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Show Foreign Exchange On London Rises Flurry la Created In East, But Conditions Con-ditions Elsewhere Are Good New York, Sept. 28. By reason of Important bearing on the International Internation-al money markets, today's violent rise In foreign exchnngo on London overshadowed over-shadowed all other financial developments. develop-ments. Cables rose to $5.02 and demand de-mand cold nt $3.01 each representing a gain of 3 cents per pound sterling over Saturday and restoring rates to tho highest quotations for these remittances re-mittances slnco tho latter part of August. The ndvanco wns occasioned largely by nn Increased demand for London bills by persons having largo obligations obliga-tions to discharge abioad early ln October, when many ninety day bills will oxplro. It was tho general ex-pectatlon ex-pectatlon that these maturities would bo mot by tho now grain nnd cotton bills, but tho supply of tho latter has been especially small, becauso of tho embargo on oxports of that staple Moreover, tho 1100,000,000 gold pool was counted on to relievo the exchange ex-change situation, but delay In tho consummation con-summation of that project has added to tho general confusion of tho market. mar-ket. Apart from tho flurry In foreign exchange, ex-change, which reacted slightly later, most of the day's news was of a conservative con-servative character. Business ln the western states holds steady, as Indicated Indi-cated by traffic returns. A significant development In the middle west is tho easier tone of tho money market. I It Is noteworthy thnt money lUsed I hero, somo four months or over year I loans being placed at 7 per cent. I An expansion of trading wa re. I ported from London while 1'arls kni I' Rome advices Indicated a prolonKa. I' tlon of the moratorium at those con. I ters. Hj |