The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-06
General Financial News.

Commenting upon the Pennsylvania 5 loan OF
So. GOO. 600. dispatch from New York to local
commission house says: when the company
sold SIS 600 GoO stock at 12O, realizing about $780,
OO0. 900. it said that the company would need
funds for long time to come Now it
wants $50 O00 co., and the reason given is that II
intends to rebuild its line between PlttsDurg ana
! Chicago. There has been much rebuilding going
expenditure of money think it about time that
the finances of the company we're reou dhe, or
for the money market to become better Whlle
the possibility impends of Pennsylvania humping 4
into the money market for one thing or announcer
The effect on the market has been somewhat
discounted
A w. Thomson 0rom Logan & Bryans wall
street house 1.-The weakness in Copper and the
issues in which Standard Oil interests are iden-
| titled had considerable to do in shaking CONN
| dence in the movements of the STOCK market
/ yesterday. and no doubt caused some Iquu IA
| ton: Trade for foreign account was on the
smallest scale for some time and the toreign
markets are practically at a standsul' waiting
! for news
The Reading Company will make the following
announcement on Monday: THE board of d.
| rectors has declared from the net earnings after
providing for a sinking fund of cents ton on
] coal pursuant to the terms of the general mar
ket dividend Of per cent on first preferred f 20
and reopen March IL.
Thomas w. Lawson has issued the following
letter Amalgamated Copper There is an
other decision coming-a great, general. over
whelming decision-which. when made. will
mean: ''Heinze will be ordered to pay Anal
/ gamated many millions for what he has taken
/ from the mines and for the damage his acts have
done the company. Heinze's entire property and
/ the bonds he has given will not be Sufficient 10
repay fraction of this amount. This decision
when made. will mean that the increased output
/ from the recovered mines will insure added
earnings Of millions per annum, which the
Amalgamated Company has never yet had nor
counted upon This decision, when made. Will
mean the direct saving of S1,0O0.OO0 to ST. 900
in litigation expenses, and 900 to s2OOOOOO
in direct expenses, and the public may rest as
sured that this decision will be rendered in days
perhaps hours. 1t is being rendered every hour
by the people in Montana. 1t being
rendered last night in the streets of Butte and
Helena. when the thousands OF jubilant miners
| and citizens paraded the streets with torches
! and yelled themselves hOarse with 'Amalgam-
ated forever. and Supreme Court for justice!
! the holders OF Amalgamated should rest easy
in the conviction that although the mills Of
God grind slowly when they are through grind
Remittances on account of the Panama canal
payment will have little real effect upon
! the money market according TO authoritative
advices from New York. Harden the we'll
known financial writer. says:
THE banks are well supplied with surplus
funds and ii is not expected that remittances
| in connection with the Panama payments will
have any effect whatever. While the depository
sum of money, this simply means shifting of
| funds from institution to another large
amount Of Panama Company stock is held by
American financiers, which will greatly facili-
tate the transaction In substance. not dollar
! in actual money will be transferred to France
| on account of the Panama deal. The govern
ment repositories in New York report deposits
of about sS7. OOO co., nearly all Of which is held
by the National City Bank. National Bank of
Commerce. Hanover National Bank and the
First National Bank Based the 20 per cent.
call of Secretary Shaw, this would leave 81.
OO.OOo to be taken from the interior banks to be
/ deposited in New York.
''An expert says: 1T is contrary to the tradi-
| tional policy of the government to disturb the
| money market by arbitrary proceedings; there
fore. IL is obvious that this So 100 900 of money
| brought to New York will remain here on de-
post with the national banks in this city until
at last the Panama treaty is ratified by Con-
! gress. Such increase in cash would actually
permit of increase in loans of something like
| SIS 900 O00.' "
]. p. Morgan has been elected director of the
Newport Or. ID Trust Company. succeeding the
late William o. Schermerhorn.