The Montgomery advertiser., 1902-03-11
WALL STREET REVIEW
THE PRICE OF. CALL MONEY IS
 RUN UP.
Related Borrowers Bid Against Each Other-The Market Closed Active and Very Weak.
 Bonds are Irregular.

NEW YORK, March lo-Enorts were made to contest the influence of the Saturday bank statement during the early hours of todays stock market but late in the day belated bor- rowers ran up the money rate by their bid ding against each other and predictions were heard from the best authorities that money would rule higher in the immediate future. The disaster to the British arms in South Africa had strong sentimental effect al though the direct influence was restrained by the fact that the London stock market was closed when the news received. Traders news will induce some liquidation for London eo count and also may effect our money mar ket by acccrtuatins the pressure for gold in London Reports by accepted antiquities that the condition of Winter wheat was not pronis- ing to face the coming critical period for the crop also bearish influence. The whole market gave way and closed active and weak with large number of leading stocks from to 2ls points lower than Saturdays put forth this morning, apparently in concert that nothing was to be feared from the money % market in spite ol of the S o% stage ,s of the re ments was to the effect that large propor tion of the present large loans of the New York clearing house banks arc to railroad ani industrial syndicates made up of the coun- trxs powerful capitalists. It is urged that these borrowers are the best security in the world, so that little is to be feared from loaning the banks resources up to the legal limit on such security. The Journal of Com s23o, GOO. GOO of the new loans by New York banks and trust companies since Jan. L. 1901, have been made to such syndicates. The point Is also made that sufficient account has not been taken of the great expansion in capital and surplus of the banks in that period and exaggerated accounts taken of the small in- crease in cash reserves. Thees arguments ev idently had some academic force. but they were not sufficient to dissuade the small speculator from selling out stocks when he saw the index finger of the money rate pointing to higher figures. It will require a session of the London Stock Exchange to measure the fortunate that progress has been made in the liquidation of the recent extravagant specu- lation in Kaffirs, but there has been growing confidence that the struggle i'm South Africa Government loan would be the last required for war expenditure there. How great a shock to this state of confidence may be involved in the new conditions will be watched with in- ture of todays early market was the renewal of the upward movement in the Colorado Southern stocks and large buying of Mexican Central and Mexican National securities.
 In the bond market tile features were the buying of Mexican Central first incomes and Standard Rope and Irvine 6s. Otherwise the market was quiet and irregular. Total sales tpar vaue) S3.635.oO0. United States bonds were unchanged on the last call.
 Money and Exchange.
 NEW YORK. March Io.-Money on cali firm CT at 2izG3% per cent; closing bid and asked. 2ha3 per cent.
 Prime mercantile paper. 4I4h DOT cent.
 Sterling exchange easier with actual busi- ness in bankers bills at 4s7h for demand 4 86 and 4 881s.
 Commreciai bills. 4 s4ka4 s5h.
 Bar silver. 54%: Mexican dollars. 43h. Government ,. bonds. bonds. steady: State bonds.
 Silver certificates, 10000 ounces sold at 54%.