The times. [volume] (Richmond, Va.) 1890-1903, 1902-10-24
FOREIGN EXCHANGE
Was THE FEATURE |: ! /
New York Stock Market Has An
other Dull Day.
MARKET EXTREMELY TENDER.
Closing was Weak and the Days Sales
were Under 100000 shares-Re-
ports Of Labor Troubles on
the Southern Pacific.
MARKET EXTREMELY TENDER
(By Associated Press. J

NEW ToKK. Oct 2a.-Foreign ex-
change was again the governing feature
considerable, spccuiation in exchange be-
cause OF the slightly higher rate for
sterling at Paris and the resistance Of
fered by the local market to the volume
Of bankers bills put out during the
morning. These offerings. it was believed.
represented accommodations of bills held
an reserve for such an emergency. Most
of the days business was done 1t 4 $50
for Saturdays steamer. Experts intl-
mated that an outward gold movement
might soon be inaugurated, although act
nal negotiations could not yet be con-
surnmated on q profitable basis Later IN
the day demand sterling broke 20 points
and was offered at 1860.
Little can be said for the stock MARKER.
which was duller and more narrow than
on any previous day of the week. some
speculative activity was shown at me
Eric, Atchison. Pennsylvania St. Paul;
Missouri Pacific and the St. Joseph ana
Grand Island securities. all OF when
scored slight advances INC resi- g, t ne
demand for the industrials. Further &C
tvity was shown during the morning ses-
sion when Louisville and Hashs ne a. 5ia.
made no material change. opera IONS LOIS
continued almost altogether professional,
contracts on the theory that the market
had been oversold The early gains. with
few exceptions We're soon lost. but such
IT Issues LOUISVILLE ana 5sI>GSElNlilG,#&
Paul. Illinois Central and Erie held
steady. Sugar and International Power
were about the only industrials dealt in
up to this time. and transactions in the
latter stock were believed TO be for pool
account Up to the final hour there was
no decided pressure to sell. but in the
late trading such stocks As Lacka wanna,
Baltimore and Ohio Kansas City South
ern and a few industrials were ham
mered down to the lowest prices of the
day. The liquidation in Northwest was
believed to result largely from the un-
Favorable view taken by: traders of the
new relations Of the Union Pacific road
with St Paul. Rock Island and Illinois
Central. AS proof Of the extreme tender
ness of the market a sale Of 500 shares
Of Northwest early IN the day caused a
drop of almost points. The uncovering
If stop-loss orders in the same stock
caused a further decline Of almost 3
points. with a net loss of 2la per cent.
The stock recovering on buying orders I
days business was under 100000 shares
One Of the disturbing features was re-
port of labor troubles on the Southern
Pacific system. Call money ruled at from
kQS1s per cent. most OF the days loans
being made at the higher figure.
Some of the speculative issues in the
bond market were heavy. but the move
ments were without Importance. except
IN the Wabash debentures. The general
fist was Irregular and dull. Total. sales.
par value 81 795, 900 United States IS and
Us advanced Il per cent. and the new 4 s
declined u per cent. on the last call.
The total sales of stocks for the day
we're 395,760 shares.