The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-11
SHARESACTlYE AND WEAK
DEARER MONEY THE DOMINANT IN
Il IN THE MARKET.
to British Arms in south
Africa Another Cause-Gossip
of the Monetary Outlook.

NEW YORK, March 1O.-Eforts were
made to contest the influence Of the Satur-
day bank statement during the early
hours Of to-day's stock market, but later
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 future. The dis
aster 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 new was received. Trad
ers here sold stocks on the supposition
that the news will induce some liquidation
for London account and also may affect
our money market by accentuating the
pressure for gold ia London. Reports by
aocepte authorities that the condition of
winter wheat was not promising TO face
the coming critical period of the crop were
also a bear influence. The whole market
gave way and closed active to weak, with
a large number of leading stocks from 1
to 2k points lower than Saturdays clos
ing prices. Many assurances were 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 re-
serves. The principal. burden of these ar
guments was to the effect that a large pro-
portion 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 cap
italists. 1t IS urged that these borrowers
are the best security in the world, so that
little is feared I'm loaning the banks re-
sources up TO the legal limit on such Sc
mates that from SAC, 0O0,0 900 to 1920, 100000 of
the new loans by the New York banks
and trust companies since Jan. I 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
account taken Of the small increase in
cash reserves. These arguments evidently
had some academic force, but they were
not sufficient TO dissuade the small spec
ul2tor from selling out stocks when he
saw the index figure Of the money rats
pointing to higher figures. 1t will require
a session OF the london Stock Exchange
to measure the effect Of the news from
South Africa. 1t Is fortunate that progress
has been made in the liquidation of the
recent extravagant speculation in Kafi1Ts,
but there has been growing confidence that
the struggle I'm South Africa was draw
ing to q close and that the coming gov
eminent loan would be the last required
for war expenditures there. How great
a shock to this state Of confidence may
be involved In the new conditions will be
watched with interest by all other markets.
The principal feature of to-day's early
market was the renewal Of the upward
movement in the Colorado Southern stocks
and the large buying Of Mexican Central
n Mexican National securities.
In the bond market the features were
the buying of Mexican Central first in
comes and STANDARD Rope and Irvine skies.
Otherwise the market was quiet and irreg-
ular. Total sales at par value were 1885,
900. United States bonds were unchanged
on the last call. Following were the days
share sales and the recorded changes OF
prices.