The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-10-21
Financial AND COMMERCIAL.


TUESDAY. Oct. 20.
Prices on the Stock Exchange to-da v
opened higher and maintained their rise
for a considerable period despite lower
quotations from London and sales Of stock
by foreign houses estimated at $4,000 shares.
The market then became very dull and
backed and filed aimlessly In n narrow
range until the last half hour. when brisk
selling movement carried prices down, in
many instances, below Saturdays close.
Sentiment In the Street was of the class
technically known as mixed; and. on the
whole. hopes were less general for higher
prices and big bull market than at the
close Of last week, As much disappointment
as over anything was expressed at the fall
IRE Of the market 10 boom under the con-
tnued ease in time money and drop
in call money rates to 4 per cent. though
the average call money rate for the day
was. of course. above that. The peace
able progress If the miners convention AZ
Wllkes-Barre indicated that the strikers
would make no difficulty in accepting
tho terms offered 30 them. and the new :
that 5000 railroad men who had been
necessarily laid N by their employers
because of the coal strike had been
gratifying II was recognized that The
I, employment Of these men as well as of
the striking miners placed a renewed tax.
AZ least temporarily. upon the resources
Of the local money market But as money
disburscd in Pennsylvania soon finds it,
way back to this city, no great fears of
trouble on this account are felt Tho
general talk among the trading element
was that, uron the one hand, conditions
throughout the country were favorable
10 n further advance in security prices
and that values had not suffered by the
recent furry in the security market here:
a. the other hand, there was anxiety lest
TIE Western SPECTATORS who have so rapid
lv rushed mp the market, should take ad
vantage of the present relieved feeling To
unload their purchases on the public. Such
things ala have been done before. The
Western operators. Of course, are talking
as hulli-hly As ever and declaring that
he rise in the stock market has only just
bsg,m; but their leadership is thoroughly
distrusted. and the market of the day
showed somebody's profit taking plainly
enough.
Bankers and conservative people in
ton that the pace of speculation had paused.
In thes" quarters more comment was
heard than Of any other matter upon the
large drop in Paris exchange upon Lon
don and the strength of the market for
sterling exchange here. The mass of
spectators usually pay little attention
to the foreign exchange market until
point is reached where the export or i'm
port of gold seems immediate. Large
market interests. however. are on the
lookout for such developments while they
are a. vet afar "A. and possibly the run of
commission house spectators might have
been more Interested than they were If they
had known that al one time to-day the for
eign exchange market was much less than
three quarters OF a cent from the gold export
point from this side. Paris exchange on
London fell Il, centines to % francs l2,.
centimes. Experts calculate that this
figure for Paris exchange will force exports
of gold from this country to London by the
cross" or triangular" process at sterling
exchange rate in this market of t.stsS.
Sterling exchange here held most of the
day AT : s025, weakening slightly in the late
trading Events, as they befall. certainly
go far toward atte-ting the truth Of those
prophecies which have been made so fire.
queutly 10y competent authorities during
the last month that anything like ease in
rates for the Use Of money in the New York
market would cause exports of gold from
this city.
The weakness of the security market
az the close was by some ascribed TO the
small number Of bonds presented for re-