The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-31
Local Financial Gossip;
Bankers and Brokers' Talk

Of statistical information and data upon grain,
provisions and stocks. and contains pretty nearly
anything grain. cotton or stock trader could
the year 1903. And added this is much val
The pocket edition is the Red Book on smaller
scale.
It is thought by very good judges that there
need not be much guessing to the control of
the Erie now that the voting trust goes out OF
existence. The stock is thoroughly well distrib-
uted. and when il is remembered that the general
lien and prior lien bonds have votes ii is prob
ing interest than exists in Atchison or Pennsyi-
vania- There is growing conviction among in
vestOrs that this is the best kind Of control,
after ALL
There are indications here that money is
likely to tighten up" says Harden. the Wall
street correspondent. ''One of the depressing
factors in the situation is the undiminished Dor
rowing the part OF corporations The known
movements OF money for this week indicate a
large gain in cash. but it is expected that there
will be a further expansion in loans. One esti-
mate tonight put this expansion as high as
$50 600 co., The longer this keeps up the more
does become necessary to contract loans There
are features of the banking situation here that
ess generally maintain cautious t atttGde II
is said that the bull interests in this market have
heen unable 10 get accommodations on extern
plenty OF call money, and very low rates but
the call money market Is VIGOROUSLY tickle, and
no wel-organized campaign for the advance
would be undertaken on coall money alone"
T Z
One Of the facts most striklngly emphasized
in the pending Eastern negotiations has been the
different position Of Japan and Russia on the
market. japan is disclosed the rich country
hastily developed, perhaps, but confident in its
material wealth. Russia depends entirely on out
side capital. Japan has exploited its own re-
sources and has fought costly naval war with
its own money. Russia is literally financed with
foreign capital The reason for this contrast is
simple enough. Accumulation OF apital has been
impeded IN Russia by a wasteful system Of agri-
cultural production and 10y a long concentration
lures and its banking have as a rule been man
aged by foreigners and heavy taxes have bur
dened all home producers. Japan, too. has been
heavily taxed, but its industries are highly di-
titles Of the England Of Asia" 1.-The Yankees
Of the East, show the view which the world has
necessarily means a large financial power and a
reserve of capital at home. which by itself. if
necessary. could sustain the nation In Dro-
longed and costly struggle.-New York Post.
Bankers in the West quoted 10 the effect
that rates for money will be higher in February
says the Wall-street Journal. Bankers here
hoping that they will soon be able To earn
more on call loans than they have to pay for
deposits. against which they must keep reserve
The supply OF reserve. however. may be increased
In the event OF war between Russia and Japan
This weeks importation OF SLcO0.O coo from Japan
evidently came in payment FOR war supplies and
not as an exchange operation. The greater part
OF Japans foreign purchases in OF war
would probably be paid FOR in gold. which would
4 sent 10 san Francisco whether the purchases
were made In the United States or Europe In
the latter event the gold would be sent here to
buy exchange Russia on the other hand. would
pay for her purchases here with bills OF exchange
Thus the operations OF Russia would. 10 some ex-
tent. offset in the exchange market those OF ia
pan, which country would be buyer OF eN-
change. while Russia would be a seller But the
geld sent here by japan would remain for some
time Although there IL "a possibility that Europe
might draw gold from New York for the Russian
loan. The situation however, would be further
complicated by the ratification OF the Panama
treaty and the withdrawal or a considerable
amount OF government deposits from banks 10 be
used in paying N0000o00 TO the canal company
and SO 000e coo to Panama"