The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-02
Local Financial Gossip;
Bankers and Brokers' Talk

There was activity in two stocks in the local
securities market yesterday which have not been
in much demand this year, so far as the sales
reported 70 the Stock Exchange would indicate
Union National Bank and American Central
Life The sale Of a block OF ffty-two shares
Of American Central Life at 9s1s was reported.
and the sale Of a block OF fifty shares of Union
National Bank at par. This is the first transfer
Of the former issue reported to the exchange
Central Life has advanced 1917 points. as It
was bld al 70 at that time. No sales were re
and 50 bid. and the issue went that low only
because there was no inquiry for IL just at
1ltlon or the stock II is on a per cent divi-
aend basis The books closed for the quar-
terly dividend last Saturday.
The indianapolis Northern Traction per cent
bonds were listed the Stock Exchange yes
terday. They were offered at g. with the clos
ing bid price at SO. The bonds are a first
mortgage on the Indiana Union Traction line
to Nohlesvile, Upton and Kokomo and TO be
constructed to Logansport and Peru. and a sec
ond mortgage on the old Union Traction Com
pany's property. The entire issue amounts TO
s. 900 600 The indianapolis Northern Traction
company per cent. thirty-year hrst-mort-
gage bonds were issued about a year and a half
ago to secure funds to construct the line TO
Peru. The issue was guaranteed by the Union
traction Company Of Indiana. which afterward
ern Traction Company then consolidated with
II under the name of Union Traction Company
or Indiana. and then leased this and its other
property to the Indiana Union Traction Com
pan. which is now operating all the property
IL is understood the majority of the bonds are
owned or controlled by the Widener- Elkins syn
dictate. OF Philadelphia. which has large hold
lngs In the Indiana Union Traction Company
Some Of the issue was also taken by George
r McCuloch. president OF the Union Traction
pany. and those associated with him in the
two organizations.
Z :
J. F. Wild & Co yesterday purchased a block
OF $4,000 government refundng per cents
from Fisk Robinson. the wel-known New
York house Other local houses are purchas-
ing good-sized blocks OF the government bonds
February is expected to record considerable
more activity in government bonds than did
January. Inc rounding per cents. at the
present market price net about Ia per cent For
private investment. government bonds not
thing which makes them attractive at times TO
the private investor is the fact that there is al
they will be taken fo Nes Iot mem anu tha.
securities might not be found acceptable for
is little lower now than II was a month ago
but II is probable that there will be some ad-
vances In the per cents. especially before the
end of the month
Fisk & Robinson's monthly bulletin says:
General conditions in the United States bond
market in January favored a decline In the
case OF the threes and tours OF 1907 the decline
was due to the discontinuance of refunding op-
erations. while twos unfavorably infu-
enced by the applications to retire circulation
which on Jan. reached the full limit OF So OOO =
600 for the month. Jan. the limit was reached
TOT FEBRUARY. and at the present writing about
$l,5OO'WO has been applied for in March While
nothing definite regarding the canal legislation
was accomplished during the last month the
feeling that twos for actual construction must
be issued In the course OF the next twelve
months. coupled with the probability of a call
Upon up o the national banks for return of from
s20OVoOOO to SSO.OoOeO0 Of government funds with
which TO meet the first cash payment on the
canal contributed to lower prices. AS is usual
in declining market the demand for bonds
| tiers of fves, due Feb. l. for redemption were
made In small amounts. The total received 10
date ia sl3 9S6 100 leaving s.. 1913 $50 out