The Indianapolis journal., 1904-01-07
Local Financial Gossip;
Bankers and Brokers' Talk

The stocks Of three Of the Indianapolis national
banks-the American. Indiana and Merchants-is
selling At figures above their book value. The
Americans book value according to its state
nent TO the controller. Nov II. is 127S9. The bid
quotation the Stock Exchange yesterday
I5i Indiana National stock is at 235. asked,
the Stock Exchange and the book value is 15i97,
according 70 the statement Nov L. The Mer-
chants book value is 1855. according TO the last
statement and the stock is at ls6 bid on the
National stock is lOS4G. one hundred and six
tai National stock is at 145 bid the exchange.
and the book value is 157 Il The Merchants this
inc the fund s45 COO and "a the the Book Value H Of this
stock Is little higher than that shown by the
been in existence long enough Vet to- have a
surplus fund established. The book value OF the
stock OF the Fletcher National Bank is 2sS 10.
This stock is not listed on the Stock Exchange
and Is not traded in in the open market
There is some reason TO believe that Chica-
go bank stocks may be expected to work lower
this year." says the Chicago Tribune. There
a good many bankers who would like to
see their stock selling more nearly at their
book values than is the present A
conservative banker estimated yesterday that
for good will 40 points above book value
enough. But any scanning the list of the
high-priced bank stocks and the book values Of
the same will find several hundred points repre-
senting good Will: II is experience that bank
stock prices when bid up and worked TO eX-
traordinary market quotations become the sub
ject of speculative operations with the result
or hgny irregular quotations. The would
be purchaser who sees bank stock fiuctuating
from 10 TO Is points in a short time thinks
the varying price must reflect varying condi-
tions of the banks business. But it does
fluctuations In a market price so far above
what is considered the real values. based upon
in the year just closed have as general thing
enjoyed excellent earnings. This is especially
indeed, have not as a rule done poorly
A. w. Thomson had the following yesterday
afternoon from Logan & Bryan's Wall-street
house: THE Steels showed great resistance on
the downward movement. With the heavy Iiqui-
buying in spots We cannot see any weak points
in the general business situation. When we have
securities in the hands of the right people and
a considerable advance may be looked for"
7 +
Porterfeld & Colt is hard to determine the
immediate course Of the stock market OF course
an actual declaration of war would sentimentally
affect prices temporarily but in the long run a
war would prove a blessing in disguise and
would mean millions TO commercially. We
Shink now splendid time to pick dividend pay
ing stocks.
In a Wall-street wire to Meyer & Kiser yester-
day the report of the United States Steel Corpo-
ration Tor lyo5 dltnOuSn showing q lTeHleuuOuS
decrease in earnings is analyzed as somewhat
satisfactory The first feature of satisfaction the
Wall-street financer finds in the condition Of the
steel trust is the fact that the company
has GS % per cent. more untitled orders than 1t
had at this time last year. and 70 per cent. more
than Jan l. 1902. The wire then says
When considers the labor troubles and the
decentralization of the structural steel business,
and the adverse press comments most bearishly
expressed throughout the country against the
Steel Corporation cannot but regard the
port favoraby, when considered with the price
of the securities Every one knows the attitude
taken by a late high official of the company in
brokers' offices. regarding the value Of Steel
stocks. He and others who permitted every friend
they had To buy Steel preferred above 80, and
who most familiar with the property at that
time express themselves very bearishy the
property now, and IL would occur to one that
officials who willing to swear that the
property was not overcapitaliZed year ago.
and spoke highly of IL as an investment then,
should be very cautiously listened to now. Even
If il would be necessary for one year to reduce
the dividend on Steel preferred one-half the
stock is cheap. One has only To look over the
enormous strides made by the steel trade the last
five years. know that il is only question OF