The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-02
This, However, Does Not, as Might
BE Supposed, Indicate a Bad Con-
ditiOn OF Affairs.
SOME FINANCIAL LEGISLATION
AN EXTRAORDINARY SESSION OF
CONGRESS NOT IMPROBABLE.
President Richards, of the Union Ma
tfOnal Bank, Talks Of the Situa-
tion-Other Conditions.

The Indianapolis money market is getting
into what the financial community terms a
stringent condition. This does not indi-
commercially, industrially or otherwise.
Money is tight all over the country and
the demand for money has been so great all
year that the market has not been "easy''
any time for more than fourteen months
In addition to this cause for anything but
plenty of money, the fall crop-moving time
is coming on and the banks will need all
the money they can get for the period from
about the LIST of September until the middle
of October. In anticipation Of the great de-
mand for money from their country clients
during these six weeks and for some of the
deposits held here for the national banks
in other cities of the middle Western States
the Indianapolis national banks are begin
ming to husband their loan resources.
Money rates are per cent. now, which
indicates that money is not very plentiful,
and it is not likely that the heavy demand
for practically all Of the loan resources the
banks here will have when crop-moving is
on in full swing wilt boost rates any. Six
per cent is a pretty high rate, and repre-
sentative officials of the local national
banks are of the opinion that money will
remain at per cent. until the middle of
October, when the demand for money for
crop-moving will reach its height. Then,
perhaps, when this money begins to flow
this way from the West it may be that the
market will get somewhat easier and rates
may be lower.
But this country has grown so large and
it's business of every section is so great all
the year round that the country has about
outgrown the condition when one section
uses all the available money for a few
months and then another section uses it,
and so on. The demand for money is SO
great all over the United States AL the time
that this condition is rapidly disappearing
The fact is, according to Holland, there is
a larger demand in this country for money
than the volume of currency.
And this calls attention to the fact that
there is much likelihood OF President
Roosevelt calling an extraordinary session
Of Congress for Nov. 9. one purpose of
which viii be to secure legislation giving
the currency great fiexibility. His recent
trip through the West has shown him the
need of change OF the currency laws, saws
the Chicago banker. and leading Repub-
licans in national politics are not disposed
to deny that unless some action is taken
soon the whole question of currency and
finance may become one of the leading Is
sues of the presidential campaign next
year.
The recent conference of the Republican
senators who were appointed at the last
session OF Congress to devise some meas
ure by which the currency system can be
made more flexible. agreed upon a simple
measure. 1t is understood. which. it is be-
Iieved, will go great ways toward rem
edying the faults Of the present system.
The measure will provide for the issues of
additional currency to national banks In ex-