The Washington times., 1902-10-23
No Aggressive Operations
for Either Rise or Fall
Market Stronger Than Ex-
pected in View of Antlci-
pated Gold Exports
Further Decline in Paris
Rate of Exchange on Lon
don-Foreign Sentiment
Now Against Our Market
Rough Times Predicted

NEW YORK, Oct. 22.-Extensive COM
ment is not needed upon today's dull.
narrow and listless market. The num-
Der of transactions fell to compare
lively low figure and represented FOR the
most part the buying and selling within
a small range of prices of professional
traders upon the floor of the stock ex-
change.
atoms was. if anything, that Of desire
to cover contracts for the decline that
had been put out within the last two or
three days. Nothing like aggressive OPP
erations for either rise or fall were
seen.
The market closed at a small frac-
tional net advance, and. on the whole,
was stronger than might have been ex-
pected in view Of the further develop
ments pointing to gold exports. The
price of bar gold and American eagles
again moved up in London.
Paris Exchange on London.
don fell to Is francs II centimes, and
sterling exchange here advanced we'll
over u of a cent. to 4-S6.60. or easily
within Is of cent, considering the de-
cline in the Paris cheque, the point at
which gold can be exported from this
country at profit.
The demand for remittance was ex-
ceedingly strong. and commercial bills
in the market were not plenty. At the
close of the exchange market bids were
ed figures for bills to be shipped on next
weeks steamers.
The sentiment of Wall Street for the
moment seems to be that while gold ex-
ports may take place, they are not near
at hand, and hence that the fear Of what
may happen because Of them is prema-
ture
In calculating the gold export or i'm
port point it must be borne in mind that
the various foreign exchange houses in
this market have means of varying pow
er for shipping or importing coin and
bullion, and that what some might con-
slider profitable basis for either an ex.
port or an import operation, others
might rot find 1t so.
Export of Gold Secuted.
Spectators for the rise scout the en-
tire idea of gold exports as absurd and
declare that if they really draw near
,r-;11 he hx-f 1o
interests TO avert the evil. Whatever
that something is, it obviously will not
be another bond call by the Secretary of
the Treasury.
Current estimates were that London
sold 10000 shares of stock in our mar
ket today and has sold about 100000
shares within the last two weeks. These
estimates are, however, greeted skep-
tically in some quarters. 1t is assert
ed that investigation shows that the
foreign arbitrage houses making the
bulk of these sales are not borrowers
Of stock in the degree that would be
the case If the sales made by them were
for genuine foreign account.
In selling stock here at the direction
OF European holders the New York
row them for delivery until the ar
rival from the other side of the origi-
nal securities. II is argued, therefore,
that the absence or alleged absence
of this borrowing shows that the sales
of these foreign houses stand simply for
poorly concealed short selling" by
operators here.
Rough Times Anticipated.
But making all due allowance for this, |
there is no doubt that foreign senti-
ment is for the moment against our
market, and that il is the expectation
on the other side that our ship OF
finance will pass over some rough seas
before the year is over.
II is also certain that good deal |
of foreign selling has been caused by |
the transfer TO this market of American |
accounts recently kept in London.
The settlement of the railroad switch
mems strike in st. Paul and Minneapolis |
by the grant of increased wages to the |
u.eu Nde ieSdTOeu as IdVOTdDie IN us |
Immediate market bearing, although in
it's broad aspect 1t was looked upon
as another event in the series of I'M
welcome additions to corporation ex-
pense that now seems entailed upon
railroad managers
The news Of the election of a dummy
board of directors of the ST. Joseph and
Grand Island road. displacing men well
known in the financial community, ex-
cited curiosity as to where the actua,
position of the st. Joseph and Grand
Island property now rests. Guesses us
TO the ownership are about equally d.
vided between Union Pacific and Rock
Island interests.
New York Stock Exchange, October a..