The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-11
General Financial News.

wall street has had in its history many days
of excitement and upheaval but never before.
it is probable. was it ever agitated by so many
varying developments as it was Monday" says
a New York financial journal, land yet it has
passed through the ordeal far without any
serious crash Merely 10 enumerate the differ
ent conditions which developed would take many
words From across the seas came news OF
Russia and Japan, and or the momentary ex-
pectaton of japanese attack upon Russia.
opened. This caused unsettlement of all the
foreign markets, with decline in British con-
ment securities, the market IN Paris being in
a semi-panicky condition.
s'The talk in financial circles is that the great
est insurance losses growing out of the Baltimore
fire will be borne abroad" says Hardin in the
New York Herald. "A few New York companies
and one in New England were badly hit. 1t
cost one concern it's income for whole year.
but the insurance will come from abroad, more
particularly London. This adjustment, 1t was
explained will facilitate the transfer of credits
and exchanges in connection with the Panama
payments TO France. Wall street is flooded with
reassuring Of the quick rehabilitation of
Baltimore's business section after the neces-
sary period of delay In adjusting the nre dam
ages. The city's resources said to be Sec
ond TO other city Of equal size in the coun-
try"
Bond experts attached no Importance to the
action of the Texas Pacific in disseminating
payment of interest on the second incomes. Only
a small proportion OF this issue is now outstand-
ing. about si,5oo,ooo in all. and it is generally
understood that the Missouri Pacific interests
took this step in order to force the outstanding
Oondholders TO take the Iron Mountain fours in
exchange for their Texas Pacific incomes
+
1t officially announced yesterday that all
of the issue Of $4,000 900 Swift & Co. stock
had been taken by the shareholders at par.
The right 10 subscribe expired Feb. s. The capt.
tai is $35. 000, co., and the properties taken
over are understood to be more than earning
the dividend rate on the purchase price.
In a statement of the position of the Bank
of Russia and the Bank OF Japan the London
Statist has the following: The negotiations be-
tween Russia and Japan make an examination
of the position of the Imperial Bank of Russia
of special interest On Jan. A the Imperial
Bank Of Russia had e2s $4,000 of cash in hand.
of which SIS $4,000 consisted of gold, s5 7O5-
900 of notes e5,9Ss,OOo OF silver coin, and a1-
700 900 of silver and copper coins of low value
Beyond this amount of cash it held e5s 64s 600
of gold bars. etc. and it possessed a balance
of e16, sO7. 600 of gold abroad. This latter item
presumably means the balances of the bank in
Berlin. Paris London. and elsewhere upon
! which it could draw in gold if it desired to
Including the gold in bars and coin the
total amount of gold held by the bank exclu-
| f74,l44,OOO. and. inclusive Of the foreign BAL
ances il amounts 10 GS0.947.0o0. On the other
hand, the notes in circulation amount TO e5I-
2si oOo The cash balance of the treasury is
e35.s74OOO. but beyond this the of Els
| tions' Should hostities result. the government
balances in the bank would doubtless be drawn
upon to pay for supplies OF food and other pro-
I'm the first place. these supplies probably
will be paid for out of the large balance Of
/ nearly ei7000e 900 standing to the credit OF the
Imperial Bank in foreign money markets. And
! ing TO a little over SO, 600 would onIv ha
/ drawn upon when these foreign balances were
goid EXPORTS from Russia il has of course - ba
/ borne in mind that the Russian obligations for
/ interest abroad are large and that Russia Is
] than il receives in order to meet its foreign
obligations In recent years the excess OF ex
4 ports over imports has been kept down TO a rel
/ atively low figure by the ability of Russia to
/ borrow in the French market for the purpose
| OF meeting a portion Of its interest OBLIGATIONS
| Were Russia unable TO borrow for a considera hIe
period. a large increase in its exports for the
purpose of meeting its interest obligations would
| be inevitable unless the cash balances abroad
| were greatly reduced or gold was exported from
| Much uncertainty exists as to how Russia
| would be able 20 borrow abroad in the event
| of hostities. and the indications point to the
I probability that the foreign balances OF the
/ Russian government and OF the Imperial Rant
may have 10 be drawn upon and that possibly
Tn stock Of gold in japan is relatively small
| and there is not much likelihood OF any appre-
ciable addition to the supply OF gold in other
I Tenan Already steps which are likely n All
\ courage imports into japan have been taken.
the usual channels in London for the sale Of
merchants bills upon Japan having been closed.
Doubtless other channels will be opened. Still
! II is expected that shipments OF goods 10 Janan
other than for account OF the japanese govern
| ment will be restricted
| s.Moreover Japan VIII probable be able n
| borrow abroad the money IL Will need TO meet
| its interest and other obligations. On Dec 81
/ last the gold OF the Bank OF Japan was
] Ell. ess 200. while the notes In issue amounted
, 10 e23'292 010. At the end OF 1902 the gold re-
serve OF the Bank Of Japan was only f7.S22.ooO.