Indianapolis Journal, Volume 53, Number 305, Indianapolis, Marion County, 1 November 1903 — Page 23

11 PAirr two.

THE INDIANAPOLIS JOURNAL, SUNDAY, NOVEMBER 1, 1903,

Capital and Surplus . $450,000 Resources . . . 55,000,000

Ample facilities t c.ire fcr th9 business of barks, barkers, corporations ar.4 Individual. Regular Government Depository Direct banking connections In every county In Indiana. M. B. W1L50M. PreViJent O. M. PACIIAHD. Vic I'rcsidenl r. CHURCHMAN. Cashier R- M. CHURCHMAN. A't Cashier ay & Co. THOS. C. DAY h CO., Law Building, are writing Employers Liability sr.d Accident Inrjrar.ca In the AETNA, cf Hartford. A itrcng ccir.psny, giving efficient tervice. Also. Fire Insurance careful'y written In sound companies. TligllE AHE .NO SA FEU INVESTMENTS for your money than tbo farm and city mortgages that we linve for sale. In years we Lave sold over eighteen million dollars of these mortgage and have never lost a dollar cf interest r principal and have Jtver foreclosed a mortgage slneo we have been In business, l'lmne, New is.'l; Old black Ä C. N. WILLIAMS &, CO., Banken, No. 23 East .Market St., Indianapolis AV allow three per cent, on deposits. IVE ARE BID . . . ä . .FOR.. American National Bank Stock IMMEDIATE OFFERINGS villbe considered. tl B. Gates & Co. 9 znd 10 Fischer Bank Bldg. Albert R. Thompson & Co. MEMBERS OF CHICAGO BOARD OF TRADb CHICAGO STOCK EXCHANGE We buy snd sell broken lots, 3. 2!?. Old Main 3032. Mt Iciriard Mg.. 31 Coard cf Trade ßlig. BANK STOCKS Do you want to buy cr re!l? SEE ME. NLWTON TODD Fletcher Bank Building. SAFE DEPOSITS. S. A. FLETCHER & COS 6ofo Dopolt Vault CG East Washington Street. Absolute- safety against fire and burglar. Policeman day and nlvht on guard. Deaied for eif a keeping of Mor.y, llonds, Wills, Deeds, Abstracts, silver Plate. Jewels and valuable Trucks. Packages, etc. Contains 2.100 boxes. Rent $5 to 915 Ter Year. JOHN S. TAIlKl.f GTOX - - Manager. Time and Money Fly WITH ALL OF US. Call and get one cf our Banks before ycur money takes wing unto Itself. $1.00 starts an account and compound Interest makes It grcv. THE CENTRAL TRUST CO, I50-15-T East MurKct St. Confidence Is slowly bat surely being restored In Wall street. Buy the standard railroad ttccks. Writs fcr cur daily letters and keep posted. We carry stocks and grain cn reasonable margins. PorterlieM (b Co. CHICAGO fcd!anapolis Eranch--207-208 Stevenson BUs-. New Phorxe 1834. The leading Trust Co. of Indiana The Union Trust Co. 115-120 f. Market St. Capital. - . $600,000 Surplus, - . $300.000 Cifcu.'r J All Manner of Ttusls An Adrertlslnc Ilntcher. Philadelphia Record.. Through display adtrertisfns: In the newspaper a retail butcher In Brooklyn has extended hi trad to II parts of the city. In hta advertisements he describes tli? cattle, the shop, the wlce, etc.. and tells why ho Müs tha best cuts for the same prices which sthera chars for poorer places. Instead of a mar nefg-nborhood custom, h gets orders Crom i?eopit -who live alles away.

