The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-10
Local Financial Gossip;
Bankers and Brokers' Talk

Though few transactions have been made on
the Stock Exchange the past week the local Sc
curities market showed considerable Improvement
over the condition at the close Of last week
The tendency is decidedly bullish. Bank stocks
have been especially strong. several Of them
showing gains from y TO and points net ad-
The American National is 1 point higher
than the quotation last Saturday at Isl: Capital
National is Y point higher at 145: Columbia Ma
tional is l point higher 1861; Indiana Trust
is l point higher at 1852. The other notable ad-
of the week made by Belt Railroad
common. which is l point higher at JOG; Federal
Union Surety. which is points higher at 49,
indianapolis street-ralway stock. which is l
point higher at ST. Union Traction common,
which is y point higher at 30. and Union Trac-
ton preferred. which is Y point higher at 6Sls
Brokers and bankers generally are looking for
more activity IN local securities wlthin sn .
time The year just passed demonstrated the
stability OF the hgh-grade stocks and bonds list
ed on the local exchange over the securities
Of the larger cities which suffered such large de-
that there is feeling Of more confidence in local
securities than there was at this time year
ago.
Joseph T. Elliott will retire from the presidency
of the Marion Trust Company at the annual
meeting the first part of this week. it is under
stood What business Mr.. Elliott will engage in
is not known. Although no official announcement
has been made to who will be Mr.. Elliott
successor it is said there is possibility of Pres
ton T. Kelsey, second vice president, being elect
ed to the presidency.
The New York stock market the past week
has been in the grip of the fear OF a depressing
effect OF war between Russia and japan upon
securities. The war news put up wheat, cereals
and provisions, and put stocks and bonds down.
But the declines in American securities have
been small considering the great pressure
brought upon them by extensive LIQUIDATION Tor
md Ion Inns
week the accounts of the dealings upon the New
York Stock Exchange have paid special attention
Russia and Japan would not hurt American
securities directly, it is thought, but they would
the world being disturbed. So when the declines
ket It must be said that the market has not
been an altogether weak one this past week
market the last three days. Aside from the effect
OF the Russian panese situation the interest
past week on the report Of the United States
Steel Corporation for the year 1903, which shows
a decrease of more than $4,000 900 in earnings.
with Dec. 81. The passing Of the dividend on the
weeks stock market. Although It was generally
believed before the meeting Of the United States
common stock would be suspended, and this stock
sold of wednesday and made new low
sues had depressing effect upon the whole
list The strength OF Southern and Union Pacific
trading the latter part Of the week
zone OF the disarpontments Of the new year
in the stock market is the nonappearance OF the
expected reinvestment demand for securities"
says w. G.. Nicholas, the Journals Wall-street
correspondent. by that term is meant the
money paid to holders OF stocks and bonds in
the form of interest and dividends and rein
vested Immediately in securities. This year
the fortunate holders of income bearing paper
are leaving their newly received remittances In
the banks: They are in no hurry to put out their
surplus where II will be earning something. They
are apparently content with 2 "a and 8 per
cent. which banks and trust companies pay
deposits. II is believed, however, that the own
ers Of money will loosen up soon and appear In
the market on an extensive scale. This opinion
Is held very generally in banking and bond cir
cles, which accounts in the main for the con-
fidence shown In putting out new issues"
The New York bank statement yesterday. show
ing increase OF more than s.. 900. 900 in loans.
increase of SIG. oOO 900 in deposits. and an in
crease OF s5,145O0o In surplus was about the
showing expected, and II had little effect upon
the stock market. The statement is generally
regarded as good one
Logan Bryan's Wal-street house wired A
w. Thomson as follows yesterday afternoon: IF