The Washington times., 1902-10-21

ket. But as money discussed in Penn
sylvania soon finds its way back to this
city, no great fears Of trouble on this
account are felt.
Western Spectators May Unload.
The general talk among the trading
element was that, upon one hand, condi-
lions throughout the country were fav-
orable to a further advance in security
prices, and that values had not suf-
fered by the recent furry in the security
market here. On the other hand, there
was anxiety lest the Western specu-
lators. who have SO rapidly rushed up
the market, should take advantage OF
the present relieved feeling to unload
their purchases on the public. Such
things, alas. have been done before.
The Western operators, of course, are
talking as bullishly as ever and declar-
ing that the rise in the stock markets
has only just begun; but their leadership
is thoroughly distrusted and the mar
ket Of the day showed plainly enough
that somebody is profit taking.
the financial district expressed graft
fcation that the pace of speculation had
paused. In these quarters more COM
ment was heard than of any other mat
ter upon the large drop in Paris ex-
change upon London, and the strength
Of the market for sterling exchange here
The mass of spectators usually pay lit
tie attention to the foreign exchange
market until point is reached where
the export or import of gold seems i'm
mediate. Large market interests, how
ever, are on the look out for such devel-
opments while they are as yet afar on
Possibly the run Of commission house
spectators might have been more in
terested than they were il they had
known that at one time today 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 l% centimes to
Is francs 12& centimes. Experts calcu-
lated that this figure for Paris exchange
will force exports of gold from this
country TO London. by the cross" or
triangular" process at a sterling ex-
change rate in this market of $4.8685
Sterling exchange here held most of the
day at s4.s6.25. weakening slightly in
the late trading.
Events as they befall certainly go far
toward attesting the truth of those
prophecies which have been made SO fire.
quently by competent authorities dur
ing the last month that anything like
increase of rates for use of money in
the New York market would cause ex
ports of gold from this city.
Weakness of the Security Market.
The weakness of the security market
at the close was by some ascribed to
the small number of bonds presented for
redemption at the subtreasury during
the day in response to Secretary Shaw's
bonds were so presented, of which ST.
100000 came from the syndicate con-
cerned in the transaction. This makes
the total number of bonds presented far
below all previous estimates as to their
probable quantity. But as IL IS an
nounced that additional time will be
given the syndicate 10 collect the bonds
which they have already purchased in
different parts of the country, it Ia
probable that the full amount originally
reckoned upon will be put in. 1t in.
dicates. on the other hand. that the
money disbursed by the Treasury for
the bonds will be acattered all over thu
country. and may. perhaps. afford less
immediate relief to our local market
than has been supposed.