The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-20
General Financial News.

Now that the merger agony is over there Is
strong probability OF a continued active security
market" says w. G. Nicholas, the Journals
wall-street correspondent. 1T is hardly likely
that trading will reach the low cbb of last week
for years to come, II ever An aggregate Of less
than 10000 shares OF stock day is carrying
speculative apathy 10 the limit of cowardice and
absurdity. Stock market historians are making
comparison of the volume of business during the
extreme dull period Of last week with the action
three years ago when the daily average ran over
20o0. 900 shares for. a considerable period: The
high-water mark reached on the 10th of
April. 1901. when the aggregate nearly $780,
600 shares during the five business hours. There
are many existent things contributing to market
activity. Money is plenty and cheap the indus
trial outlook is better. crop conditions in the
Southwest are improving. and the heavy expenses
of railroad operation, due to the long. hard win
sportation companies. Confidence seems to be
slowly returning. and at the current range of
Of bonds and shares Investments that Weld
4is 10 per cent. are attractive. especially when
money In the open market sells below 2 per cent
sap is running up the tree. and the country APP
pears 10 be entering upon another year OF rea-
sonable prosperity 1t has been pointed out by
financial authorities that our national wealth is
increasing at the rate Of g. 500 600 600 to S. 600 00
900 year. figure which insures substantial and
permanent recovery from any depression through
which We may have passed.
7 7
The exports CT gold TO Argentina that have al
ready been made or provided for have been offset
by the receipts OF gold from japan. and il is
probable that future shipments to- Argentina can
be made out OF the receipts from Japan without
drawing upon our own stock. Little importance
is ever attached to our exports of gold to Argen-
tina which seldom amount 10 as much as 81 goo, :
coo in a year and are for the account OF European
countries. because trade with Argentina is
small and our exports TO that country are always
in excess of our imports from IL.
II IL probably only coincidence that S. 600 600
gold arrived from Japan at the time when nearly
the amount has been sent engaged for
Argentina. 1t is possible however, that the
ships which constructed in Italy for the
Argentine Republic and purchased by ia
pan may have been partially paid for by Argen-
tina thus necessitating remittance by japan.
The details OF the exchange operations involved
of interest only TO the bankers directly con
/ not likely 10 be decreased thereby and may be
increased.
Even i our stock Of gold were to be drawn
upon either by Argentina OF by France. as is
not unlikely. the loss would not be felt very
keenly Having a surplus of almost $50. COS. oeo.
a different view OF gold exports than they did.
for instance. in May. 1903. when the surplus was
down TO nine millions and both Paris and Ar
gentna were taking gold from New York The
amount OF money in the country and the per
capita circulation are both greater than ever be-
/ Stock Exchange is less than IL has been at al
| followed the Spanish
Under such conditions. as Secretary Shaw said
7 I'm his address 10 the New Jersey bankers the
banks ought 10 be decreasing their circulation in
stead OF which they are increasing II. There il
/ s. 100000 national bank notes can be retired In
any one month. The only way therefore I'm
which redundant circulation can at the same
| Is by exporting gold when conditions favor such
! IN oDeration--Wsii-stTsstJ Journal