Omaha daily bee., 1902-03-11
NEW YORK STOCKS AND BONDS
News of British Disaster Has Little
Eject on Market.

NEW YORK, March 1O.-Ehorts were
made to. contest the influence of the Satur-
of today, but late in the day belated Dor
overs 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 immediate
The reported disaster to British arms in
South Africa had a strongly sentimental
effect. although the direct influence was
restrained by the fact that the London
stock market was closed when the news
was received.
Traders here sold stocks on the SUPPOSE
ton that the news will induce some liqui-
dalton for London account and may effect
the money market by accepting the pres
cepted authorities that the condition of
winter wheat was not promising to face
were also a bear influence.
The whole market gave way and closed
active and weak, with q large number of
than Saturdays closing prices. There were
many assurances put forth this morning
be feared from the money market owing to
The principal burden of these arguments
loans '% Of the iaf New po YORK Clearing eli lfH pfhs house
banks are to railroad and Industrial syndi-
full capitalists. 1t is urged that these bor-
rowers are the best security in the world,
so that little is feared from loaning to the
banks reserves up to the legal limit.
The Journal of Commerce estimates that
$40, 900, 900 to $3.50, 0O0, 900 of the new loans by
New York banks and trust companies
since January l. 1901. have been made to
such sXndicates. TIL point Is also made
that sufficient account has not been taken
of the great expansion in capital and sur
plus of the bankers in that period and
exaggerated account taken of the small in
These arguments evidently had some aca-
demic force, but they were not sufficient
ing out Stocks when he saw The index
finger of the money rate pointing to higher
figures.
1t will require a session of the London
Stock exchange to measure the effect from
South Africa. 1t is definite that progress
t~ravagant speculation in Kafirs, but there
s sas u sssh IN seSThn Africa eSn Was drawing shas to on 8
loan would be the last required for war ex-
penditure there. How great a shock to
the new conditions will be watched will In
terest by the other
The principal feature of today's market
was the upward movement in Colorado
Southern stocks and the large buying OF
Mexican Central and Mexican National
In the POND market the feature was the
buying Mexican Central income firsts and
Standard Irvine fiTsts. Otherwise the mar.
par value, 1886, 900. United States bonds
were unchanged on the last call;
The Commercial Advertisers London
financial cablegram says: The stock mar
ket was idle and dull throughout the SEES.
sion. The capture OF a Boer magazine oil
arms and ammunition was counteracted by
the disquieting news about the health OF
Cecil Rhodes and hints that trouble Il
brewing between Russia and Japan. KAT.
frs were very fiat In the street after the
close of business on the exchange, follow
ing the announcement in the House Of
Commons that the Beers had captured
General Methuen, 400 men and four guns
Consols dropped, but the capture of Me
thuen was only rumored at that time
American stocks did not really open I'll
America came slightly harder. The close
OF the general list was generally firm
with nothing doing in the street.
The followtng are the closing prices OF
the New York Stock exchange: