The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16
Local Financial Gossip;
Bankers and Brokers' Talk

condition OF the stock market: For the past
few days there has been little change in the
when the traders are bullish. and the gains are
almost lost when profit taking comes to the front.
Yesterday there was some manipulation OF Rock
Island. II being supposed that the stock and
new tours would be advanced so as to facilitate
as soon as the approval of the stockholders is
secured for the new issue. In the bond market
there was an Improvement in sentiment owing
TO the recent buying Of some Sl5,ooo.oOo OF cur
rent bonds for some Philadelphia institution"
? 2
The preliminary estimate of the gain in cash
by the New York banks since the close last
Friday evening places 1t at about s1S.O 600 or
bank statement to-day. There have been no pre-
dictions as to what DEVELOPMENTS there have
been the past week in the loan item.
Logan & Bryan's wall-street house wired A.
W. Thomson as follows yesterday: w think
the active railroad issues will sell much higher
during the next three months. The turn for the
better is seen in the iron business. The market
has exhibited a very strong tendency to-day.
With the receiving OF fresh war news every day
now on the eve Of actual conflict apparently
cur market here seems to be less and less al
fected,. and it is beginning TO be believed now
slight break in prices would be seen on our eX-
change. This would indicate a much stronger
and would result eventually in a considerably
higher range Of values as the conflict pro-
SfeSSeQ.
+
Russia is reported to have been sounding Berlin
bankers on the possibility of a loan there, and
Japan, on the other hand. is said to have ap-
preached London bankers and to have paved the
way indirectly for the beginning of negotia-
tions in New York. When it comes to making
loans bankers generally are lacking in senti-
ment. 1t is true that French bankers in the
past very periodically gave support to Russia.
put whether this support Will be continued now
is a question regarding which there is consider
able doubt. The fact that Berlin hnanciers have
been approached on behalf Of Russia indicates
that France is no longer willing TO advance funds
to its ally.
The directors of the Amalgamated Copper
Company will hold a meeting next Thursday for
the purpose of declaring a dividend. From what
could be learned the dividend will be at the
old rate. However, ii can be stated on the
best authority that the showing of the Anal
gamated Copper Company for the year 1903 will
be much more favorable than anticipated. AT
a meeting TO be held Tuesday the financial state
1903 will be submitted. 1t is claimed that the
combined earnings of these constituent proper
ties last year were in the neighborhood of ST.
100000. A person in close touch with the ANAL
gamated Company said that outside of manipu-
lation the strength of Amalgamated during the
last several weeks was due more to better trade
conditions than 10 the stories bearing on a set
Element of the controversy between the copper
combine and Heinze. The demand for copper
Is said to be very large and a fair margin Of
profit is being obtained on the metal on a basis
of 13 cents a pound.
The failure Of the bond conversion plan Of the
United States Steel Corporation made necessary
the appropriation of $40, coo, 900 Of its net earnings,
which otherwise would have been available for
payment of dividends on the common stock.