Thos. C. D

WALL STREET'S VIEW

TIIC C9CAPUWAS XAIUtOW, I?UT TUG OUTLOOK SEEMS 3IICII SAFEH. Rnlly I Stocka and Bonds AVna Welcome to the Il.iuks That AVcro Overloaded with Collateral. SIGHS POINT TO BETTER PEICES nt'T tjii: i.MrnovKMi:.T is likclt to siovi: with li;adi:x ri:i:T. Speculation us to the Future of Cop per Properties Increase In Number of Security Holders. Special to the Indianapolis Journal. NEW YORK. Oct., 3L Ranks hera and abroad availed themselves generously of tha char.ee to get rid of considerable collateral held by them for account of friends and clients. The rally In tha Btock and bond market was not unwelcome to the bankin Institutions, as It enabled them to lighten their loads materially. There nre times when banks can become overloaded with securities, and when this class of collateral becomes almost as undesirable and unsafe as real estate In seasons of depression. There has been a narrow escape from a dangerous situation In this respect, but tha money lenders ara emerging from their difficulties, and conditions are decidedly improved, from the conservative banking view point. The institutions and Individuals who have been sell Inf their securities to raise money and reduce their obligations include those of all sizes and grades of Importance. The result Is an accumulation of cash In quarters where there Is an absolute necessity for capital to be earning money, and these Interests fad themselves confronted with tho lack of a desirable borrowing demand. This condition accounts for the inquiry which has sprung up for bonds, an Inquiry so urgent that It has stimulated considerable speculative activity In that quarter. Many experienced traders have been putting their ipeculatlve capital in low-priced bonds during the last .month, believing that good returns can be secured on that kind of investment quite as well as on stocks, and that the outlay would be attended by less risks. Results have proved this to be tho case. Insurance companies and savings tanks have been the largest buyers of bonds, and many millions of dollars of their cash have gone Into that class of securities. Insurance companies aro obliged to keep their capital busy, and so are savings banks, in order to meet obligations to their clients and pay interest. The belief is growing: that the underlying tendency of stocks and bonds will be slowly in the direction of better price. It is the expectation that this improvement will be exceedingly gradual and will be felt first and strongest among the dividend-paying railroad Issues and among the low-priced stocks that give best promise of probable development looking to ultimate dividends. There are many such which are veiling all the way from 20 per cent, to 50 per cent, of par value. The indications are that price fluctuations for the next few months will be within narrow ranges and that there will be continued dullness. Commission merchants, bankers and brokers antlclpata this condition of things and are planning for a rather tiresome winter. Having gone through its own sweat Wall street is settling down to wait with as much patience as possible for the rest of the country to go through a similar experience. This process is clearly going on and time will be required for a completion of the liqulaitlon. The view commonly taken of the broad situation by those whose Judgment is of greatest value Is that the country is in no immediate danger of a serious and protracted reaction. It is now almost certain that the worst is over in the securities markets and that the remaining weak spots n located. While there is something or a chill on Industrials and the great mercantile trade tho aggregate volume of business is still above normal. What is regarded as the best feature of tho situation as it has developed is a reasonable certainty that the wave of depression has checked tha aggressions of crKanized labor and given capital um asurante that it can proceed with construction enterprise without further risk of being tied up by Walking delegates and their associates. Labor unrest. has been, for a year or more, considered the most elangerous element in the business situation, rnd now that a check has been put to the so-called unreasonable insistence of the agitators in that lield permanent peace is looked for. something which must inevitably work to the general good. It is time that the country was taking a rest time that people were giving themselves a season for sober reflection ard a imuse in the wild rush to accomplish teu years' work la a few months. The pace was too fast. a xxx Amalgamated Copper has contributed to the enllvenment of the Wall-street situation all the week. That stock was "pegged" by the Standard Oil specialists in control of the property, and .to the surprise of ' many professionals it experienced a sharp advance after the adverse Montana decision. Instead of breaking all to pieces, as anticipated. A big short Interest was squeezed, and now the talent 13 in doubt as to what course that property is likely to take In the near future. In the metal market the price of raw copper has been "washed up" both here and In London on the theory that a suspension of operations in Montana will lead to an exhaustion of supplies and the establishment of quotations on a permanently higher basis. It la claimed that there are few buyers for the metal at the advanced figures made and that the play is entirely manipulative. Specialists in Amalgamated Copper are having some trouble in making It clear why that rartlcular stock should rise, as a sequence to entire stoppage in production. On the theory they ore operating the argument might hold good that if th stock Is entitled to a 5-polnt advance because the mines shut down for six months It is logically entitled to a 0 or 100-polnt rise should tha mines be abandoned altogether. The total extinguishment of the mines might even put Amalgamated back to I13J a share. Hut, then, operations In Wall street are not . conducted along logical lines, so what's the odds? At present quotations the Amalgamated Copper properties have a market value of, approximately, SCd.lfO.OOO. as against IJOO.irjO.K'O two years aso or thereatouts a shrinkage of more than $HS.00.0CO. It is notorious that the Insiders worked out of the bulk of their holdings up around top figures. They may have, reinvested at tha lower lcvelj, but upon, that point there Is a difference of opinion among those who Fhould be advised to a limited extent as to the facts. Copper experts ara widsiy at variance In their estimates of the future of the Montana copper properties. Some hold that they will be practically abandoned in tha next few years und that the center of copper production will be In tha territory partly occupied by Senator Clark, in northv.estaru Arizona ar.d a district almost as great as Mexico. Clark's United Verde properties are raid to have over $400.0).000 worth of copper in sight, much of which carries $10 to JW in gold. Under such conditions copper becomes a by-product and can b laid do.vn at tidewater for next to nothing. Senator Clark is n member of the copper combine, but if it pays him best to break away from that organisation he may be depended upon to do so. Thus far ho has been merely burrowing in his United Vcit'e mines. When ho gets the property developed suiUcUntly to make it an object he can cut loose on production and command the trade of the world. The senator Id the dynamite in the coj;er situation. Vecuise ho is for the moment dormant must not v accepted as proof that he will always be in a njuexplosive state. xxx The statement made by an authorized railroad bureau of information that there are. approximately. S00.003 owners of tho stocks and bonds of railroads in the United States confirms the claim frequently made la these letters that the number of security holders in this country is In excess of 1.000,000. It is entirely safe to say that the stockholders in industrials number at least 2:O,0O3. United States Steel alcna baa a round 20J.0CO. American Susar Refineries has tho next largest list of shareholders, with Western Union a clos third. Ilecent computations show that the shrinkage on in tfustrials duiin,T the la&t two years amounts to $l.;o) ucj.tV'O. The shrinkage in railroad (curitles during the last rilicen months Is In oes of that uir.out. approximating $J.0'K.0tu.Ot"O. How much of tills drpression 1 a paper Iosm and how much actuul loss to the ulatlve community can nsver bo known. There is no way cf tuakins a division between the perma. r.er.t inxesiiuci.t class nud the si-vculatlve element. xxx Wall streeters have been taking a very lively Interest In the Xew York municipal campen. Opinion has been decidedly mixed on the result and for two weeks the betting was practically even as between McClellan and Iw for mayor. A large sum of money has been staked on the result, quite ns much r.: on most piesldentlai flections. A good dt-a! of the bis betting hlch is board of. howevtr. is of the Intangible sort. The money put up is of the stage variety that is. It lacks the c?sntlal element of alue. There 1 also a good deal if conversational betting which bftfins and ends in the cafes and is chi.My alcoholic In Its inPirtitlnn. There has rarely beca an flection in New York whr? tho chances were har;.-r to estimate. The f.old is chopix-d up Into factions and stirred by u variety cf Influence which ruik it almost imixfitle for even the r:wt experienced Iti the game tj form an intelligent JuJiiuvuU This Imparts to tho tu.uulu mora

