The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-15
RATE ABOVE 4 PER CENT.
CALL LOANS AT THE HIGHEST POINT
OF THE YEAR.
ciscO-Redemption of Bonds
Govements of Prices.

NEW YORK. March n-There were
some remarkable movements among the
obscure specialties, but the important rep
resentative specialties were neglected
and practically immovable. Some impOr-
tant developments in the money market
situation helped the stock market to face
with equanimity the forecast of a move
ment of currency of the week, which, on
its face, promised to wipe out entirely the
slender surplus reserves of the banks. The
rise in the call loan rate above per cent.
the highest of the year, indicated the pres
sure the money supplies. An announce
ment during the morning of an additional
deposit of half million of dollars at the
subtreasury for transfer TO San Francisco
emphasized the influence Of the earlier
drains reported. Altogether the banks were
shown TO be losers to the extent of upwards
of 5000 900 since the last bank statement,
including to-day's transfer to San Fran
cisco. Last weeks bank statement, it will
be remembered, showed surplus reserves OF
only S,95S, 425. During the day there came
very heavy offerings of government bonds
at the subtreasury for redemption. This
was the direct result of the withdrawal OF
the governments offer to redeem bonds
after tomorrow. The total redemption to-
day ran up to s2,479, Sol, and as the pay
ments are in cash they will show for one
days average in tO-morrOw's bank state
ment. Consideration was also given to the
fact that a Standard Oil dividend of $50 a
share is payable tomorrow, involving the
disbursement of $50 600 600 which can hardly
be without effect in the money market.
The increased pressure for money to-day
also led to renewed borrowing in foreign
markets, under which the exchange rate
yielded a fraction. Light was thrown on
the prevailing scarcity of commercial bills
in the exchange market by Tomorrow
statement of the February exports Of ag-
ricultural products, which shows a de-
crease, compared with last February, of
SlO,ST,96S Notwithstanding an increase in
value of cotton exports of $2354.279. The
statement of grain exports for the past
week shows a continuance of these condi-
tions. the outgo of wheat falling to below
100000 bu and the corn exports showing
only nominal figures compared with the
corresponding week of last year. Repay
ment of foreign obligations by gold ex-
ports is only to be avoided, therefore, by
falling back on foreign credits. OF other
developments, the settlement of the Boston
strike was favorably interpreted. although
some uneasiness still prevails concerning
the settlement of the yearly terms with
the anthracite miners. The increase in the
Southern Railway preferred dividend had
been expected with great confidence, but
the stock of that company advanced on
the announcement, which also served to
check selling movement In the general
list. There were some very sharp relapscS
among minor stocks which have been re-
Gently advanced on rumors of cOnsOlida-
tions and absorptOns. but there were other
strong points similar rumors. The vio-
lent advance in the Westinghouse Electric
stocks on light transactions had nothing
in the way of news to account for 1t. The
Gould group Of stocks, led by Manhattan,
were in notable demand at striking gains.
The Wabash debenture BIS were active
and strong. Otherwise the bond market
was irregular Total sales at par value
were 50 $4,000 United States new tours
declined Is, the old tours IA and the hves
y per cent. on the last call.
Following are the days share sales and
the recorded bid prices: