The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-23
TINE MONEY REMAINS HIGH.
BANK or ENGLAND IN MONEY
DUEL WITH BANK OF FRAME.
To Prevent shipments Of Gold 10 Parss
Has succeeded so Far-Another
Three-MilliOn Dollar Week for Gus.
toms Pay ments Into the Sul,.Treasiiry.

Foreign exchange was dull but strong
yesterday and demand bills for shipment
by this weeks first steamship were quoted
at S+.s72O to N.s7?5. An Offset to the ad
vanc" in he rates was the fact that Paris
exchange on London made a gain of an
other half centiine TO % francs IL confines.
Discounts in London have been hardening
and are about three-eigh,hs of per cent
higher than a week ago. The Paris dis
count market remains firm az per cent
c. Schumacher, who is looked on as an
aui hority on exchange, eaid yesterday;
The managers Of the Bank of England
have used their utmost efforts TO prevent ship
mcnt- of gold from London 10 Paris ana by
the tact aud good management have stopped
any exports either from London or New
York to France, at least for the present In
London week ago money ami disco Mt
"rr" III good supply alri long PAPER was dl-.
counted "a about q. per Gem 1hc Bank of
Franc" probably thought this "A good tim" TO
increase is already large sold reserve AID
forced -terling down to - francs IL , cent lines
IA Paris. and q small shipment OF rold from
London was the re ult
The Bank of England msuipulated the
private money market in London. causing
discounts TO I'd vance from "a. 10 -. 3 I.
per cent. lhi- caused frhnc" TO aG9ih seek
employment of money N III" purchasr OF
long sterling bil- to obtain the hish rat"
OF interest, and - rr,uii tttrilns + now
OF commercial bin, has been very larg", but
the demand for r"inIttanCes l. greater ana
our excl hang" market has remained very
firm and actiy. for short htls. hut any mr..
Their advance has always been checked by
The flooding oil the market with binAcra
finance bills
We find that th" aiority. of our foreign
loan~ are beiuy renewed until spring and tine
large commission, that are usually asked
make the money obtained In this way cost
from > to, per cent Tor ninety days hete
J. very littl" time money oftrcd and the
borrower are forced 20 pay III" "Norh,tant
rates or 20 v ithout We hope 4 way Will b."
found % TINT money rat VIII not ~" 80
crrati". and thatl argr legitimate enterprises
ran. obtain funds to meet their requirement,
az The legal rate.
The local money market. a. usual on a
Saturday, wa- nominal yesterday. The
United State. sib-Treasury. Transferred
Tor local banks $4,000 to San Francisco
and si5O.0OO To New Orleans. Receipts Of
the Sub-Trea,ury IN payment of customs
duties were s37l 900 This makes the total
receipts of the institution for the week
So, 5S3o29 which il in excess even of the
large receipt. OF the week III cvious. Moneys
coming hack from the South and Is begin
ming to come back from the West. New
Orleans will need currency for the sugar
crop for the next six weeks to two months,
hut tho shipments on this account, II was
said. should be more than of set by The
receipts from other parts of the South.
Tia" principal elements of uncertainty are
The future needs Of san Francisco and the
effect upon foreign exchange of the easier
money rates which are naturally expected
when currency comes back hero after
having done its WORK in tho crop move
ment.
Bankers continue TO preserve a con-
sentative attitude and say that II is i'm
portant " keep the greater part. or AT least
u large part, of their funds under control
until the January disbursements are over.