than ordinary excitement, and hat stirred up the financial district considerably. xxx Forties exchange continues strong and there is still a possibility cf gold exports. Should the friction between Japan and Russia end in a war la the near future the cold movement toward Europe will begin Immediately thereafter. In tha event of a peaceful conclusion to tha trouble the exportation of gold may be deferred until long past the new year. There has not been a time since the culmination of the Northern i'acihe corner two and a half years ag that American indebtedness in tho European centers was as small aa now. The aggrerate. both for account of exchange bills and collateral leans, is believed now to be under 175.009.GjU. It has been In exce3 of Mö.OöO.oW. XXX Gossip continues to shift the control of Atchison. Interests identified with Union Pacific and Hock Island make specific denials that these two freat systems are looking to either joint or separtte ownership of the property. There is. notwithstanding, a well-grounded belief that ultimately Atchison will te merged or aifillated with otner systems. The popular belief is that a community of interest wlil Anally be formed In which Hock Island. Union Paclfle. St. Paul and Missouri Faciüc will dominate, thereby removing the ro-.d permanently from any danger of patclng Into unfrltnuly or piratical hands. As long as it remains unattached this danger must La considered In a discussion of the Western railroad kituation. W. G. NICHOLAS. DYNAMITED A 3IOUXTAI.V.

Rallvrar Contractors Then Tnld Taj lor for Vmc of Ills Land. Denver Tlmei. Stories of the Napoleonic atrategy of George Taylor, of Boulder, who forced Orman & Crook to part with a big sum of money for the privilege of their Rangs of workmen passing over his lands with their supplies, by dynamiting a mountain road and filling a narrow defile with 4G0 tons of rock and dirt, are Just reaching the offices of the state labor commissioner and other officials at the capital. Taylor had it within his power to delay the building of tha Moffat road for months, and if he had continued the policy of destroying the roadway over hi land hundreds of men and horses that were employed In laying the bed for the road must have perished from starvation In the mountains, because no supplies could have been furnished them, it Is said. lie owns threefourths of a section of land directly within the entrance of South Boulder canyon, six miles from the town of Boulder. The road that crosses his land leads to the top of the range and Is the only course that can be traveled with safety. The way lies between high mountains, between narrow cuts and across roaring streams. Houses were built ort Taylor's land by tho construction company. .Machinery was hauled upon It and tons of tools and other supplies were piled there. This was done by Orman & Crook with the full knowledge that tho land was private property. Taylor discovered what was going on and protested. Ho was told nothing could be done, and the best thing for him to do was to institute a suit for damages. With this purpose in view he consulted a young lawyer in Boulder. The follower of Blackstone and Coke demurred. Lawsuits take up too much time and are not advisable when other courses are open, fo said the attorney. It would be years before the Supremo Court could pass upon the case. The lawyer told Taylor that the land was his and that he could do with it as he wished. A few evenings ago two men were seen leaving Boulder at dusk with two kegs of black powder and two boxes of elynamito In a light wagon. - Their destination was South Boulder canyon. A short dlstanco within the canyon rises two pillars as guards at each side of the road. Their walls are perpendicular and smooth as glass. Their heads, 20 feet in the air, nlmost touch over tho trail. Making a detour of miles, they mounted ono of tho pillars from tho hack. The explosives were hoisted to the top, und, groping about In the darkness, they stuck tho powder and dynamite in the holes and crevices of the rocks. Shortly before midnight the people sleeping in the vicinity of the mouth of the canyon were startled by the roar of an explosion, and thought that another incipient earthquake had visited Boulder county. In tho morning the teamsters of Orman & Crook going up the road were stopped by the wall of rock. It rose fifty feet in tho air and was so rough and rrecipltous that only the winged creatures of the air could cross it in safety. Those coming down the road were alo surprised to find tho barrier, and tho sound of creaking wagons was not heard in the valley that day. The next morning at sunriso hundreds of men were at work on tho mass that blocked the roadway. Taylor had been paid for the use of his land and