The Washington times., 1902-03-28
CALL MONEY FIRM AT HIGH RATE
London Plainly Discounts
Death of Cecil Rhodes.
MORGAN A GOOD WITNESS
Testimony of Financial King Creates Fa-
vorable Impression in Northern Pacific
Belief Prevalent That Civic Fedora
ton Will Meet With Success.

NEW YORK, March 27.-Stock market
operations today were not particularly in
teresting. Dizziness was a natural CON
dition in view of the three days holiday
which will begin tomorrow. Trading was
again distinctly professional and early
fluctuations were more pronounced in the
specialties than in the standard shares,
but later the interest was better distrib-
uted.
Where fluctuations are widest Ianipu-
lation is apparent and the public looks
on without taking a very active part in
the speculation: in fact. the rather wide
ly distributed efforts OF the Chicago spec
ulative party TO obtain following have
produced decidedly negative results.
Call Money Firm.
Wall Street discussed the same factors
that have dominated the situation so far
this week. Call money was firm, at the
high rate for this period up to date.
A continuance of present conditions
will, in all probability, cut down the sur
plus reserves of the bank this week I'M
less there has been another contra elton
in loans. The impending holiday makes
it rather difficult to arrive at definite con-
illusions regarding the bank statement.
From last Friday up to the close of
business yesterday the banks sustained a
loss in cash of s1.3s9, 261. They made a
small gain in the time specified from the
interior movement, but lost to the Sub
treasury 81 1852 600.
On the other hand, as bearing upon the
immediate course of the money market,
il should be noted that the Subtreasury on
next Tuesday will pay out over So 600, 900,
representing Government interest.
Resumption OF Gold Exports.
Accompanying the strong money mar
ket sterling exchange became harder and
at the same time there was a drop Of u
centime in the pound for sterling bills on
London at Paris. Should these conditions
continue they will in all proba bility re-
suit in a resumption of gold exports in
the near future. Abroad the foreign mar
kets were quite as dull as ours.
London plainly had discounted the death
of Cecil Rhodes and his affairs were evil
IDENTIFY in such shape that the event Oc
CURED without producing any demorallz-
ing effect. In this market London was an
insignificant factor, trading in only 5000
shares, which were evenly divided.
About the only feature of interest there
was strength in the copper stocks.
The Bank of England's rate of discount
remained unchanged at per cent, and
the institution made rather weak re-
turn, showing low proportion of reserve
to liabilities and heavy loss of bullion
Oh the week.
May Avert Coal Strike.
The proportion of reserve to liabilities
shown in the return is 40 per cent, against
45.6 per cent last week and 1875 per cent
in the corresponding week of last year.
The bank lost in bullion on the week
81. 600. There was a disposition to
believe that the Civic Federation will he
successful in averting a coal strike.
Advices regarding crop conditions were
quite favorable as could be expected.
Mr. Morgan's testimony in the Power suit
against the Northern Pacific created a
favorable impression.
Advices from the iron and steel trades
said the conservative interests therein
were nervous over the prospects of a
runaway" price market. Fear was ex-
pressed that advances at this time would
check consumption, induce reselling, and
lead TO sharp reaction.
Market Opened Firm.
The market opened firm, with business
light, and the traders generally anxious
to even up their contracts. good deal OF
interest accompanied rise Of almost 2
points in Amalgamated Copper, with Ana
conda advancing in sympathy. There was
a renewal of the covering operations that
have been noted in this quarter during the
preceding two days. II is noticeable that
on this decline stock was not dislodged
as easily as heretofore. The anthracite
coalers were strong on the belief in an
improving labor situation.
During the morning session they were
dull, in keeping with the rest OF the mar
ket, but later Reading was bid up sharp
ly. Iowa Central opened up ? per cent
without any explanation for the rise. Col
orado and Southern was also higher on
the retreat OF moderate short interest
caused by the announcement of d change
in control.
The grangers were inclined to be re-
dictionary, with the Atchisons and Could
stock selling OFF fractionally. Evansville /
and Terre Haute received better support
much unfavorable criticism has
been aroused owing TO the bookkeeping /
disclosures made this week
The United States Steel issues were dull !
and steady pending the official publica /
tion of tie company's bond conversion
plan. With the dullness in the market /
there was a notably strong unGertone, and |
In the early afternoon a rather successful /
effort was made TO bid up the leading |
railway shares. The movement was most |
in the Readings, ST. Paul, aud |
the Pacilcs.
An expected furry in money failing TO /
appear, the market was disposed to be- !
come more active in the final hour, with |
prices showing distinct tendency to i'm |
prove.
This was especially true of the coal |
stocks. American Sugar, Northwest, Con |
Gas. North American, and Cen |
eral Electric. OGsetting the advance there |
was a reaction in Amalgamated Copper
2 Government Bonds.
March q. March &c.