The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-04-18
FINANCE AND COMMERCE.
FINANCE.

INDIANAPOLIS, April II.
In local market money was held at to per
cent, with a good demand. Counter business
and mails were both light. Taken as a whole it
was quiet day New York exchange would
have brought premium between banks. The
day closed with currency shipments.
We take the following, which may be Of inter-
est to bankers, from Rhodes's Journal of Bank
ing,
During the recent period of stringency in the
loan market there has been good deal of COM
plant because business men had some difficulty
in getting their paper discounted by the banks,
while there was always money to be obtained
upon stock and bond collateral by paying high
rates of interest. 1t is doubtful, however, II ac-
oommodation was refused In any case In which,
could fairly be demanded. 1t seems that ithas be-
come the habit of many business men to keep
very small balances with their banks. depend
ing upon the note brokers to discount their
paper when necessary In such cases wnen
pinch comes and the brokers cannot help them,
they relegated to the banks, who. OF course,
take care of their regular customers first There
is no Just cause for complaint here. The reason
why the merchants alluded to keep such small
balances with their banks 10 that they use tine
money for stock, other investment, or specu-
lation. BY this means they are able to use their
whole capital to the best advantage; but if they
deprive the banks of the means to accommodate
them, they must not complain when they have
to suffer the consequences. The only real and
radical cure for the diihculty of dtscounting
good paper in New York has not been men
toned by any of the writers on the subject. 1t
is to leave the rate of discount free and open.
and not restrict the banks with antiquated and
absurd usury laws"
The New York Money Market-Stock Trans
acknowledging Prices of Government Sc
curities-Quotations of General Stocks.
NEW YORK, April 17-Monev sac per cent;
closing at per cent. Prime mercantile paper
5la06ia per cent.
Produce exports for the week, $5,s66.o00.
Governments irregular.
Railroad bonds quiet and without feature.
State securities neglected.
To-day's experience of the stock market shows
that there Is a growing feeling Of confidence in
higher prices which cannot be repressed even
by such reactions that of yesterday. The net
result today leaves the market generally about
1le02ls per cent. higher than last night. All
dividend-paying stocks, so depressed yesterday,
have made the greatest advances to-day, the
whole market closing strong.
The Post says: 1.-THE decline yesterday began
in q desire tc realize profits, and now that that
has been done prices have already recovered TO
nearly what they were before the movement be-
gan. The general prospect for the year was
never better"
The transactions at the Stock Exchange to-
day aggregated 605,0o0 shares, as follows;
& Western, 1000 Denver & Rio Grande,
1000; Erie. 5000: Kansas 4 Texas, 5000;
5000; Missouri Pacific. 5000: Nerthw western,
AZ, 900, New. Jersey Central, $4,000; New York
Central, 1000; Northern Pacific. 10000;
cifc 5000: Union Pacific, $4,000; Wabash
Pacific, 10000; Western Union. 5000; East
Tennessee, $4,000; Richmond & West Point, T.
STOCK QUOTATIONS..
EXCHANGE AND GOVERNMENT SECURITIES.
Sterling eodaya..... ~, coupons...~.......lIs*