work on tho Moffat road was resumed. Taylor's ultimatum was dynamite, and tho contractors heeded. They realized that he could have torn up and destroyed every foot of the roatl over his land. Diplomacy was best. The privilege of crossing the property was worth at least $23,000 to them. The company checkbook was produced and the official autograph, worth in that instance almost IL'.Ouo. was given to Taylor v.ith the compliments of the firm. SIXTV-OMJ PAIRS OF SHOES "Worn Oat ly K. C. Morris Escnplngr Death front Consumption; Detroit Tribune. Elated at the prospect of being able to complete his tramp from San Francisco to New York, his former home, but rejoicing still more that by his S.OOO-mile journey he had saved himself from a consumptive's grave, E. C. Norri3 arrived the other day at Middletown, N. Y. "I have worn out sixty-one pairs of shoes since I started on the long walk," said the slender, gray-haired man. "It was a big tramp I tell you, but it paid me well. When the doctors in California told me I had consumption I determined to take vigorous methods to get rid of It. "Some of my friends thought I was making a big mistake in undertaking such a walk. Well, I took the chance of getting through with the Journey or dropping out at the roadside to die amons strangers, and you see the result." Forty pounds Is the Increase in weight Norris declares he has made since he started out, on the morning of Aug. 8. 1001, when he was only able to tip the scales at 96, and scarcely had vitality enough to endure a short walk about the city. The first day he walked but a short distance, the next day a little further, and soon the number of miles covered would fatigue u man of more robust health. Norris does not propose to remain in New York if the salt air does not agree with him. "L would turn about and retrace my steps for another twenty-six months," he declared, "rather to decline physically to where I was when I made the break for health." Physicians along tho routo have been much interested in Norris. SINGULA II COINCIDENCE. Two Brothers Died from the Same Malady. Boston Globe. Fatalists will note a rerrarkable coincidence In the deaths of the Fltts brothers, iwlicemen, who were attached to JJivision 1, North End, and both of whom died at the City Hospital of the same- disease. Patrolman Arthur E. Fltts died Sunday of typhoid fever. Ho vent on tick leave Sept. 29, nnd shortly after that date was removed to the hospital from his home. 1 Cortes street. He was formerly attached to Division 4, but after the death of hid brother. Edward II. Fltts. Jan. 7, 19u2, he wa transferred to Division l. Edward contracted typhoid fever while cn duty in Division 1, and he died in .tha City Hospital cn the date above glvt-n. When Arthur was transferred to Division 1 be was given nut only the old route of his departed brother, but he was a.l2rned to his brother's bed in the dormitory. There are policemen In the Ncrth End ho say that, followlni; in th footsteps cf his brother on post and sleeping in the tame bed. had its effect on his mind, and that ho never cot, id rid himself of a fcvling that he was to follow Edward. However that may have been. Arthur was a good policeman, attending faithfully to his duties. In September, when he began complaining uf h-ndaches and dizy spells, some of the other men in the station shook their heads and said he was showing the symptoms wlilch Irh brother had exhibited. Sept. Artbur Fitts reported sick and went home. A few days later he went to the City Hospital. Just as his brother had done before i him. an 1 Sunday he died there of typholJ fever, i Jjt as his brother had done. j. There were many expressions of sympathy, but few of surprise, in Division 1 vestrlv wher. the other policeman h'vird of this latest death, for. some way, they had rr.ther expected it. although both the brothers had ben. apparently, robust men with the promise of long life b?fore them. Now the mn are wondering at the cause of the double fatality, and there is rone of then anxious to take the bed or the route of the two departed brothers. Pension for Veternne. Certificate have been issued to the followingnamed Indianlars: James Mullins. $21: Henry C. Fields. J2I; Thomas C. Hocker, 517: Henjamin Jones. $12; Albert Anrana. IS; Abraham Tilley, Thomas Myers. Ill; William H. iioPherson. $.'!: Peter ti. ItcConn. 112: Oron tl. VandThoof. si; James W. Edwards, $:4: Franklin 7. Murray, $10: minor of Joseph McMillan. $10; Sarah A. Hill. IS: Anna Dryan, IS; Thresla t.ohrlnc. $; Jeremlaii I'.ulser. !2; minor of t'harles VV. p.ailard. $1': Jennl Sal.ollne. 5; Catherlna Fortman, $s; Mahnla'Hunt. ?12: Mary Mackessey, $12: IVnJamtn a. Flher, $10: Henry It. Sherman. $ iv; Melinda Dlller, $12; . i?arah F. Carter, SS. .

