The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-15

requirements. The drop in British consois
TO the lowest point In years was attriDuteu
to this money pressure in part, but the
coming reduction In their interest rate from
Ia TO IN was an additional factor.
Besides the additional offerings Of money
attracted by the higher interest rate. there
has been no betterment OF the money STU,
alton here. The subtreasury has continued
TO withdraw funds largely from the New
York money market. While the money
scare was in force report got abroad
that the Treasury Department would draw
on government deposits with the banks 10
meet the Panama canal payment Inc
presence In Wall street of the secretary
of the treasury had a reassurlng erect IN
its evidence OF his special watchfulness
of the situation. although his decision was
against the necessity OF any measures by
the department to relieve the money mar
ket 1t is recognized that some withdrawal
of government deposits with the banks may
be necessary by the Panama canal pay
ments unless the treasury itself Is IN
abundant funds at the time, and any re-
lease OF funds at this time will hamper
the treasury In carrying through the oper-
alton without disturbance. SO far as these
payments are made by drafts on funds In
the treasury itself IL is clear that they
will operate to release funds rather than
to withdraw them. AS to the effect or this
operation on foreign exchange there Is the
hope that its proceeds will be available
for lending here, although this would be
IN effect for the account Of the foreign re-
cipients Of the payment II Is generally
supposed that some part OF the recent
heavy Withdrawals of cash from the New
York banks is being made by the New York
trust companies to replenish their reserves
in compliance with the new rule OF the
clearing house.
An important influence in the weeks
speculation was the contest regarding the
financial policy for Southern Pacific be-
tween the Hartman or Union Pacific con-
troll in that company and minority in
terest represented by the holdings of
speculative pool under the management
Of James r. Keene. The various develop
ments in this contest have been accom-
enormous speculative dealings In both
Southern Pacific and Union Pacific, with
important sympathetic effect on the whole
market. Published charges Of irregular
cfal denials, had a weakening effect upon
Metropolitan Street Railway. The dissen-
sion among stockholders of American Ice
another disturbing influence. A feature
OF the present market is the wide declines
made from previous prices by high-priced
inactive stocks which are forced to market
by the money stringency. Amalgamated
Copper has been a subject of furious spec
ulatfon, based the excited advance in
the price OF copper both here and In London.
The uniformly favorable representations
of Industrial and business conditions from
all quarters, while the market for securities
remains persistently neglected, and some
what depressed makes a subject for much
puzzled conjecture on the part of disap-
pointed spectators. The favorite formula
to express their conclusions is too much
prosperity"
The bond market has moved in sympathy
with stocks. United States old fours, the
fives and the threes registered advanced "a
per cent, and threes, coupon, and new
fours Y per cent. The twos. registered,
declined "a per cent, as compared with the
closing call of last week.
The following are Saturdays share sales
and the recorded price changes: