The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-25
MONEY MARKETS STRENGTH.

MONEY MARKETS
Tn the midwee reaction some considera-
ton was given to the threatening Anglo
Russian difficulty at Tien-Tsin and the
failure OF negotiations for peace in South
Africa. which were depressing the foreign
markets. The announcement that an agree
ment had been reached between Great Brit
ain and Russia helped rally the market.
The positive developments In the market
and a rise in the call loan rate received
some attention. But considering the mag
nitude of the weeks transactions and the
comparatively small effect, spectators
adopted an optimistic view of the outlook.
and they were encourafied by assurances
from the capitalists concerned in great syn
dlcate arrangements in their confidence In
the safety of the situation. The payment
last week OF SIG, 900 in dividends by the
Standard Oil Company and this week of a
$4,000, 900 installment on the $4,000 900 sub
scription TO the new Union Pacific convert
ible bond issue. and the call for a S25,WO,OCJ
payment on Monday of the syndicate's sub
scription of 500. 900, 900 TO the steel merger,
were regarded as ample tests as 10 the
condition of the money market. rms al
justment and equipoise Is, in fact. the Key
&c the whole situation, as has been pre-
viously pointed out. ID.
1t is estimated that additional railroad
securities already authorized and TO be
offered for subscription during. the next
six months amount TO upward OF S5Vo
0n0, 1000, including q new issue OF SlOO,VOO,VD
OF Pennsylvania Railroad stock. Much has
already been done toward the fixing OF re-
Gently projected capital increases. Mean
time there is a growing absorption by
American capital of foreign securities, eS-
pecially of German bond issues, and sub
scriptions this week were invited 10 the
coming issue of German empire 3 per cent;
consols, which is expected TO be SOo,VVO,VU
marks, but the total loan was UNDERWATER
in Germany. The strength OF the sterilng
market. I'm spite of the continued trade
balance in our favor, Is conclusive evil
dence of the continued employment or
American capital I'm foreign markets, ana
shows that our capital will participate,
either directly or Indirectly, In the coming
British war loan. The prospective drain
on the money market of the governments
collection of surplus revenue is bound To
receive attention, in view or these future
large requirements: Disbursements ior
pensions have reached the high level for
the month during the past week and Will
now progressively decline. Yet the rev.
emu requirements have been so large as
unprecedentedly high prices for government
bonds the secretary of the treasury ex-
pressed his Discrimination 10 buy bonds,
which Is the only method open TO him 10
relieve the money market. But there is a
feeling of confidence in Wall street that
any actual stringncy in the money market
would induce action by the treasury.
Confidence in the strength of the general
| business situation and the substantial basis
of the country's prosperity broadly under-
lies the securities markets and overrldes
fear of consequences from technical con.
| sideratiOnS, such as 0Verextensioh OF
speculation and undue extension OF credits
which might go 10 imitation OF values.
Business in railroad bonds c~ontinued
large. the speculative issues being tne IA,
vorites. United Statese threes advanced
u, new tours and old tours, coupon, a
and refunding twos. registered, Is. Inc re-
funding twos, coupon, declined Is from the
( closing call of a week ago.
Following are Saturdays snare sales anu
the closing bid prices: