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Newspaper
The Indianapolis Journal
Location
Indianapolis, Indiana, United States of America
Date
Dec 20, 1903
Page
16
New York December reports detail wage cuts for United States Steel employees and a rise in stock losses. Standard Oil influence and pressure on public disclosures are highlighted, with market commentary on Northern Securities and Christmas trade. Authorities debate reporting requirements and future earnings prospects.
The past week centered on Union Traction and Indiana Union Traction with gains in Indianapolis Street Railway bonds and stock. Bonds rose to 25 per bond value, street railway stock up 50 a share, and Citizens Street Railway fives saw high demand with bids at 106 and asks at 110. Union Traction common hovered around 20 bid, touched 22 1/2, with 27 asked later. The market noted scarcity of these securities and a shift to 4 percent dividend potential next year. Several banks and brokers commented on a bullish tilt but cautioned against overoptimism, citing strong bank statements and a busy, varied week in the stock market.
The Financier outlines mixed hopes for new currency laws as Congress faces division over elastic note volume, asset currency proposals, and retirement rules. It warns that amendments may be altered or blocked in House Senate negotiations, with presidential election pressure shaping outcomes.
The New York Post reports on gold imports from Japan to America and England's role. It notes $15,000,000 drawn from Mikado markets in three years ending 1901, with $1,104,000 in November 1901, and claims London shipped gold from Japan. It also cites 1902 figures of $7,900,000 sent to Japan and $1,800 imported, with 193 ft year implying Japan gold interest amid U.S. export excess. In the last fiscal year the U.S. imported $42,000 merchandise from Japan and sent $24,862.
New York stock market focused on Amalgamated Copper and United States Steel preferred with a firm tone amid better trade outlook. Rock Island saw renewed attack amid bond-issue rumors. rails and coalers showed strength as foreign markets fret over Russia Japan tensions. Bank reserves rise easing year end cash needs. reports on steel pools and price talks drive sentiment.
Stock market closes the week with strength though steel shows pressure. Rock Island and Delaware & Hudson move on earnings outlook and demand for preferred. Amalgamated Copper and St Paul firm. Rock Island issues face no solid support despite evidence of company finances.
New York December 1 stock market closes with gains of 1 to 4 per share versus last week. United States Steel preferred up 4, rails strong except Rock Island amid bond issue rumors. Cotton prices high, aiding money circulation in the South as bank statements improve and bull market prospects brighten.
Indianapolis money market shows time loans at 6 6 per cent and demand rates steady in New York with sixty to ninety day papers. London and Paris exchange quotes, Berlin checks on London, silver prices steady, Treasury balance details in Washington, and weekly New York specie imports and exports summarized.
The New York Associated Banks report for the week shows cash rising by 7.9 million, with $5.06 million in specie, deposits up 5.43 million, and a modest loan decrease of 2.15 percent. The daily average bank clearings stood near $197 million, reflecting strong cash movements and stable reserves.
Special to the Indianapolis Journal reports Kansas oil areas quieting as oil slips one cent. In Independence field drillers pause due to scarce water, though fifty new rigs readied and producers push ahead when water frees. Indian Territory transport improves little, as Caney pumping stations curb long rail moves. Nearby deals include Cleveland interests buying 20,000 acres in Labette County, with leases worth about $500,000, plus new wells in Neosho and Chanute districts. East and Midwest workers flood local hotels as Christmas demand nears.
The Chicago capitalist Charlies T. Yerkes testified that business reaction stems from excesses in promotion and speculation rather than government action. He suggested the shift would have occurred regardless of Northern Securities or White conference, and noted potential overreaction in shipbuilding cases and English holdings of American stock.
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