The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-14
CALL MONEY AGAIN EASY
STATEMENT OF SECRETARY SHAW
HAS VERY DESIRABLE EFFECT.
With Highest Loan Rate of the Year
and Coal Strike On, the Market
Was Generally Steady.

NEW YORK, Sept. 13.-Some assurance
was impaired to the market at the opening
to-day by reason of a better demand from
London and early news of the governments
decision to anticipate October interest on
bonds, but the list was generally dull and
inactive during the first hour. Commits
sion houses did very little and foreign
houses were moderate buyers. Money con-
ditions were more favorable and. contrary
to custom at the weeks end, there was
brisk demand for call money, which ruled
at per cent.
Slight pressure was directed against
some issues In the early trading, but sup
port came later. Rumors of gold imports
were again current, but appeared to have
no foundation in fact. 1t was clearly
shown that the rate precluded engagements
except at a loss. The keenest interest was
evidenced in the bank statement because
of the many pessimistic reports and fears
of an utter wiping out Of the surplus re-
serve. Although this item shows a de-
crease of nearly $685., 900, there remains a
balance Of slightly more than 100000, the
result of a heavy shrinkage in the loan
account. The statement proves beyond
doubt that number of banks are at this
time much below the legal reserve require
ments. The loss in cash, Slightly over $780,
Co., was about up to expectations. The mar
ket appeared to take kindly to the bank
statement and this, together with the ac-
ton of Secretary Shaw, brought increased
activity with improved prices to number
of leading issues, including st. Paul. Read
ing, Pennsylvania, New York Central, Mis-
souri, Pacific, Illinois Central, L. N, b.
& o. and Sugar. The closing was strong
and active.
The passing of another week with the
coal strike still unsettled and an advance
in call money to 20 per cent, the top figure
ately steady and higher in not a few in
stances. Financial students declare that
this rather anomalous condition Is due
largely to the undertaking of this country $
resources. They point TO the gratifying
crop reports-as a matter of fact they
were less satisfactory as to cotton and
corn at the weeks end-and the increased
railroad earnings, In proof of their claim,
though apparently losing sight of the fact
that the same increases have for the most
part brought with them heavy increases
in operating expenses.
The event OF the week was the placing
OF st. Paul common on per cent. divi-
dend basis, this action having been advo-
Gated: it is said; by the strongest inter,
no ordinary significance to the increase In
view of the roads established reputation
for conservatism, but the stock failed to
make response in this market or abroad.
a director in st. Paul gave weight to stories
of st. Paul-Missouri Pacific alliance. The
course of Missouri Pacific was interesting,
that stock touching a new high record, with
st. Paul, and both selling off proportion
ately. Another event was the decision OF
the B. & o. directors to issue $42. 600 new
common stock part of which had been au-
thorized last year. Impressions are current
that some dealing with the general
railway situation in the South will soon
come out, and that the settlement of the
L. & N.-Southern Railway matter will bring
benefits to the Seaboard Air and Atlantic
Coast lines. Call money fiuctuated wildly
the rate ranging from 31s per cent. early in
the week to 10 per cent on Thursday and
20 per cent. yesterday.
The bank statement figures showing a
loss of over 5000 1000 in early forecasts add
ed to yesterdays feeling of apprehension,
with resultant declines. Foreign exchange
broke violently several times during the
week, thereby increasing the probability of
gold imports, but with the exception of ST.
100000 in transit from Australia no consign-
mentS were announced The second INSTALL
ment Of about sl5,0OO.000 on account Of sub
scriptions to the New Oregon Short-line
participating bonds is due next week, but
been made, Ii Is said in way to cause nc
disturbance to the local money situation.
The bond market during the week was
unusually active, with a large percentage
of the dealings in Wabash debenture Bs
which at one time showed a gain of over
s points, resulting from the heavy specu-
lative purchasing movement The market
was generally firm in sympathy with stock
manipulation. United States threes adj
vaneed Il. the new tours, regular, Ia, and
clined X as compared with the closing cal
of last week.
The following table shows the range OF
prices on Saturday: