The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-26
BONDS
General Financial News.

The following view of the investment and
financial situation received from New York
yesterday by Meyer Kiser: THE investment
market is at a standstill. 1t is impossible to
sell high grade securities, and the notes of rail-
road corporations go a-begging. Money is a
drug the market because of the fact that
there is demand for it, The fact remains that
within the next three months money rates are
likely to harden materially and time money to
be quoted at per cent. Out-of-town banks and
local trust companies have money in the local
banks. which they drawing per cent.
interest. The banks loan only IS per cent.
of that amount and they obtain only about
Ia per cent. for it, Taking the amount loaned
into consideration, the banks paying out
2.66 per cent. and receiving LIS per cent. This
may be all right for the larger banks. but the
smaller ones are not taking it kindly
The Illinois Central Railroad has borrowed
s1,OO00n0 at per cent. for year. An officer
of the road said that the loan for no specific
purpose. and simply a matter of household
company"
A wire to a local broker from New York saws
"A member of the Presidents Cabinet is re-
ported to have privately expressed his views
that the Northern Securities decision will be
sweepingly against the company and probably
be so strong to put such roads as the New
York Central. Pennsylvania and Union Pacific
on the defense He expects the decision next
Monday The president of a prominent bank and
a member of a clearing house committee ex-
presses himself very pessimisticaly Invest
nant with trouble for firms Identified with IN.
derwritIng schemes.
The Importance of Wednesdays failures ir
Paris, Berlin and Vienna. seems TO have beer
exaggerated. Foreign cables received yesterday
were more cheerful than for some time. Nc
failures took place in London as a result of the
settlement and foreign houses were moderat,
buyers of stocks for the first time for several
days.
:
The gold that has come 10 San Francisco from
Japan and has been transferred to New Yorl
BIZ telegraph through the subtreasuy. DURING
the last two months and half. was sent partl,
in payment of supplies purchased in the United
States and PARTLY to buy exchange for Londor
with which to pay for the wsrships purchase,
by the japanese government. 1t has been OBJ
served that nothing is known of the shipmen
OF the geld from Japan until the steamer bring
ing it has arrived at San Francisco. The jap
anese authorities understand the Importance o
keeping such matters secret. Our stock of goI,
will probably receive considerable increases from
Japan during the war in the same way. 1t i
reasonable to suppose that the money which tn
Japanese government has on deposit with tn
Bank of England will be reserved for grea
emergencies. and that current expenditures /,
the omitted States and Euprope will be met ou
of the stock OF gold in Japan Thus there is an
other source OF supply for gold that may hav
TO be sent TO Europe in settlement of the Pan
/ anna canal claims. in addition TO that whic
viii be taken from the treasury vaults-Wall
street Journal.
The report of the Department OF Trade an
/ Commerce OF Canada for November gives evi
dences of gratifying progress made by IN
4 Domirion I'm the past few years in 1903 tn
J capital OF ner chartered banks increased owe
81 go 600. Total denOsits in all banks increa Sc
So. COO 000. The public debt decreased IS 600
/ go. The postoftce revenue increased $500,
| 0Oa. The railway mileage increased ga. Their
was a gain of s2S.ooo,cco in imports and Of 81.
o00. 600 in exports.