COFIT

I A PUZZLE SATURDAY'S BANK STATEMENT SHED LITTLE LIGHT OX SITUATION. Stock Market Obaervera Were In a Quandary as to the Immediate Future. STOCK PRICES REPRESSED STILL A HEALTHY TONE AND UNBOUNDED CONFIDENCE. No Urgent Ufjuldutlou, However, Has Been in Evidence Gold Import Probable. NEW YORK, Oct. 31. The bank statement today proved to be the usual enigma to stock market observers. The statement reports a decrease in cash of $S.C71,S00. There are a number of estimates compiled every Friday of the week's currency from tho bank officials themselves. Yesterday none of these estimates regarded as reliable showed a cash outgo for the week of less than li.OOO.OCO, and soma of them ran to over JJJ.wo.OOO. Last Saturday the bank statement In Its item of cash reserves failed to show the estimated decrease by $1,000,000. Under the workings of the average eystcm last week's discrepancy would tend to be corrected in this week's statement. The conclusion is unavoidable that the actual showing of the cash reserves item in the bank statement, if it correctly represents the actual conditions of the banks, must be based upon money movements not disclosed to the public In the Information upon which the Friday estimates are baed. To-day's statement failed to havo convincing effect iu stock market circles. and a very languid upward movement of prices resulted. This was rartly due to the fact that a skeptical feeling was felt as to whether the formidable decrease in cash would be in fact re flected In to-day's bank statemmt. There Is a belief that the discrepancies in the bank statement may be explained by cash operations between tho banks and trust companies, which do not appear in the reports of currency move ments. The increase in loans, which reached $1.4al.i00. was not unexpected, and is attributed to preparations for Nov. 1 settlements, and to borrowings by v ester n institutions in connection with their large cash withdrawals. The closing: as ttady but very dull, and with the advancing tendency checked. MONEY MAKKET TIGHT. The tightening money market this week has had a rerrcs&ive influence on tho stock market, and has bad tonw effect also in checking the broadening tendency of the bond market, which had begun to reach notable proportions. Following the bank and trust company failures at Ealtlmore and Pittsburg last week came tho news cf a run on St. Louis trust companies by some classes of their depositors, and the enforcement of sixty days' notice of withdrawal allowed to the trust companies. This condition led to large withdrawals of currency from Sew York to reinforce the i-osltion at St. Louis. At the same time the heavy shipments to .New Orleans lor crop-moving purposes have continued, and tho long -delayed demand from the West for moving the grain crops has set in. Wednesday the transfer of currency out of New York through the Kubtreasury rrached the unprecedented total of $2,i.")y,wo, of which $2,100,o0 was to ist. Louis, which was also the highest lecoid f-r a single day's shipments to any one lKint. The week's outgo also exceeds all records. . The emergency shipments to ist. Louis are believed to bo a temporary need, although the increatlng activity of tho Western money markets may keep the money there over the crop-mming peritjd. Tho development of the regular We-stern crop-moving reiulrerr.ent has demonstrated that the season a needs for that purpose must be met from New York, as usual, ana has disprove! the expectation that Western resources would be surticlent to meet the reeiuirenients, which had been maintained in scmo quarters. WESTERN EESEItVES LACKING. The indulgence of that expectation last fall proved costly to a large speculative Interest in the stock market, and the memory cf last fall's experiences begets a spirit of caution. The spirit of distrust or banking Institutions revealed by the St. Louis episode has induced a conservatism In the banking world in general, and a disposition to conserve reserves. The effect of these factors has been a rise In the local rate for money on call and on time. But the further effect has been a precipitate break la the rates for foreign exchange to near the goldimport point, which has spread tho pressure of tho situation into foreign money markets. Foreigners have been heavy buye-rs of cotton during tho week, impressed with the fear of the formation of anotner corner in our cotton market. The outgo of wheat and corn also has expanded. The rise in local money rates has checked the demand for exchange to cover previous sales, which has hitherto steadily absorbed the supply oi commercial bills as last as they came into the market. As the current demand for gold on the continent is keen, the final outcome of the exchange situation is not certain, although it seems clear that the New York money market has secured control of the exchange situation, with power to secure relief by gold imports at need. Meantime operations in stocks have shrunk to a few special movements, due to causes affecting Individual stocks. The quarrel amon? the copper interests in Montana has been the basis for the activity in Amalgamted Copper, and United States Steel has been somewhat affected by tho information disclosed in the application to place the second-mortgage bonds in tne regular listed department at the Stock Exchange. The Iron and steel stocks and tha railroad equipment stocks as a class' havo been affected by unimproved conditions in that trade, and specifically by the large decrease in net earnings lor the past quarter reported by the Fressed Steel Car Company. RMUoad officials have come to admit, for the first time, some declining tendency in trafllc, and freight solicitors are relorted again in the field, atter a long period of inactivity. Mercantile agencies also report a cautious attitude cn the part of merchants and a disinclination to order ahead. There has not resulted any marked depression in the stock market as a con.-e-qucnce cf these developments. No urgent liquidation has bee.i in evidence, and the opinion is held that the long liquidation in tho stock market ha been in anticipation of present and possibly future conditions during; the time when complaint was mado that Wall street was the only blue spot In the country. The hope that the necessary liquidation In tho stock market Is ever has checked operations for a further decline. NO INVESTMENT DEMAND. There is no plain evidence that any Investment demand for stocks has yet developel. Some complaint is heard of the manipulative character of occaslcnal advances in prices. But this, if true, does not detract from their evidence of an Improved speculative sentiment and of the cessation of pressure to liquidate, which defeated all manipulative efforts to advance prices for a lonz time. Many high-grade Inactive stocks were sold down under forced liquidation in rmall lots to prices which offered no indications of the value set upon them by invettors, or at the figure of which Investors were willing to part with them unless forced to do so by need of funds in hand. Some of. the correspondingly wlJe recoveries in such stocks are hardly evidence of a renewed absorption for investmert. but may represent a process of bidding up by market managers who. unopposed by offers to sell, for the purpose of rectifying market quotations and improving the acceptability of securities as collateral. The rise in money rxtes hss halted the Investment absorption of bonds, but has caused little reaction in prices, llond houses re-port a good inquiry and an expectation that the falling; off in business activity will lead to some accumulation of idle capital within a short time, and a demand for safe Investment in mortgage securities. The purchase of some $25,ixl.tto of bonds of subsidiary companies of the Pennsylvania Comjany by bankers was the event of. the week in the bond market, and regarded as evidence of the revived market for bonds. United States twos advanced ' and the threes nnd old fours Ü per cent, over the closing call of last week. SATURDAY'S QUOTATIONS. Following are Saturday's share tales and the recorded price changes: ! II!h- Low- Clos. STOCKS Sale, eft. est. IM.J. Atcnison i'j.ikx) c 6ha Atchison pref 10J SH so Ealtlmore & Ohio 1.2'jQ 75 Uk 77s Ta HsH El 157 20; 63 16 1U 9 73 12, M um VA U 674 27 fii r. k j. prei Canadian Pacific Central of New Jersey.... 1.2'0 lisj us Central cf New Jersey Chesapeake & Ohio Chicago & Alton 1,100 O. & A. pref Chi. Great Western Chi. C. W. pref. V. Chi. & Northwestern Chi. Term, and Tran Chi. T. and T. iref C. C. , C. '4 St. L... ...... .... Colorado Southern C S. firft pref 1.200 C. S. recond pref Delaware &. Hudson 2s ld.. Lack. Ä West Denver & Ulo tlrande I). & It. O. pref Erie Krie first pref Eric second pref ro i?!s is . . . i ' 27 1J0

1ED

THE INDIANA TRUST CO, Condition October 31st, 1903.

RESOURCES: Loans $2,247,381.56 Municipal and Other Bonds. . . 1,100,149.32 Stocks 19,729.00 Company's Building 380,000.00 Vaults and Fixtures. 40,000.00 Insurance Department 4,683.09 Advances to Estate: 43f465.27 Cash and due from Banks. . .$2,014,480.45 $5,849,890.69 J. P. FRENZEL, President. JAMES F. FAILEY, 2d Vice President. FRANK MARTIN, Treasurer. CHARLES H. ADAM, Ass't Secretary.

