The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-12-10

the sugar war, and formulated rumors OF
new and powerful competition In the TO-
bacco trade have served TO oemonsuaee
the vulnerability of the trusts 10 en-
OF unwieldy capitalization ana dlvioeno ou
hgations. The admitted overcapitaiZstion
or mahy of the newer industrla!s pese.s
a spirit OF distrust. The fact tnae h sne az re-
tivity in the iron and steel trade mas re-
ceived check for the first time since TUE
BOOM was reflected in the stocks OF iron
and steel companies.
INDUSTRIAL LOANS CALLED.
For all these reasons lenders or money
have chosen those loans to call nrst WHICH
had any Of the industrials among the COL
lateral with which they were secured
Those who controlled the limited supply
of loanable funds showed equal discrimina-
ton against industrial stocks In making
new loans. The supply of money In Ne"
York has suffered from renewal OF the
interior demand especially from the south
where cotton is still coming forward. me
subtreasury operations have mace heaSy
inroads upon the cash resources OF the
banks, and the relief by government pou
redemptions has been gradually running
down until, on Thursday, II ceaseu aito.
gether Bids for government ponos III .ne
open market are at a higher neure liiait
the government offers, and the goVerhine..
project for refunding the national debt
prompts the owners Of government oonuo
to hold them. The existing surplus over .le
legal reserves shown by the clearing nouSe
banks Is partly illusory, as fully nan the
members of the association were down 10
the legal limit last week. Even those WHO
hold the surplus are anxious 10 nave
little more room to turn arounq aS ine
New Year period approaches. PROVISION
must be made for the largest interest anu
dividend disbursements on record: Inc
course Of the foreign money markets ois-
closes an apprehensive frame or mlnd. the
most important incident of the week peing
the advance in the official discount rate or
the Bank of France from to 3la per cent,
to the highest rate Tor .nir heeh
of loans and of note issues by
the French institutions indicates prep
arations for some kind of crisis, ana
determination to contest the BANK Oh
England's effort to attract funds to that
center. The London money market mas
shown signs of ease, and has been able 10
repay large sums to the Bank OF England
but the bank. not contt with the recuper-
alton from that source, has been selling
government securities, or, as 1t is termed
borrowing from the market. This is a
measure designed to keep UP the private
money rate so * will be responsive 10 the
bank, and may be preliminary to further
advance in the latter. The London money
market is feeling not only the cutting on
of the usual supply Of gold from the trans
vaal mines, but the needs which the I'M
precedented activity in trade in this coun-
try is developing. War expenses change
South Africa to a drain on the money mar
ket, from being the pr ncipal source OF sup
ply The severity Of the London need Tor
money over the end of ..Ie year yet re-
mains to be developed, but until 1t is APP
peased, any relaxation in the New York
money rate would certainly lead to prompt
uvitbdraNaIs of gold to lend in London.
Spectators have, therefore, abandoned
hopes of easier money for the present and
have sold stocks. -,
hoS in
with stocks on a smaller volume OF deal
ings and over a narrower range OF prices
United States new fours, old fours and
fives advanced q, and threes Is In the DID
price.
Following are Saturdays share sales and
the closing bid prices: