The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-02-09
Public Apathy, However,
Less Than 1t Was.
FRANCE BUYING OUR STOCKS
Venezuelan Question No Longer Men
ace-BituminouS Coal Troubles
Standardization Storm

NEW YORK. Feb 9--The Indications
noted at the beginning of last week
that the stagnsnt security market was
firm IN the direction OF higher prices
became during the week very plain.
The movement in the market is still
mostly q speculative and professional
oue-au such movements are at the
start. But public apathy is less than
it was Substantial interests are taking
steps toward the execution of great
plans
Money Is easy and VIII be so for
two months 10 come and indeed it IS
hard 10 find material on which 10 base
q prophecy that anything like money
striugency viii be seen before next fall
The same reasons for caution erom an
investors point OF view exists as they
long have done. But only very small
portion Of the daily transactions in
Wall street represent purchases and
sales by investors. Few people in that
territory trouble themselves about what
may happen 2 year OF two years hence
and for this there is good reason for
experienced teachers that those who try
10 look too far ahead in their stock
market operations lose money more
often than they make IL.
February is usually a month, so far
as the local market is concerned. OF
charging bank loans ana decreasing
bank reserves, and it ought not 10 sur
prise anyone therefore. If these phen-
onena are exhibited in the next few
weeks IN their accustomed order. But
the fact that money on call is now
going begging at "a per cent. and that
time loans are being made for 90 and
% days at 4 per cent. and for longer
periods at ~ per cent is sufficiently
illustrative of present money conditions
and o. The prevailing conviction as TO
their future
Sage as a Money Lender.
Il is said that that zaeacious money
fender. Russell Sage. is putting out very
little money on call and Is placing all
his funds in loans on time at rates close
~ approximatiug those Just stated The
Judgment Of the money market thus eN-
pressed BY Mr Sage IS echoed in all the
big banking houses. The banks are los
ing money. or dId lose money. last week
TO the Treasury. bur they are making ~
q good share Of The loss in gains from
the interior
Last weeks loss to the Government,
vas, moreover, extraordinary. because il
covered special payment OF over g.
000,9 on Central Pacific Railroad
note. as wei as the fun payments incl
dent 10 the FIRST week Of the month made
by the banks retiring circulation OF
course, continuance OF bank statements
like the one published last Saturday
would not De a good thiug. but il seems
TO be well understood that the causes
which led TO such an increase In loans
and decrease in cash a. 7as then cxhfB-
tied were exceptional.
Foreign exchange is stronger. Bu.
there seems little demand for money on
the other side Of the Atlantic. Everyone
IS expecting each week a reduction in
the Bank OF EngIand's rate Of discount
OuT exports so faT this year are yer,
much larger than they were for The same
period last yeaT-Erom this port alone
they are 100000 more-aud there
, seems 10 be 9 general consensus amoue
students Of economic AFFAIRS that our ex-
port trade this year bids fair largely "a
exceed that OF its predecessor. Foreign
selling OF our securities has ceased. The
best Information IS that there is Iitue
more ia The strong boxes IN bank vaults