The Indianapolis journal., 1904-01-07

sdn 5sw month @ one two gears and before con
dividends recovered and made good.
United States Steel common stock made a new
low record yesterday. touching s% at one time
during the heavy selling movement. Toward the
close the stock hardened a little and closed
around 10. The passing of the Steel common
ing movement Of some extent against this stock.
but the general tendency Of the whole list yes
mon was unloaded in immense blocks
1T turns out now that Wall streets informa-
tion concerning the earnings Of the United States
Steel Corporation for the last quarter of 1904
roughly correct" says the New York Herald.
quarter were forecasted for speculative purposes
who IS said TO have operated heavily in the
stock"
1t is believed that the coming bank statement
will show shrinkage in loans. The expansion OF
$50, 100000 within the last three weeks is due
largely to the withdrawal of trust companies
from the market as lenders of money. Trust COM
panies disbursed large sums in interest and divi-
dends, and do not care to expand their obliga-
tions at this time of the year. Naturally the
burden was shifted to the banks. So far the
excessive rates for money concerned IL is now
believed that the danger point has been passed.
as preparations for January interest and divi-
dends have been completed
? +
Record -Herald-Money rates in Chicago
variously quoted at the different banks Nearly
all the commercial banks and some Of the trust
companies claim to be getting s per cent. on
practically all loans and call the market firm at
that hgure. At other state banks and trust COM
panies and few commercial banks the market
is called easy around 5ls per cent, and occasion
ally some OF the smaller institutions make loans
as low as per cent. The general demand for
money is not pressing. but in many cases the
ed nm thprC
amounts they would like to have employed. but
there seems to be no disposition to break the
The large advance in Sugar since October,
when 1t sold around 1O7 does not surprise people
in touch with the inside. They claim that the
company has made "a barrel Of money the
past year and is loaning So 900 600 to-day call
in Wall street At around 127 it is selling only
points from top quotations for the year and the
gap they hold, will be lessened in the
future; Now that the reciprocity bill has become
than n ever and rSrn 6f p maks r
dividends is by no means among the impossibli
sugar, but through its ownership Of plantations
IN the commod2 as Tos e%ar 9n the a S of
company been in stronger position.
The action of the National City Bank last
week, when call money rose to per cent, is
significant in showing the trend of things. The
latter part OF December ordinarily sees a tempo
rary rise in call money. which is not at all
welcome to the banks. In years gone by rates
for call money often have gone over 20 per cent.
Last week, at time when the bears were doing
their best to press prices the strength of
per cent. call money. the National City Bank
sent s60co,Oo0 into the street to be loaned in lots
OF $4,000 at per cent. At the same time other
banks We're asking Ga and per cent. for their
money. Needless to say, this action had the de-
sired effect call money closing for the day below
per cent.-United States Investor.
x
A. r. Thompson & co.-Yesterday's stock
ket opened generally lower under influence OF
weak London market; Also less favorable
from the Russia-Japan trouble. Liquidation
apparent in the stocks which have been recent
market leaders and in which considerable long
interest had developed These stocks naturally
bore the brunt of the decline, and at the present
moment look though they might 90 somewhat
lower. The United States Steel Corporations
statement was also used TO depress values. The
larger traders, who had been active the bull
side, seem to have changed their position and
are as industrOusly working for lower prices.
With these facts in view it would be well TO act
conservativey and only buy good reaction.
and we would also advise taking moderate profits.