The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-12
STOCKS AND BONDS.

New York, March 1.-THE constant
fluctuations in today's stock markets re-
! Hected a very unsettled and uncertain
state of mind on the part of the profess
sIonal trading element and it required the
utmost agility by that part of the profess
SIOnalS known as ScalpeTS to follow price
changes. The average level. however,
was gradually lifted and the market
closed with one of the upward fiurries
IN progress and at about the top level
of the day. There was a sensible relax
alton of the pressure of forced liquidation
which the recent calling of loans by the
banks has caused and some recovery due
TO the covering OF short contract subse-
quently by bears was therefore normal.
Loans on call were made during the most
active period of the days money market
al 512 per cent and per cent was the
maximum. For time money. lenders were
disposed to hold firmly for SIX per CEN
rate. but the borrowers showed less
urgency to secure funds. especially for
the longer periods, and contented thcm-
selves with loans for three to four months
where no concession was allowed Cor six
months period. There was nothing To
show the source of this relief to the
money situation unles sit might be the
result of the liquidation in the stock mar
ket. The higher interest rate has resulted
in some lending for the account Of inter
ior institutions which are also renorted
to be calling some loans at home for the
purpose of making these loans in w
street. Sterling exchange was consider
ably trmer today and there was quite
notable falling off in the offerings O.
loan bills The advance in money rates
| in London and the jump Of sterling at
Paris Of one centime showed the obstacle
| arising TO the extensive borrowinC abroad
for account of New York which has been
in progress. The sub-treasury also con-
tinues its iuToGd upon the New York
money supply. The loss to that institution
yesterday amounting 10 S637. 600
This brings the absorption since Friday
up TO the close Of business today to $1,3f1.-
050. Since the first Of February this gov
eminent institution has Withdrawn from
the New York money market something
like 100000. This state Of affairs in a
period of stringency save special signit
canoe TO the visit in Wall street today
of the secretary of the treasury. This
conviction today was general. nOtWith-
standing the official disclaimers. that
| some measure of relief for the local
money situation We're in contemplation.
! This was really the strong underlying
| influences on the improved speculative sen
| timent, thOugh active play was still made
/ on the constantly changing rumors re-
I saTding the contest between the HarTi-
man and Keene interests in Southern Pa
! citic. \ turn against the shorts in Met
| TOpOlitan Street Railway. was also a
| factor. Official denials of published charge
against the financial accounting of the
| company was the basis of the strong up
ward movement in that stock The al
vance In the price OF Copper gave an ad-
ditioual impetus 10 Amalgamated. The
conviction that treasury measures would
relieve the money market seemed TO he
| especially strong in foreign money cen
tiers and induced buying on The New York
exchange of stocks 20 the extent Of ND
wards OF 5000 shares. This yHas an i'm
! portaHt influence IN the early firUnesS.
| Nothing was learned Ep 70 tho time Of
| the close Of the market of the details 90
any measures 10 be adopted 10y the treas
ury department.
Bonds were irregular IN sympathy With
stocks. Total sales. par valr" S-.oSEtoo.
| United States IS coupon alvauCCd 3 FER
! cent on the last call
New York Money Market
New York March u.-Ciose: Money on
call firm at 4lIS per cent. closing +I5
| Per cent Time money steady; 80 day
| bills 8 per cent: q day bills per cent.
six months 5lS86 per cent
Prime rncrca rtle paDer 500.