The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-17
General Financial News.

Meyer & Kiser he'd the following yesterday
upon the monetary situation, in special reference
to the effect OF the war upon money rates: The
monetary situation Will appeal very forcibly to
tho average observer within the next two
months. We predict a substantial hardening
in time money rates within that period or
within three months at least. little attention
was paid to the announcement to-day that Rus
STA had negotiated a loan of fifty million roubles
in Berlin. That is a very small affair, but IL
is only the beginning of very heavy borrowing
by Russia. Berlin is capable Of taking care of
a substantial part of Russia's needs, but it can
not finance all its loans if the war is continued
for a long time. Paris holds about 81, 800, 900, 900
Of Russian securities and every decline in these
securities will mean that Paris feels the effect
Of the war. AS a matter of fact Paris is serious
ly alarmed over it's monetary conditions. par
ticularly prospective conditions. The continu-
ance OF the war means heavy borrowing bv
Russia, which will affect every money center
in the world. Japan will need some funds and
Paris will have 10 look to other money centers
New York market will reflect London first. but
ences. Consequently tighter money seems In
evitable.'
+
The announcement that Speyer & Co. would
succeed in placing the Cuban loan OF ss5. 900. 900,
a large amount of which was taken by insur-
ance companies. seems to have a very favorable
effect on speculative sentiment. Large banking
interests have had no dificulty of late In SELL
ing new securities, which indicates a decided
change in sentiment for the better. In this con-
nection it may also be said that the success of
certain railroad companies in placing loans
ought to have a stimulating effect on the iron
nounces that it has succeeded in placing a small
loan. Railroads reported decreased earnings.
Chicago Tribune-The money market in Chi
cago is a shade frmer than it has been, though
there is no quotable change in the rates. -Four
and one-half to 5A per cent. still covers the
market, the ruling figure being per cent. Less
money is being put out now at the low rate
and more at the high than was the case a week
ago. Several Of the larger banks claim that
cent, but brokers haze had funds offered at az
from some Of me smaller institutions.
The Gross earnings of forty roads for the
fourth week Of January were slO.as5 100. against
s11, ZIG, or for the fourth week of January. 1902.
a decrease of s1.O56,Ss7. Twelve roads show in
creases and twenty-eight decreases. Since July
l the roads referred to above earned 81. sss, 14s.
a decrease Of $1,5sS, 1855 over the SIC, 43S. 3I3 re-
ported for the corresponding period last year.
Increases and five decreases For the month mont
of January d fqrt y s5s 1s5 r oSsT t earned ss 3. s.; So SsSl4s,
ported for the month of January. 1908.
Within the last ten days orders for not less
than $50, 900 tons Of steel rails have been given
20 the steel mills at the regular price of s2s
per ton. With the orders carried over from
1903. the orders given in the last quarter of last
year and the orders since the first of January,
there is now booked an estimated aggregate
of approximately SIS. 100000 OF steel rail business
for domestic use. 1t is reported that the pres
ent intention is to maintain the Z per cent.
dividend on United States Steel preferred. The
outlook for business is such as to warrant con-
tinuance of this rate. even should the present
quarter make a poor showing.
According 10 advices from New York the
banks over the country will pay in s1s. 500. 900 OF
the government deposits to be applied on the
Panama canal payment. and the New York
banks $40, 500. 600. Says a New York dispatch
1T is believed in banking circles that the coun-
try banks will call upon their deposits in local
banks TO meet requirements and that they will
borrow upon their bonds rather than press them
for sale at prices which are decidedly below
the figure at which they We're bought"