The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-03
General Financial News.

The renewed decline of English, French. Ger
man. Japanese and Chinese public securities
Gently to the lowest prices Of the war scare,
and the uneasy movement Of other securities, d.
reefs attention 10 the varying position Of the
Furopean stock markets. When the broke
out London was prepared. but was not In
sufficiently strong position beforehand TO escape
the consequences of the shock. Paris occupied in
trinsically a powerful position but had. unfortu-
natelv. INDUCED in heavy speculation on the
Fourse. based on belief that there would be no
war. There is abundant reason TO believe that. in
both England and France. the market took its
ono from the great bankers. and the bankers
from, the beuigerent powers. whose governments
stated the case frankly. But as japan was ne
gotiating with London bankers and Russia with
Paris il is easy 10 understand why LONDON was
rrenared for outbreak OF war ana farls was not
ferlin occupied middle ground. The trouble IN
tended Bourse speculation. What chiefly concerns
European financiers Is the relation OF Farls 70
the London money market. LOMBARD ST.. has
been laboring for months 20 pay OF its current
debt 10 Paris. with view TO exactly such con-
tbtgency as has arisen Ihe wish 20 uIlNe NUNS
t--sr,c5 capital. placed in short loans arc ek-
cheouer notes at London, and 70 AVOID us sue
den recall at the embarrassing H4iIen ~. VS.
oreplI, assigned as the reason for the bank OF
F,ngland's refusal to assist In raising me ing
p DC snters were credited with having up
ar5s ~ 5000 ono outstanding on me Enslsh
market The question 81 CHIEF lhteIest -, low
na ,cf is Len Of this credit how much was added
-. q. -, test weeks continental sales OF consols
- ,be London stock Exchange, ana now Tar
2 D. viii choose TO draw upon those credits
New York Post
Co.., sbaw.s notice to the national banks
- ~ 70 give up 100000 public deposits
- r. near future for the Panama payment.
.a..led the question whether. as was claimed last
- the operation could not be effected solely
- arriving on the treasurys balance. a year
= The cash on hand. less outstanding liabili-
- ms only sss oOo. 900. L. was said that the La
-. ~ balances 10 credit OF disbursing off,
bltS oula be reduced. II was $4,000 then. IL
= a. -e0 go now. and the excess 81 cash on hand
~ 20 itab,lities h less than II was then. Wall
49, 80. beiieves that arrangements are now being
$50 =. have the benehciaries OF the Panama
a-serf invest IL ia this country. They VIII
b'st,IeSs Sd invest a part. the question remain
~ bov-ever whether they can De induced 10
kseP 20 spanish indemnity fund was in
$3.50 $3.50 I'M American bills by the bank
srs who received II in April. lz9 But when
tbe hills natured. they were called In. and S2o-
90 900 gold shipped IN June b May. this
rr,,,ntrv almost always exports gold IL sent out
Si4 4o0. 900 that month last year. sl>oo.aoo IN
ia5 100000 IN 1901, and 81, ao.oo In 1870.
Against this. so far regards the present.
stands the fact that exchange on London Is now
lower than IL has been at this period in years.
anu that excess Of merchandise exports ~
ven iaree.