The times. [volume] (Richmond, Va.) 1890-1903, 1900-09-14

PROE0lND DOUBT
And INC E ] ~
The Stock Marke, No Longer a Mir
ror of Business.
COAL STRIKE DEPRESSING.
sterling Exchange rate Falls Sharply.
A German Loan of SIT, 100000
TO BE Placed III New
or k
STRIKE DEPRESSING.
lBy Associated Press.)


NEW YORK, Sept. $50 far as me
stock marked can be relied upon as d
mirror of the general condition, the couh-
try remains plunged in profound DOUBT
and uncertainty The few movements "
prices are little more than rippies on et nf
surface of a stagnant pool. Meinoeis ~, "
the Stock Exchange are quite ~,
plussed. Both that class who opera, roo N,
Their own account, known as Ioom
traders, and the commissioning, NJ i,ns
brokers are equally puzzled over the o liz
mobility of the market. The re" s.oe e,1.s
in which any appreciate movement oS
CURED to-day were dealt in ts LOO ; slrian
an extent to detract from the Sii'iiit
canoe of changes. Coa1ers Sho"eu .o 49,
sharp declines Lackawailna iost 49, NJ,
while Reading first preferred ana 49,
Jersey Central were down at one tiAis
about a point, but partly recovered;
The declaration of a strike in me fe I'M
sylrania anthracite region probably hau
depressing effect on the general mar
ket, as The contest inaugurated IS leil
TO be frausht with vast possibilities loI
harm. London showed uneasiness o'ei
the likelihood OF u railroad strike.
The leading incident of the day IN Inc
financial world was the easing OF private
discount rate in London in response TO
by the Bank OF England. The sterling
exchange rate fell sharply in New YORK,
Peris and Berlin: as a conSequence an ad-
vance in the Berlin discount rate helped
ket was apparently undisturbed by the
Stock Exchange settlement and the %
per cent. i1istalment falling due to-mor-
row on subscriptions TO the British EX-
cnecuer bond issues This leaves half of
the subscription yet TO be met
The general admission that a German
loan of $4,000. 600 is to be placed In New
ork gives additional effect to the re-
naming instruments TO be paid by Amerl-
cfR subscribers to the British loan. 1t
safe assumption that a liberal proper
~ Loo, will h We tn 1,fa
met by gold exports, the need Of gold
being the evident motive of the German
Government in seeking to place the loan
IN New York. The Berlin Bank, which
IS usually foremost in Government finan-
sial operations. has for its correspondent
in New York the bank which holds over
flo00t,G0 surplus reserves, compared
with the total surplus of $2G00O,OOO for
all of the sixty-three clearinghouse
banks. Fully 81 per cent OF this banks
reserves are in gold With the growing
tendency of currency toward the ne, interior nor
the future demand thus indicated on the
money market may well have something
to do with the determined apathy of the
stock market speculation.
1t is not Improbable that the syndicate
which underworld the American allot-
ment of the British loan may make
further gold shipments TO meet later in
EtalmentS on the loan.
The bond market continued devoid of
interest, except for a drop OF lls in st.
Louis and Southwestern seconds. Total
Sales par value, $4,000. United States
BIS declined Is in the bid price
The total sales Of stocks to-day Were
115.T00 shares.
MONEY AND ENCHnNGE.-Money on
call steady at l1S per cent; prime mer-
camille paper, 4d5A per cent Sterling
exchange weak. with actual business in
bankers bills at S4.S61s for demand and
at S4.s3lsSl44:. ssh for sixty days. posted
rates, S4.S40i. S41a and sS4S1i2I4.SS; COM.
mercial bills S4.S2I4@l So. Silver certid-
Gates, G22ll@G651a; bar silver, 62al; Mexican
dollars. 4314. Government bonds easier;
5s raj no. 6,yjl