The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-03-11
MAY NEED MORE
COLD IN LONDON
Disaster to British Arms Likely
to Cause Liquidation.
BROKERS DISCOUNT NEWS
PREPARE FOR SELLING OUT OF
ENGLISH HOLDINGS.

New York. March 10-Efforts were
made to counterfeit the influence Of the
saturday bank statement during the
early hours of todays stock market. but
late 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 immediate 81
ture.
The disaster to the British arms in
South Africa had a strong 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 suppo-
sition that the news will induce some
liquidation for London account and also
may affect the money market by accent
uating the pressure for gold in London
Reports by accepted authorities that the
condition Of winter wheat was not prom
istng was also a beaTish influence. The
whole market gave way and closed ac-
tive and weak with a large number Of
leading stocks from ! 10 2la points lower
than Saturdays closing price. There
were many assurances put forth this
morning. apparently in concert. that
nothing was 10 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 most prominent capital
lists. The point is also made that suf-
ficient account has not been taken Of the
great expansion in capital and surplus of
the banks and exaggerated account taken
OF the small increases in cash reserves.
These arguments evidently had some aca-
demic force. but they were not sufficient
to diSsuade the small Spectator from
/ selling out stocks when he saw the index
/ finger of the money rate pointing "a
/ higher figures. It viii require a session
/ OF the London stock exchange TO meas
| ure the effect Of the news from South
/ Africa. 1t is fortunate that progress had
/ been made in the liquidation of the re-
cent eXtraVa CANT speculation in Nafflrs
but there has been growing conviction
/ that the struggle in South Africa was
] drawing to close and that the forth
! coming government loan would De tnf
! last required for war expenditure there
I How great a shock this news viii be vii
/ be watched by interested markets else
where. The principal feature Of today:
. early market was the renewal of the up
/ ward movement in Colorado Southern
/ stocks and large buying Of Mexican Cen
/ trail National securities.
! In the bond market the feature wa
| the buying of Mexican Central firsts IN
| come and Standard Rope & Irvine SKIES
/ Otherwise the market was quiet and II
I regular. Total sales, S3,S55-000. Untte'
States bonds were unchanged on the las
call
New York March 10-Commercial Ad
/ vertiser's London cablegTam:
The stock market was idle and dul
! throughout the session. The capture of
/ Boer magazine Of arms and ammunition
was cOunteracted by the disquieting new
/ about the health of Cecil Rhodes an
hints that trouble IS brewing betweel
Russia and japan. Kaffirs were very ne
after the close of business IN the stree
on the announcement in the house O
commons that the Beers had capture
General MethUen. 400 men and four guns
Consols dropped \ to 943s on the ex
I change but the capture of Methuen a
that time was only rumOred-
American stocks did not really open III
New York came slightly harder.
Gold to the amount of EZl9.000 arrive
from Holland on Saturday and e25,000 ad
ditiOnal TO-DAY.
Bond Quotations.
L. S. refund. 2s FIT W. & d. c.
registered .....109 Is .-......--...-.113
| L. S. refund. 2s L. & n uni. is -lO
/ coupon ....-.-. 1872 Mex. Cen. As 800 So
L. s IS reg. .109l4 Mex. Cen. Is inc. 81
U. S. IS coup ....l0gl4 NJ. & St. /. IS. JOB
I. $. n. As reg. .l39i4 N. X. q 4. 4s..-. 80
Z. 5. n. Is coup 1895 NJ X. & T. 2s... 50
. ( T. :. o. Is reg HEN Y. {. ---..lO3
T. s. o. As coup .1121z.N. y. c. gen.
L s. IS reg .--.106i+. 31zs .-..-----.- los
I. S IS cOup...-l06l = \. J. {, gen. ..l5l
Atchi. gen. As 100 y. Pacific As --lVo
3tchi adj. Is o.. "a No Pacific IS o.. "A
3 & Ohio 4s....104l4 y. & W con. 4s.l03
b & Ohio 3l8s.- 96is Read. gen. As. 80
3 & o. con. 4s..106 St L. & 1. NJ.
Can. So. 2s......l& con. IS nils
/ c. Of Ga S.. .ll6Ia ST. L. & S. F. IS. 80
! G. of Ga. Is inc. IS St. l. s. W. Is. IS
c. &. Ohio 41ks 1077s St I. s, W. 2s.. ~
- c. & Alton 3i7s.. 81 San An. & Ar
c. B. & Q. n. IS yJ5s Pass IS $4,000. 81
c. NJ. & St P. So. Pacific IS e.. IS
gen Is ....-.11lE So. Railway IS III
e G. & y. W. con. T. & Pacific 1s.12l
IS ...........-...1373si IT. st. L. & ".
= c. R l. & P 4s.11l1z IS ...-.....-..--. s.
c. c. c. & St. l.. Union PaC Is .-106
p gen As ....-.-10i 10 T. con. los
: Chi Ter Is .... IS Wabash Is Ills
|, Colo. & So. Is. 9ilz Wabash IS I'LL
9 D & r. G. 4s---103 Wabash Deb. 3. q
: Eric Or. lien Is 99i4I West Shore 4s...11l
Erie gen IS -.- S5laiW. e L. T. IS. 81
Hook. Val AIS 1882 Wis Cen. Is . 50
2 Stock O11ofa+iruc