The Indianapolis journal., 1904-01-14
Local Financial Gossip;
Bankers and Brokers' Talk

The sale of $4,000 indianapolis Water Com
pany per cent bonds this week was one OF
the largest single transactions in the local securi
ties market for some months The sale was
made in the open market by two brokerage
houses and was reported TO the exchange Mon
day. The volume Of business being done on
the Stock Exchange and reported there since
the frst Of the year Is considerably larger than
curing e1e IasI seNeIaI Weehs oetotS t ~ 'Ie nc o
Gays and the largest per cent OF tne ra1saco az &c.
tions in local securities is not reported to the
Stock Exchange at all
The new Indiana law which requires tax
statements to be filed March l. instead of April
/. which goes into effect this year. will proba-
bly, have a tendency to make the local munich
pal bond market more active the coming six
weeks. Municipal bonds not taxed in In
diana any more and investors who wish 70 get
doubt, be the market for more municipal
bonds during the latter part OF January and
cuiar lust issued T ;ly p NJ Sampbeii & Co. calls
attention to the new tax law.
Last year at this time daily sales in the
stock market running between 100000 and
1000 shares. and frequently the daily sale
record showed than 100000 shares. The
volume Of business at that time was just about
twice large present. Sales to date this
year amount approximately 10 100000 shares,
as compared with 100000 shares 10 the corre-
spending date last year Business IN the stock
financial condition, be OF a much smaller volume
this year than at this time In 1893. and the
trouble has had dampening effect upon securi-
Ties. The market will likely remain in walt
ing condition until the Russian-Japanese analr
takes definite status. one way or the other
If there is a war, securities markets generally
will be depressed. but the depression will be
only temporary on the American stocks. accord
ing to the views of the leading fnanciers.
has had no direct effect upon the United States.
as practically none of these securities is held
here. The New York Life Insurance Company
holds just under slO 1000 of Russian govern
ment state and railway bonds. which the de-
cline since the first of January now reaches
nearly or quite three points Ihere was an an
Russian bonds held in European countries.
France holds practically all of the Russian
bonds which have been sold outside OF the Rus
sian empire and the statement has been made
frequently that the amount of these bonds neld
in France is less than $780, 600 According
70 the London Statist however trance holds
counts for the good offices of France in behalf
of peace.
Perterield & Co-The stock market will prob
ably continue to be largely scalping affair
until money conditions are more settled and the
Russian-Japanese situation takes definite form.
In the meantime believe in picking up divi-
dend-paying stocks on the dips
Local bankers were advised yesterday that
the Chicago money market is easier The COM
mercial institutions in Chicago are taking com,
mercial paper at per cent. and collateral
loans at 5l2 per cent.
The local money market remains firm. with
most of the loans by the banks being made at
6 per cent. Money may be cheaper in Indian
apolis as a result of the easing tendency in New
York and Chicago, but the effect of these con-
ditions in New York and Chicago Will not likely
be felt here for some time to come.
'It has DEVELOPED that the original profit
sharing plan of the United States Steel Corpor-
alton was not glowing success. as many peo-
pie have been led to believe" says Harden, the
Wall-street correspondent. within the last
few weeks something like 80 per cent. Of the