The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-12-04
THE AMERICAN EXCHANGE
BANK, with an experienced and
unchanging management, soIicits
the accounts Of corporations,
firms, banks and individuals.
WALL STREET LEFT IN
HANDS OF SMALL TRADERS.
MARKET Is HESITATING AND
UNCERTAIN.
Recent Speculative Favorites Main.
tain Prominence-Money
Grows Tighter.

New York. Dec. 3.-Pricas were above and
bslow last nights level in to-day's market.
The trading. which has been strictly pro-
Iessiondl for several days, was in the hands
Of the smaller class Of traders and their
operations showed increasing hesitation and
Uncertainty. There were occasional at
tstnpts on the part of speculative pools to
put up prices. but any considerable ai-
vance met realizing sale; of a sufficient vol
un!e TO check the rise. The pressure to sell
was not at all urgent ard showed a prompt
realization at the lower level of prices.
where supporting orders also We're encoun-
tered. The result was a constant shifting
OF the course of prices within u marrow
the trading. although the recent speculative
faVorites maintained their prominence.
There We're the local fractions. st. Paul.
Louisville. TIE ParificS and sew York Cen
trial and several of the coalers. The move
Inent in these WAS pretty consistent. the
whole group moving upward or downward.
whichever any one stock took the initiative.
SUGARS ADVANCE.
An advance In The price Of refined sugar
failed to differcnt!atp sugar from the gem
eral movement in the list. Renewed weak
ness in The silver market and a reaction in
the London Copper market from yester-
days sharp advance were reflected in Amer
IRE CHIEF represSiye Influence on the spec
ulation was the Tightening course OF the
money market There was no money Of
fering on call at less than I per cent at
the opening. The rate subsequently de-
clined as low as 6 per cent during the
active period of the day and before the
close. The time money was distinctly firm
er, g per cent being quoted for all periods
to six months. with a commission &c
manded for the shorter periods. which made
the rate equivalent to Z per cent. New York
institutions were entirely out of the mar
ket for mercantile paper. and even the
prime grades brought 8 per cent. An addi-
tional engagement OF SJrl.r1 in gold for
South America was announced, making the
total shipment to-day sl.(10.cC0.
DEMAND FOR GOLD.
This operation amounts to a diversion OF
the demand from South America. upon the
Eank of England for gold from that ins:i-
tuition TO New York. Discounts in London
consequently easad to-day. Sterling ex-
change here held steady. but advanced in
Paris. go that exports of gold across the
are not feasible. The Subtreasury
10 draw on the New York money
the loss since Friday on that ac-
count having reached S.456.0r1 There was
deposited at the Subtreasury to-day $780, 90 (
for transfer to New Orleans. Chicago ex- |
change, however. remains at par. The trad |
lng element showed its isappointment that
the Presidents message had failed to slim
Ilate speculation. and with the additional
iiscouragement Of the high money rate |
here was a progressive decrease in the ac- !
.ivity of the market. !
Ponds were dull and irregular. Total sales
par value. 81. 1GpGH United States were all
Unchanged on the last call.