The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-27
General Financial News.

Advices from New York to brokers and bank
predict fairly good bank statement to-day.
Preliminary estimates give the banks a gain in
cash for the week of something less than $1,000
OOO The statement probably will show a slight
increase in reserves and decrease in loans
+
Much curiosity has been expressed here and
in Europe as to the actual plan of the Russian
government in it's issue of SIS 600 600 credit notes.
announced last Saturday. says the New York
Post. 1T is stated that the notes are secured
by gold. and the recent budget statement ap-
parenty cerdits &he treasury with a gold re-
serve, outside of the Imperial Banks holdings
least four times great 5 last weeks note
issue. Furthermore, the Imperial Bank. against
its $685. 00 900 note issue holds $685. 900 gold
Now the imperial decree of January. 1897. estab-
fishing the gold standard, required a gold re-
serve of only 80 per cent. of notes outstanding
so long as the circulation did not exceed 600,
900 900 rubes, $500, 900, 900. These facts have
caused great curiosity to why Russia should
have put out notes. instead of either using it's
own free gold borrowing the surplus gold of
the Imperial Bank. Spain did from it's own
state bank during 1898. The official explanation
at ST. Petersburg. this week. has been that ex-
listing note circulation being drained away
to the far East and that fresh issues were
therefore timely. Paris and London dispatches
do not take this explanation altogether seriously
and produce the theory that the Russian govern
ment means to pay abroad In gold and at home
in paper. This, OF course, depends the Ques-
ton, to what extent the notes secured by
gold The 1887 law provided. as to bank notes.
that when the outstanding issue should exceed
100000 rubles las against the 57S,0J0,000 re-
ported Jan. 30. the should be guaran-
teed the full amount by gold held in the
bank.
Meyer & Kiser Cfrom Bartlett Frazier Co. S
Wall-street house--The bond market is in poor
shape and despite official announcement neither
the Lake Shore bond issue nor the PENNSYLVANIA
notes have been disposed of to advantage by
the syndicates of bankers. Foreign purchasers
are Paris will not touch foreign securi-
tics and London is satisfied with very little.
The outlook for the stock market is not good.
There may be spurts. induced by artificial stlmu-
lation. and spasmodic ad yances may give a
to r. erratic and more less reactionary for
an li.1ennite period.
The demand for currency the interior for the
spring planting and the spring trade usually
! begins about this time. Chicago banks are al
ready sending currency to the interior. The
amount of currency taken from New York this
/ year may be much less than usual because OF
/ the concentration here within the next few
1 weeks of the p per cent. OF United States de-
! posits withdrawn from interior banks. and
| placed by them in the designated depository
/ banks here, IN preparation for the Panama pay.
/ ment 4 he spring outflow OF currency from New
i York the interior IL always small in cOnpari.
! son with the shipments during the crop move.
ment IN the fall This year IL may be Offset en-
/ tirey by the receipts account of United
states deposits to be retired, although the ship
! ments may be as large usual The first effec
/ OF the policy adopted by Secretary Shaw in re
! gard TO the Panama payments has been L
i make time money rates easier In New York
whine at other cities the tone OF the money mar
] ket has become shaue hrmer. Money has beer
/ easier at New York than anywhere else in IN,
| United States since the beginning of In,
| year II almost always is easier than elsewher,
! during January and the first three Wee ki
| OF February, and generally begins TO grow
| drner I'm the last week OF February. The ten
! dency TO increasing that has been manifes
for the past ten days may be ascribed as much
/ 10 the absence OF demand for speculation in tn,
| stock market as the increas ed supply cause,
| by the concentration here OF the United State
/ disbursement under the Panama
treaty The time when the payments are 10 b.
| made has not yet been fixed. and IL has Beer
| intimated from Washington that they may nc,
| he made until after some further Investigation
| measuring up the work done the canal sine,
| the contract for purchase made under tn
| Spooner act. etc. This may take some weeks
perhaps months. II Is said-Wall-street Journal