The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-04
FINANCIAL AND COMMERCIAL.
WEDNESDAY, Dec. 4:

in the share Of higher rates for call money
The general tendency was toward weak
ness bur n the close call money rates de-
clined and the market. in turn, rallied,
though rather faint -heartedly, 50 that many
Of the active stocks showed small ner adj
vancnS for the day. II was a tame and
dispiritod affair al best having no marked
feature and calling for little comment
Sterling exchange in Paris rose again and
fell on here, So that The gap between an
ticipa-ion and fact in the matter of gold
exports to Paris is now quite wide. More
hopeful views were also entertained re-
garding a possibly unfavorable change in
the Bank Of Englands rate Of discount to-
morrow. II is said that the Bank has the
London situation well in hand and that
its directors are not DESTROYS of complioating
the situation on this side. On the other
hand announcement was made Of an
other shipment of $500 600 to South America
and OF another large transfer of cash to
New Orleans. while the hanks again lost
10 the Sub-Treasury on customs and in
ternal revenue transactions Al this rate
the banks viii lose in cash this week nearly
ss, 600 600. if, indeed the loss does not amount
TO a larger sum The price Of silver in
publication at noon Of the Government
crop report, indicating a iO,4l7,OoO bale
crop. caused little furry of lower prices
on the Cotton Exchange, but had no ap-
probable effect on the stock market. Its
effect II anything, should have been bullish
upon securities, as the estimate represented
a larger yield than that previously calcu-
lated by the Government experts, and
hence prophesied greater tonnage for
Southern railroads and added prosperity
in the Southern States.
The market, Cor considerable period
past. has been one Of short turns up and
down, which have served to confuse the
trading element pretty thoroughly. and
have certainly resulted in lightenir the
pocket book of the ordinary Spectator
Those who have sold stocks when the mar
ket was weak. or bought them when the
market was strong, have lost money. Spec
ulators are at present inclined to buy stocks
rather than TO sell them. relying upon the
broad underlying conditions of prosperity
and the belief that the railroads must show
greatly increased earnings. despite their
increase of expenditures for improvements
and for higher wages of employees. when
the crop movement really begins. II is
true on the contrary. that prices OF stocks
are not alluringly cheap, that pools and
syndicates have more stocks on their hands
than they wish they had. that the general
public il not disposed 10 Join in any buying
movement, and that the limited supply Of
i'o"'' '''''"s '''iiiioN ao'! III VIZ "d! Oh
bull campaign. Such condition of affairs
usually makes for speculative deadlock
and tia, IL o,ac,lv ,rba, is now barr.,ri,,
p.,i,. I .....'.
oain'e anu 'o''S''rNa,i'e nnarhct inter-
ests generally say that they are glad of it.
Sellers for the short account were in
clined to day to axe the small profits acorn.
;ro ~ tber, .,.or ,,os,ora,,., Ill, III.
-e.,,,s. - "''''e'
sPeculaVois ior 'he Rise hearkened more
attennvely than they have recently done
to the advice Of money brokers and others
that A period Of very TIGHT monov b.t,r.
tho and ~ Tho yoor oo,,Id ~, ~ ,,'a-,.L
~, Ne 20 'ou'' 'o' w aNef'eu'
Inc NeaulhS STOCKS were as weak as any
to-day on liquidationS, said 10 be for the