The sun., 1902-10-24
FINANCIAL AND COMMERCIAL.


| II IL is the desire Of the really powerful
and sui 81 ial interests in the financial
community that the stock market shall
! ie kept as quiet as possible until the turn
| Of the year these desires seem, apparently.
! in a fair way Of le.ag gratified. The market
/ to-day WAS duller and more u1interesting,
/ II possible, than II was yesterday. There
was talk of the very favorable bank state
| men, which II is almost certain will 10
! mad" on Saturday. Call money fell IA
| low as per cent. although practically
| a. great difficulty as ever was experienced
! m making time loan-. sterling exchange
/ reacted slightly. as was Ily natural after
! ~ recent sensational advance. and In view
, of the fact that n really favorable oppor-
| tuuity for mailing exchange bills ucours
until next week. There are waves and
! currents of speculation in foreign exchange
| as in other things that are bought and sold.
! aud after such sharp rise as has occurred
| profit taking Of earlier and more fortunate
! buyers naturally appears In Paris eS-
| change ON London hardened, which ~
| rourss, tends to raise the gold xport point on
! this side. Opinions vary greatly as to the
probable date for the beginning Of gold
exports and the quantity of these ship
! ments ono" they have begun. A. a rule.
sleculator- are inclined 10 think that little
If any gold will be sent OUT, and that after
the first shipment. which will probably be
small, exchange will soften. a plentiful
supply Of finance bills enter the market
and the gold exports cease Conservative
bankers are not so optimistic. They say
that tho one matter which affords clue
10 the facts Of the situation is that foreign
oSchangc did not weaken under the high
rates for money that recently prevailed in
this market, and that this shows that there
l. an unusual demand, for some reason,
for tie settlement al this time of American
accounts IN Europe. With the pressure of
tight money removed. therefore. the eN-
change market was bound 10 reac, "a
II has done. and TO result ia all proba-
hiity in gold exports in quantity Wheat
and cotton are moving out Of the country
in fair volume. but II takes good deal OF
the former staple 20 make exchange
while the exports Of cotton seem to he
Offset by the large imports Of merchandise.
Foreign demands for our wheat and all our
food products seem 10 be a ected some
what by tho favorable European harvests
and 10y the spccua' ion for The rise in these
grains in this country. torn exports are
dN Ntl ltllllllG anu " - dilillltti 'tld1 tHeN
will CUT 10 figure in the exchange market
until next year. This figure looks Of doubt
tul size. moreover, owing 10 the high prices
AZ which corn is held and the fact that the
poorer quality Of the crop will render a
less amount of the proper grade available
for export than was supposed II il worthy
of note that transatlantic freight rates con-
tinue very low and that shippers do not
seem 10 take advantage Of these low rates
TO make contracts based upon them for
freight room az any time in the present
season.
The days market, though fiat was sag
ging one Louisville and Nashville and
Missouri Pacific were as strong stocks
~ any. but they barely held AT yesterdays
prices Some small unfavorable comment
was excited by the news of the refusal q
many of the employees of the two Leading
Independent coal operators TO go to work
under the arbitration agreement, stipu-
lating, as their employers properly re-
quired. that they would not molest nom
union workmen and would abide by the
decision of President Roosevelt : COM
mission. The hard coal stocks, however,
were very firm. while the soft coal stocks
presented reasonably clear evidence of liQ-
uidating sales 10y recent buyers Officers
Of the Southern Pacific Railroad In this
city ydcnied that they had any official knovl-
edge of the demands made by employees
of the system for an increase in wages Of
20 per cent, under threat Of tying up the
road before Nov il the demands were
not granted. Many observers Of the mar
ke, are concerned over these continued
claims for additional compensation urged
by railroad wOrkmcn and by the rest
lessucss Of laborins 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, people must thank. Of
course the eXigencies of The political world.
To-dav's trading also Witnessed the re-
sumption of manipulation in the historic
International Power stock. The Toledo,
s.. Loui. and Western ISSUES. stocks
usually inactive. were active and strong
The railroad property represented by these
shares runs from Toledo to ST. Louis and
Ia, had cheCkered career. II has now
passed into the hands OF "A banking house
IN this city and some sort of a IDEAL" in il
j. evident One event of the day which
served slightly to ,Insettle matters was
a sharp decline on fairly large transactions
in the Mort hwe.tcrn common -haies.
II il believed, however. that the decline
WAS due more to the excited execution of
"A market order than To any grave cause.
New York stock xcnange SAics, Oct. III.
tsIrtD STATES ASp STATS BONUS IN 81, ,Oooy.
rs Va I deb 2-,'S........,......... "a
CLOSING PRICES ov UNITED STATES BONDS
BID asked D!d asked
; csr U SSr
1880 10 lol. ip25.....i3J'1 1917,
; Is, c, y g. =,
1880 II 10 llo}s io?; LAZY 1854
U : IS, 7. L IS. I.
is'-ls..ios losA' ioi... lo4't 1907.
: 3S g Z 5S.c
lsos-is. lost 1905 1904 1905 1904
$ Is. I. US36ir
ialI....l | lil'a| is:hDC. Az
i,.c
iyy' ..,..l II lllh.