The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-10

nothing serious should occur over sunday we
look for the stock market to advance Monday
The situation in the far East is less acute FL
Carnegie & Western and unifying Gould lines
west OF Pittsburg are reported COMPLETED sew
enty-hve railroads renorting for November show
average net Increase in earnings OF 81 per cent
1t begins TO look as If the financial community
is beginning to tire of the war scare, and. in
fact, we should not be surprised If, later on. no
war should occur after all these preliminaries
there viii be a decline in securities on account
OF the nOnculmination of the anticipated events
which upon reflection. would still be interpreted
as bull argument for all producers in the United
States.-Bartett, Frazier * Co.'S Wire to Meyer
* Kiser.
United States Steel officiadom is. according to
all reports heavily short Of steel preferred stock
Knowing the extent of the decline in business,
those of the officials who trade in stocks have
gone heavily short Of the market, and their atti-
tude toward the security is keeping the issue
firm through the constant running 10 cover OF
some shrewd traders have turned from the short
to the long side, although believing that within
year the price will be lower.
An Atchison official says the rumor from Bos-
ton that the company is preparing to make an
other bond issue is without foundation. He says
the company does not need funds in addition to
those already provided for On Feb the com
benture bonds issued in 1902.
capitalist who represents several millions
invested in the metal trades says: THE Ameri-
can Steel and Wire Company took orders on the
last day OF 1903 for $50 tons. which the
largest days order for business in the entire
year. and since that day the orders have been
daily from II. 900 1900 tons. with a daily
age Of 10, 600 tons for immediate shipment. There
has been a greater Improvement in the steel busi-
yet heard of. / believe we have seen lowest
earnings for the United States Steel Corporation
and the check to industry came at just the right
time to permit readjustment, and this readJust-
ment has turned out just was wanted"
There is reason TO believe there are two ele-
ments at work in the rise in Alton preferred.
Mr.. Harriman's friends say he is planning to
sell large quantity OF preferred stock. possibly
enough to give the purchasers a controlling in
terest The notice inviting deposits says that
critics. This and other known facts indicate that
negotiations of some character for the dispose
ton OF the deposited stock are on.
The United States Investors prediction that
the early weeks OF the year would money
on a per cent basis has about materialized,
much money being offered in Wall street this
week at Az per cent. In its last issue last year
the Investor said:
. brokers are looking FORWARD 10 per cent.
money next year. but IL is not thought that the
rate will go lower. II is significant In this con-
necton that the Lake Shore 1 per cent. bonds
are being put out at under par for II the public
could be persuaded TO take bonds on per cent.
basis such would not be the case. Money would
undoubtedly be drug next year were IL not for
the fact that the various railroad corporations
are hiding their time in order TO finance floating
Indebtedness and demands for new equipment
and improvements. In spite of the fact that a
contraction of business makes for a larger supply
of money, various Industrial corporations will
also be In the market for money. Unless the
large Wall-street interests mistaken the pub
lie generally will show a greater interest In the
stock market, which IN turn will bring about a
considerable additional demand for funds
II just about this time last January that
the decline In the stock market began. Sales of
stock on the New York Exchange the past week
amounted to about three million shares. The
corresponding week last year the sales run
ming about twice this heavy The second week
OF January, 1903. the sales nearly six million
shares. The scare. OF course has made
stock trading slower than II would be otherwise,
but, war or war, dealings In the financial
world this year going TO be on more con-
sentative scale than they were last year-the
first part of last year at least Early in January
a year ago things in the stock market were fair
~ booming" but the boom did not last even
through the month.