Great Northern pref Hocking Valley Hocking Valley pref Illinois Central Iowa Central Iowa Central jpref Kansas City Southern K. C. 8. pref Louisville & Nashville..., Manhattan L , Met. Street-railway Minn. & St. Louis Missouri Pacific Mo., Kan. & Texas , M., K. & T. pref , Nat. R. R. of Mex. pref.. New York Central.". 1W 72 1 13oi MVs 14 II 30 I0ö 109 am is', lis SS 204 120 Vi C9 44 76 eo 24 69 05 60 4 12 80 138 172 42 'H 's 17 21li 71 190 115 72 isoi 130s 00 00 300 5,200 101 110 101' HQ 210 S.380 119 120U 11S14 20 119 Norfolk & Western N. W. rref. Ontario it Western Pennsylvania p.. c, c & St. L Reading Reading first pref Reading sacond pref Rock Island Co s... Rock Island Co. pref St. Louis & Fan Fran St. L. & S. F. 1st pref.... Ft. L. & S. F. 2d pref Ft. Louis Routhwe8t üt. L. Southwest, pref.... Ft. Paul Ft. Paul pref Southern Pacific Southern Railway Southern Railway pref.,. Texas & Pacific Tol.. St. L. & West T., Ft. 1j. & W. pref 1'nlon Pacific Union Pacific pref Wabash Vrabash rref Wheeling & Lake Erie.... Wisconsin Central Wis. Central pref 1,400 41 U 24?i m i,2vo i:s7b iss',i S,12i 130 2K3 4M.i 1 41V lTTs . 214 71 '.a 24'i 3.IÜ0

tS 4-0 17i 15. 19 2.3J ZZt SS' 83 14 l'JÖ 16 1 4 . 3 a. J)) aW r..7oo ss-t ss M"4 1.5u0 IS 19' 19 b6 . i -w 13 4 &T 1.00Ü 115 114; 115 64 l..-) KS. 3.". 35 150 32 t:i 31 9 4 1 4 i 14$ 31 100 61 61 61 d 12 100 21 21 21 131 94 f3 LS0 27 26 27 100 69 9 3 100 21 21 213 . . CS 1,700 614 tl SI 230 14 14 14 3 HO rTi 2 28" 2V0 7Ts 7 e a 100 i 9 9 v Vi v 2.700 13 13 13 5,100 ZU i 58 100 S2 fc2 2

Adams ... American United States Wells-Fargo MISCELLANEOUS Amalgamated Copper .... Am. Car and Foundry.... Am. C. and F. pref Am. Linseed Oil Am. Linseed Oil pref Am. Locomotive Am. Loco. pref.... Am. Smelt, and Refining. Am. S. and R. pref American Sugar Kenn.... Anaconda Mining Co Rrook. Rapid Transit Col. Fuel and Iron... Col. and Hocking Coal.... Consolidated Gas Oeneral Electric International Paper Inter. Paper pref International Pump Inter. Pump pref National Riscuit National Lead Pacific Mall People's Gas Pressed Stvel Car Pressed Steel Car pref.... Pullman Palace Car Republic Steel Republic Steel pref Rubber Goods Rubber Goods rref Tenn. Coal and Iron U. 45. Leather IT. R. Leather pref U. S. Rubber IT. F. Rubber pref IT. K. Steel IT. F. Steel pref Western Union Total sales rc.ooo UNITED STATES BONDSTTnited States refunding twos, reslstered... United States refunding twos, coupon, United States threes, registered United State threes, coupon United States new four, registered United States now fours, coupon , United States old fours, registered United Ftates old fours, coupon United States rives, registered , ..107 ..ICS ..109 ..134 ..135 ..111 ..111 ..101 ..102 United btates nves, coupon.., Chicago Stocks. Albert It. Thompson & Co.'s Wire. Open- Hih- Low- ClosSTOCKS ing. est. est. ing American Can 2H American Can pref 27 United Box Board 2 United liox Board pref,... 1 2H 27 3 IS 2. 27 3 13 27 2 U Local Securities). STOCKS Hid. Ask. American National Bank 151 153 Atlas Engine Works pref 109 Belt P.allroad common 105 10Ü Belt Railroad pref 11J 122 Brown-Ketcham Iron Works pref 107 Columbia National Bank m Consumers' Gas Trust Company.... lOOO 1271 Delaware and Madison Co. Tel 45 Federal Union Surety 95 Home Brewing Company Ill J13 Indiana Hotel Company 50 60 Indiana Manufacturing Company loo Indiana National Bank 235 Indiana Title Guar, and Loan Co 75 Indiana Trust Company Ißt 170 Indiana Union Traction 21 .... Indianapolis Fire Insurance Co 150 Indianapolis Gas Company 70 Indianapolis Street-railway 81 Indianapolis Traction & Terminal f 41 Law Building 6 Marion Trust Company 220 226 Merchants' National 195 .... Newcastle Bridge Company 105 .... New Telephone Company 86 New Telephone Long Distance R3 People's Deposit Bank U0 113 Rauh Fertilizer pref 105 Security Trust Company 104 .... Union National Bank 101 103 Union Traction common 2S 31 Union Traction pref 73 Union Trust Company 235 Van Camp Hardware Company pref 107 Wasson pref 105 BONDS Citizens' Street Railroad 101 107, Delaware and Madison Co. Te!. 5s 90 Home Heating and Lighting Co. 5s joo Indianapolis, Columbus & Southern 11 Indianapolis Gas Company 6s 10:, Indianapolis Improvement 6s 100 102 Indianapolis Street-railway 4s si Kokorao Railway and Light 99 101 Merchants' H. and L. Co. 6s 102 1C3 New Telephone first 5s Sl New Telephone second 5s ' gj Union Traction 5 91 .... Indianapolis Water 5s 101 With interest. MONETARY. " Rntes on Loan nnd Exchange Clearings nnd Bnlnnce. INDIANAPOLIS. Commercial paper, 4ft per cent.: time loans. Mj8 per cent. Clearings, JD50.571.1S; balances. 3103,170.63. NEW YORK. Call money nominal, no loans. Prime mercantile iaper, 5C pr cent, sterling exchange weak. Actual business in linkers' bills, H.84.75'iil.84.M for demand; $4.$1. 25? 4 81.50 for sixty days; posted raten. 4.S2'(f 4. S3 and $4.$y .$; commercial bills, l.S0'34.bl. Money Rates) Abroad. LONDON. Money. 3 4 per cent; dlscounts. 3ff3: consols, & 3-18. PARIS. Three ier cent, lentes, ?7f 5 for the account. Exchange on London, 25f 14c for checks. BERLIN. Exchange on London, 2:n 42pf for checis. Discount rats Short bills, 2 per cent.; three months' tills. 4. Specie nnd Merchandise Sloveinent. NEW YORK. Imports of dry goods and general merchandise at New York for tho week were valued at $13. 407.173. KjhjiU of spevlt for the week were $311,905 in silver and fi,0v0 la fold.

