The Washington times., 1902-10-24
Another Listless Day on the
Market-Time for Com
mencement of Gold EX-
ports Still Problematic.
Foreign Demand for Wheat
and Cotton Goods Little
More. Than Offsets I'm
ports OF Merchandise.

ports OF Merchandise.
NEW YORK, Oct 23.-If it is the de
sire of the really powerful and substan
tial interests in the financial community
that the stock market shall be kept a.
quiet as possible until the turn Of thu
year, these desires seem, apparently, IL
q fair way OF being gratifed. The market
today was duller and more uninteresting
II possible, than it was yesterday.
There was talk of the very favorable
bank statement which 1t is almost GER
tain will be made on Saturday. Cal
money fell as low as per cent. although
practically as great difficulty as ever
was experienced in making time loans
Sterling exchange reacted slightly, as
was only natural after it's recent SEN
sational advance. and in view of the
fact that no really favorable opportunity
for mailing exchange bills occurs until
next week.
Time of Gold Exports Problematic.
London hardened. which of course
tends to raise the gold export point on
this side. Opinions vary greatly as to
the probable date for the beginning of
gold exports and the quantity of these
shipments once they have begun.
As rule spectators are inclined to
think that little If any gold will be sent
out. and that after the first shipment.
which will probably be small exchange.
will soften, plentiful supply of finance
bills will enter the market and the gold
exports cease.
Conservative bankers are not so op-
timistic They say that the one matter
which affords clue to the facts of the
situation is that foreign exchange did
not weaken under the high rates for
money that recently prevailed in this
market, and that this shows that there
is an unusual demand, for some reason,
for the settlement at this time of Ameri-
can accounts in Europe. With the
pressure of tight money removed. the
exchange market was bound to react as
it has done, and to result in all proba-
bility in gold exports in quantity.
Demand for Wheat and Cotton.
Wheat and cotton are moving out of
the country in fair volume. but 1t takes
q good deal Of the former staple to
make exchange" while the exports of
cotton seem to be Offset by the large
imports of merchandise. Foreign de-
mand for our wheat and all our food
products seems to be affected somewhat
by the favorable European harvests. and
the speculation for the rise in this grain
In this country.
Corn exports are as yet nothing. and
1t is admitted that they will cut no flg-
ure in the exchange market until next
year. This figure looks of doubtful
size, moreover, owing to the high prices
at which corn is held. and the fact that
the poorer quality of the crop will render
q less amount of the proper grade
available for export than was supposed.
Freight Rates Low.
It Is worthy of note that the trans
Atlantic freight rates continue very low.
and that shippers do not seem to take
advantage of these low rates to make
contracts. based upon them, for freight
room at any time in the present sea-
son.
Today's market, though fat. was a
sagging one. Louisville and Nashville
and Missouri Pacific were as strong as
any stocks. but they barely held at yes
terday's prices.
Some small unfavorable comment was
excited by the news of the refusal OF
many of the employees OF the two lead
ing independent coal operators to go to |
work under the arbitration agreement, |
stipulating, as their employers properly |
required. that they would not molest |
non-union workmen and would abide by |
the decision of President Roosevelt's |
commission. The hard coal stocks. |
however, were very firm. while the soft |
coal stocks presented reasonably clear
evidence of liquidating sales by recent
buyers.
No knowledge of Demands.
Officers of the Southern Pacific Rail-
road in this city denied that they had
any official knowledge of the demands
made by employees of the system for an
increase in wages OF 20 per cent under
threat o. tying up the road before No
vember If the demands were not grant
ed. Many observers of the market are
concerned over these continued claims
for additional compensation urged by
railroad workmen and by the restless
ness Of laboring men generally.
For this, and for the further threat
that union workmen throughout the
country will make trouble until all the
members of the labor unions In the coal
regions get their old jobs back again. to
the exclusion of the faithful non-union
men who worked during the strike. peo-
pie must thank, of course, the exisen-
cSes of the political world
Activity in Usually Dull Stocks.
Today's trading also witnessed the re-
sumption OF manipulation in the historic
International Power stock The Toledo.
81. Louis and Western Issues. stocks
usually inactive, were active and strong. I,
The railroad property represented by L