The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-17

Russia and japan a certainty or probability;
also desire TO state on behalf Of the Standard
oil Company that no officer OF that company ever
made such a statement"
one OF the most prominent New York bankers
estimates that during the next year and half
loans aggregating sSsO.OOO.OOO will have TO be
financed for various railroads and other corpora
lions. Some OF these loans have been announced
already. and preparation is being made for some
OF the others
Among the loans he mentions already an
nounced or under contemplation are the follow
ing Lake Shore q Michigan Southern, $40,
10000; Wabash, s35. 100000; Brooklyn Rapid
Transit $4,000 900; Erie, $50 coo 900; Pennsyl-
vania $50. csc. OOO Southern Railway. SIS. 900 900:
Illinois Central s15.oOO.OoO: Union Pacific South
ern Pacific, s30,000,OO; Rock Island So. ZOO coo;
Iron Mountain s20.Og0. OO0 Atlantic Coast Line
$50 800 0Oo Seaboard Air Line so. OOO. Ooo Pitts
burg Coal Company, S25OOO,O00.
7 ?
Upon the general financial situation. the Wall
street Journal a conservative publication. says:
The feature OF the monetary situation at pres
ent is the absence Of any disturbing element. The
payment Of the maturing Lake Shore notes and
the issue of the new bonds had scarcely any per-
ceptible effect upon the money market. and very
little upon the market for foreign exchange al
though there msy have been a number OF the
foreign holders OF Lake Shore notes who pre-
fsrred to take payment in cash. rather than in
the new bonds.
Currency is coming from the interior rapidly
ane In large amounts The heavy disbursements
TOT interest. railway mail transportation, and
pensions are not Offset by collections Of revenue
ago There is still small amount of gold due
TO arrive from Europe. The treasury operations
time since the gold standard was firmly estab-
hsned oy law the expenditures of the government
year"
The United States Steel Corporation put a val
uaton of sS7 so the preferred that IT sold
to its employees. This per cent. basis OF
income. part from the bonus. On this basis pres
ent prices for the preferred indicate fair market
value for sure per cent stock. To pay per
cent. on Steel preferred would involve require
ment of SlO.OOO,Oo0 less than pay IA per cent.
OF, IN other words, average annual earnings Of
s65O00OOO Starting once more with s120 OO0 600
Tor the three best years, this would permit of
annum, and for the remaining four Of only
S5OOWOO per annum. There is certainly no
this is not ultra Conservative. in View S of the
demonstration Of what the company can do in
very good years.
The public are not in the stock market TO any
extent" says the United STATES Investor. They
recognize the possibility of in the East the
unSeitlng influences exerted by a presidential
campaign and the comparatively unfavorable in
dustrial situation and until there is more evil
dence OF a broad and lasting upward movement
very likely remain out OF the market but there
10 III qucnAiOH as 10 the Improvement IN Senll-
ment among professional traders. This senti-
ment IS strensthened by continued returns of
large railroad earnings, reports of agricultural
prosperity weakness in foreign exchange and
further engagements of gold for import"
According to the reports from the United
States assay Office the production of presious
metals in Montana during 1908 will exceed that
of the year previous. There an increase In
the gold production though a slight falling OF
in silver The gold production for the State was
100000 ounces. valued at a. 1884, 1856: silver TO- Oo0
600 ounces OF the coinage value of 1928. 292 The
copper estimates have not yet been made, but
the production will naturally show a big de-
crease owing TO the two suspensions of operation
by the Amalgated Company in Butte during the
year.