LIABILITIES: Capital Stock $1,000,000.00 Surplus and Profits 236,375.82 Deposits 4,613,514.87

FRED FAHNLEY, Vice President. JOHN A. BUTLER, Secretary. JOHN E. CASEY, Auditor. H. B. H0LL0WAY, Ass't Secretary.

The Central Trust Company STATEMENT AT CLOSE OF BUSINESS OCTOBER 31, 1903 ASSET Mortgage loans $105,736.92 Collateral loans $225,131.55 Bonds and stocks $138,280.00 Due from trusts S 1.337.90 Insurance accounts $ 4,521.36 Real estate, furniture and fixtures S 71,240.17 Capital stock unpaid $1 10,000.00 Cash cn hand and in banks .$124,S80.7Q $781,128.60 UABIUTIES Capital stock $300,000.00 Surplus and undivided profits S 30,743.67 Deposits : $323,9 1 4.32 Due trusts and estates SI 04,004.88 Due rental Department $ 22,465.73 $781,128.60

OFFICERS CHARLES K. COFFIN. President. OVID B. JAMESON, Vice President. CHARLES E. HOLLOWAY, V. 1. and Treas. AUtil. STL'S JKNNINMS, Secretary. THOMAS B. FÜLME It, Assistant Secretary.

-JZ SAFE DEPOSIT BOXES . BURGLAR-PROOF VAULT a vp Ar JSeoixxrltsr 1a.ixst Co. " YCAK Hour. 8 us p. m. 14B Et Market Strt

GROIN! BOLTS, TURNBUCKLES HEAVY HARDWARE Imports of specie were 51,704 In silver nnd $19,370 in sold. Market for Silver. NEW YORK. Bar silver, W?ic; Mexican dollars, 47?ic LONDON. Silver tars, 27Hd an ounce. Treasury Statement. WASHINGTON. Saturday's statement of the Treasury balances In th general fund, exclusive of the H50.000.0u0 jrold reserve in the division of redemption, shows: Available cash balance. $22.9rr,7Pl Gold l"6.siK4 m WEEKLY DANK STATE 31 EXT. Lois of Cafth Not So Grrnt as Expected Gold Imports Probable. NEW TORK, Oct. 21. The statement of averages of the clearing house banks of this city for the week shows: Loan 911.508.500 Inc.. .$4. 403.500 Deposits 88ö.ei.600 Dec.. 4.0"8.5X) Circulation 4:.tf93K Inc.. Si. 300 Legal tenders Cfi.W4.500 Dec. 1.672.000 Specie 1UCS3.800 Dec.. 7.022.8X) Reserve 23I.TS.3) Dec.. 8.C94.800 Reserve required 2ji.44.i.vo Dec. l.CM.KW Surplus 10.274,22) Dec.. 7.tt-).3V) Ex. U. B. deposits 19.S63.3iO Dec.. 7. 6 81. 200 The Financier says: "Unusual interest was malnfested on Saturday In the disclosures of the official statement of the New York Associated Banks because of the record -breaking withdrawals from thos institutions of money, through subtreasury transfer and by direct shipments to Chicago, St. Louis and New Orleans, these amounting, aa estimated from tha traceable movements during the week, to $15.CC3.000. The statement showed, however, a decrease of but J3.C94.SOO cash, while the estimates indicated a net loss on all movements of fl5,:40,000. The discrepancy between the actual loss, as shown by the statement, and the estimated loss may be explained by the operation of the average system. The movement of money to Ft. Louis and to Chicago wag almost wholly confined to the early part of the week, and tha average for the three days would call for but one-half of the 810.S00.Wr) sent to those two citfts, or $5.400,u00. The movement to New Orleans was also largest early in the week, and the average would reduce the $3.150,0 forwarded to that center to about $1.500.(M.. making these average outgoes for the week $7,000.00. The average of shipments to other points would bring up the total to an amojunt very cloaely corresponding with th loss aa officially given In the bank return. The loans were expended by $4.4'9.500, whereas a decided contraction was looked for. This gain In loans seems to show that the banks remitting to the interior were not generally under the necessity of contracting their loans for the purpose of meeting these extraordinary requirements. Doubtless part of the expansion in this Item reflected the replacement of foreign loans which had been paid oft within the past fortnlrht. and possibly also some domestic negotiations. The deposits were decreased Jtvl'S.OCO. which amount Is only $157.3o0 below the sum cf the loss of cash less the gain in loans; therefore the statement shows a good balance. The required reserve was reduced $1.024.500 through the decrecsM dpo!ts. and deducting this amount from the loss of cash leaves $7.C70.20O as the decrease In surplus reserve, to $10, ITT 4. IV. Computed on the basis of deposits. les those of t31,lj6.tfb of public funds, tho surplus Is $1J,543,C'K- It is noteworthy that tha loans were in excess ef the deposits by $15.fc'JLWOQ, the highest recorded during the jmt; this, however, simply shows that in meeting the week's extraordinary demands the bank drew largely on all their available resources, which they are clearly permitted to do. "Wherever, at this reason, or In the spring, exchange declines In response to increased offerings of commercial 1411s, clore observers of the market aro led to lok for early gold imports. Heretofore this year thef expectations have not been realized, because of the presence of abnormal conditions. Now. however, there aeema to . be a strong probability of such Imports, provided .there thai! Iwj no Important check to the export movement of cotton and breadstuff, and provlled. also, that monetary conditions remain favorable. That such conditions will continue favorable for gold Imports seems probable, and though the Bank of England may seek to H-tain the movement of gold hither, it pi-ar likely that America shall soon get Home of the metal from France. Therefore even if there shall be a further reduction of bank resvrves through demands for money for the crops, gold Imports will tend to relieve tho situation; a fall In eight cxthange of about

