The Washington times., 1902-10-25
Due Entirely to Government
Bond Purchases = De-
velopments in Exchange
in the Direction of Post
poning Gold Exports.
Advance in Coal Prices Well
Observation-Disclosures Pol
icy of Justice to Operator
and Consumer-Seourity
Market Hardens.

NEW YORK, Oct e4.-The security
market continues almost stagnant, hard
ening and weakening each alternate day.
Today ii hardened.
Sterling exchange fell off 1sc on the
profit-taking of exchange brokers and
offerings OF bankers bilis-although
rates for the bills to be shipped next
week offered greater resistance to the
decline. and London exchange in Paris
lost part of its advance of yesterday.
The days developments in exchange
were, on the whole, therefore, although
to no great extent, in the line of post
poning gold exports. Money on call was
offered in the afternoon at 9, and a
prominent bank made loans for three
months at per cent.
Favorable Bank Statement.
Every indication pointed to a most fa
vorable bank statement tomorrow. The
banks have gained net during the week
according to preliminary estimates
nearly $4,000, 900 cash, and it is pre-
sumed have not greatly enlarged their
loans. The surplus reserve of the clear
ing-house Institutions ought therefore
TO increase handsomely.
The cash gained by the banks was,
however. due entirely to the results of
the Governments bond purchases. The
banks lost money on balance on trans
actions with the interior of the country.
and the movement of money westward
seems increasing rather than otherwise,
as the stiff rates of discount on New
York exchange in the interior cities bear
witness.
The Advance in Coal Prices.
The advance in the prices of coal at
the mines in the anthracite regions was
received favorably in the financial dis
trict. 1t meant that the mining corpora
tions had adopted the just and proper
policy of asking the public to bear their |
share of the extraordinary expense to |
which the mine owners have been sub |
jected. while the direction to the agents |
OF the companies to observe closely the /
prices charged the consumers by retail |
dealers indicated praiseworthy desire
TO protect the public against extortion |
The stocks of the hard coal roads were.
therefore, inclined to frmness.
Buying in T., St. L. & W.
The buying of the Toledo, St Louis
and Western issues, noticed yesterday.
was attributed in usually well informed
quarters to an operator who was for
meriy well-known Western railroad
man and has only recently become a
Wall Street figure. AS the last annual
statement of the Toledo, St Louis and
Western road shows only an extremely
small surplus on its common stock be-
yond its dividend on the preferred stock
and its fixed charges, small public in
-terest IS excited by any upbidding of
its shares.
A rumoi prevailed which it is. be-
lieved is quite destitute of foundation.
that the common stock of the Norfolk
and Western Railroad will be raised
from 2 per cent to per cent basis
at the aext dividend meeting of the di-
rectors, instead of to ) per cent basis.
as has been commonly anticipated.
Whether the rumor is true or not, the
course of the stock during the day
evineed the willingness of somebody to
dispose of a large number of shares of
1t a: declining prices