The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-03-11
CTocks, BONDS
- @ AND MONEY.

NEW YORK, March 10.-Eforts were
made to contest the influence Of the
saturday bank statement during the
carry hours of today's stock market but
IA iate IN the day belated borrowers ran
up the money rate by their bidding
against each other and predictions were
heard from the best authorities that
money would rule higher in the inome-
uidle future. The disaster to the British
arms in South Africa had a strong sen
timental effect, although the direct in
Huence was restrained by the fact that
the London stock market was closed
Wheh the news was received. Traders
mere sold stocks on the supposition that
the news would induce some liquidation
Tor London account and also NAV affect
our money market by accentuating the
pr. Tor gold in London. Reports
py accepted authorities that the condi-
tlon OF winter wheat was not promising
to face the coming critical period for
the crop were also bear influence The
t Wnole market gave way and closed ac-
1--WE and weak, with a large MUNGER of
leading stocks from L to 21a points lower
than Saturdays closing prices There
were many assurances put forth this
morning, apparently in concert that
nothing was to be feared from the money
market in spite of the low stage of the
reserves. The principal burden of these
arguments was to the effect that a large
proportion OF the present large loans of
the New York clearing house banks are
to railroad and Industrial syndicates,
made up of the country's most powerful
capitalists. It is urged that these Dor
world, so that little is to be feared from
loanlng the banks resources up TO the
legal limit on such security.
The Journal of Commerce estimates
that from $l40OOO,000 to 1920, 900 Of the
new loans by New York banks and trust
companies since Jan. l, 1901, have I&en
made to such syndicates. The point
is also made that sufficient account has
not f0Iyn
in capital and surplus of the banks in
that period and exaggerated account
taken of the small increase in cash re-
serves. These arguments evidently had
sufficient to dissuade the small Spectator
from selling out stocks when he saw
the index finger of the money rate
pointing to higher figures. 1t will re-
Guire a session Of the London stock ex-
change to measure the effect Of the news
from South Africa. 1t is fortunate that
progress has been made in the liGuida-
ton of the recent eXtravag CANT SpGCula-
ton in Kaffirs, but there has been grow
ing confidence that the struggle in South
Africa was drawing to a close and that
the coming government loan would be
the last required for war expenditure.
How great a shock to this state of con-
fdence may be involved in the new con-
ditions will be watched with interest by
all other markets. The principal feature
of today's early market was the renewal
of the upward movement in the Colora-
do Southern stocks and large buying of
Mexican Central and Mexican National
securities.
In the bond market the feature was
the buying of Mexican Central first in
comes and Standard Rope and Irvine
skies. Otherwise the market was quiet
and irregular. Total sales par value,
s., S35, 900.
United States bonds were unchanged
on the last call.
Stocks.