses are borrowers of not more
than 20 per cent. or the funds they once carried.
An expansion in the market operations. there
fore. would call for a large increase in loans to
carry STOCKS. with so many interests awaiting
cheap money 1t would appear there might be
disappointment in this particular"
One Of the foremost steel men in this country
says: THE iron and steel situation has shown
some Improvement during the past two weeks.
but the Improvement is largely in sentiment.
and few orders have actually been placed. The
months have been hut SO per cent. of those
placed during the corresponding period of 1902
the same proportion. The railroads have ordered
only one-third as many cars during that period,
or over 10000 ears less than during the same
production of pig iron, stocks are larger now
than they we're when the curtailment began.
business. Foreign orders are coming In in fair
volume. and il prices are reduced far enough, a
pect TO see lower prices for all classes of finished
a Isrse s amount ,nn e6 of G Business tine srs IS q waiting OF to i'Y be-
placed, but not at prices now T ruling 5s In my
judgment the Wn0le SITUATION Will De improved
tremendously II a radical reduction should be
made; a reduction that would convince con-
sumers that bottom had been reached"
The Rockefeller interests in Colorado Fuel and
Iron now control two-thirds of the entire $780,
COO. 900 of stock and a large proportion Of the
s14, 900. 600 5 per cent. convertible debenture bonds.
The Rockefellers now propose to reinance the
company by the issue of a mortgage security,
take up all the SCI. 470. 600 of outstanding bonds
and fully provide for the future.
The United States Steel Corporation is said to
have orders on its books for steel rails for ex-
porc In 1904 aggregating 100000 tons. The prices
at which the rails have been sold range from
$50 per ton in Korea and Japan to s4 per ton
10 Canadian railroads. The inability OF German
and English railmakers to compete in Canada
acooinnts for the DISCREPANCY.