$5,849,890.09

DIRECTORS Charles E. Coffin. Oharies E. Holloway. Winfield T. Durbin. Ovid U. Jamnon. Oeorge B. Elliott. Ltrenzo D. Moody. William J. Richards. Cortland Van Camp. Medford B. Wilson. V. J. Holliday i Co. ai cent per iounl sterling undoubtedly will bring gold from Europe." PIUVAT12 1VIHE ADVICES. .Market Wan Stagnant, bat There Wat n Light, C'nutloua Bidding I p. Albert Jl. Ttompson & Co., Indianapolis.! NEW TORK. Oct. Jl. The market was absolutely stagnant, and prices were unimportant and of no significance The bank statement was about as expected, although falling to reflect the heavy outflow of cash during the week. After ita appearance there was a light, cautious bidding up of etocka. but no doubt these transections represented an evening up process on tha part of trade! s over the holidays. The absence, of any pressure to sell and the existence of a considerable short lncn-aw. It Is bellevod. would afford a fair opportunity to advance the market a few points aftr the holiday. Fundamental conditions have not changed In any way. but for the Immediate future some Improvement seems probable, as the market acts aa if it were oversold and recent lear drives have failed f dislodge any appreciable amount of long stock or bring about any liquidation except la a few Industrials. Cause of the Inertia. fMeyer & Klser, Indianapolis.! NEW YORK, Oct. 21. Absolute iUgnatioa prevailed in the atcck market to-day. and the lethargy from wMch trader have been suffering arparer.t!y accentuated. The uncertainty concerning the bank statement retarded trading la the early part of the session, and the Interruption through wire service and cale tne ess 2 further slackened oj-eratlons. It la doubtful, however. If either of these tau- contributed materially to the Inertia, Inasmuch as trader were not disposed to make any extended commitments. The bank statement waa a somewhat anomalous affair. The lo?s in cah wa not so gieat aa bad been expected, but there was a heavy increase in loans which was not liked. On the whole, however, the- statement was regarded na slightly bettrr than had been predicted. The actual los of $3.2i"0 in cah, which compared with an estimated Ijs cf tLO1.CM; loans Increased $l.4od,.j and reserve decreased $7.C?u.iOJ. Traders seem to conMrue the statement faorably, for the market developed strength and a alight increase in activity ettr its publication. It may t snld on the bst authority that one oi th men who Is romldered a power in the financial world, but who has Leen selling fur iirn time, is rerlouily ill. Whether Ms Illness has had an fleet of aerlvua moment on the market is a question. Hears In n Qnnndsrr, IPorternelJ & Co.. Indianapolis.) NEW YORK. Oct. 2I.-In the words of TcstiM Pilate, several bars were heard to exclaim: "Almost thou persuadeth me." This change of heart among the bear c-ntintent" has beeo brought about by the surprising resistance the stock market has shown all week in th face of Innumerable adversities. The. week opened with uneaflness reKardlr.g the stability of evtral trujt companies in St. Jxul.. rumors of pending strikes. unettled conditions in Pittsburg, and as the wek advanced the fear of a bad bank statement was added to the other depressing feature. To-day's publication ahows the worst expectations reaaidlng l! latter v.-ere r'allzfd, and a decrease tt tver seven millions was reported, but Instead of the mat Let being railed. a the fringe" ulator existed, not only was this r.ot don-, but the market advanced after the lank statement's announcement, and the lit cl'ed hlxhr. All this clearly demonstrate that th InvPtni'tit tri tonda and hbtral purchases of lradine railway securltlee riuilng th pant ten daa weie not for effect, but the renult of r-hrewd invm!tln by f;nanciira. who found prices sudctent!y low to warraul iavestment. Record Breaker lu Dullness. fA. W. Thomfon. Indianapolis.! NEW YORK. Oct. 21.-The market was cgala almoet a record-breaker In the way cf du'lnea. The close was, on the whole, a little better than yesterday. The bank statement was unfavorable. The enly feeling which remalna hard snd fast Is that stocks are worth the money, thut the earnings t.f nl! th? leading properties ore the greatest ever knwn. that there U no:hing thrt-atenlnx In the financial situation, and th.tt after a year, practically, of liquidation stocks fhould I settled comfortably in the bands of those hj aro alle and willing u hold theiu.

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