The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-08-11
CENTAUR LINIMENTs
FINANCE AND BUSINESS.
GENERAL MARKET REVIEW.
Indianapolis.
MONEY MATTERS.

MONEY MATTERS.
The Bulletin. under date of last Friday,
says In the markets for securities there
were large transactions in registered 10-40's,
the business to-day and yesterday amount
ing to dose on to 81 500 900. and all of it was
done at private Offices, and at about no, the
closing quotations having been Sll0@ll0H.
These large purchases, and the fact that they
were all traceable to one house gave rise to
a report that the State of New York, having
failed, by reason of technicality, to get the
$3,OOO,O00 new per cent. bonds recently bid,
was investing in 1O-40's, which can be had at
about par in gold. A good part of these
bonds sold was for the account of banks re-
Hnquishing their circulation under the new
banking law, otherwise the supply Of bonds
would have been inadequate for such an
exceptional demand.
The Inter-Ocesn is trying pretty hard to
make up a strong case of logic for better
times. When facts take the place OF argu-
ment its views will be exceedingly welcome
TO the public. 1t says in the issue OF yester-
day: There have been some indications
during the past week or ten days of revival
of activity in the money markets generally.
The bank of England has recently raised its
rate of discount, and of course the London
market outside of the bank advances &C
cOrdingly. There has been faint ripple Of
activity in the New York market and a
hardening of rates of interest there. The
movement has not as yet reached this
market, but the approach OF time when our
banks will be called on for large amounts of
CURE ncy to pay for wheat is being antici-
pated by the banks in their declining
70 ~ ha
seven per cent. or collaterals for
over thirty DAYS. But while the
demand for currency will probably
cause decrease of deposits i'm the banks,
both here and in New York, within the
next two weeks, ii will not necessarily make
a tight money market at any time this fall
This seems to be the feeling in New York,
in accordance with which we learn there is
a growing disposition among capitalists
there to buy railroad bonds and other good
securities. We learn to-day of positive
offer OF eighty cents on the dollar being
made in New York for nearly 81 ,OO0, 900 of
the bonds of new short line of railroad
which Is now in operation from point ON
the Missouri river The same bonds were
offered in vain in New York at less price
q few months ago. This is another instance
in addition 20 the several mentioned in this
column of the Inter-Ocean during the past
.. week, TO show that capitalists are recovering
confidence in Western railway bonds
The Journal of Commerce remarks: Il
has been stated in several newspapers that
the secretary of the treasury doubted his
ability to place the AZ per cant. bonds, and
that he would, in his next annual report, ask
Congress to raise the interest ON three hun
dred million OF them 10 3 per cent. This is
thoroughly an error. He has the utmost
confidence in the ability of the syndicate to
dispose OF the fives within the time they
promise, and of his ability then to make a
successful negotiation of the Az per cents
In any event he intends TO try it. ana has no
idea of asking for an increase of interest
rates.
THE IRON MARKET.
The Railway Review is watching the iron
trade pretty well, and finds that the quota
tions this week are without change. If the
tide is turning, as is confidently asserted by
some, it is just now at the turning point
where it stands perfectly still, but is sure to
go up rather than down. In the Eastern
markets firmer feeling is reported. Pig
iron is moving more rapidly from the Lehigh
Valley. Bar iron is in considerable inquiry,
but sales are not large on account of the rise
in price to cents at Philadelphia. The
manufacturers are bound to maintain this
rise and carry it up to $40 if possible,
which they claim will afford as low profit
they can stand.
Notwithstanding the greater firmness re-
ported everywhere, there seem to be no
speculative purchases as yet. The strike of
the Lake Superior miners did not affect the
market. IL has now terminated quietly.
The receipts of iron in this city by all
routes during the week ending August / ,
were 2,Sl6 tons manufactured iron, 40 tons
iron ore, and / AS tons pig iron. The ship
ments were S-4 tons manufactured iron and
30 tons pig. y detailed statement is given
below.
The receipts of iron Mountain ore at St.
Louis for July were 1920 tons For the