The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-12-04
STOCKS ARE LESS ACTIVE
EVEN THE PROFESSIONAL TRADERS
KEEP OUT or THE MARKET.
Narrow Fluctuations I'm n Few of the
Most Important Issues-Rates for
Loans Remain Very Firm.

NEW YORK, Dec. 3.-Prices were above
and below last nights level in to-day's
market. The trading, which has been
strictly professional for several days, was
in the hands of the smaller class of trad
ers. and their operations showed increas-
ing hesitation and uncertainty. There
were occasional attempts on the part of the
speculative pools to put up prices, but any
considerable advance met realizing sales
of a sufficient volume to check the rise.
The pressure to sell was not at all urgent
and showed a prompt relaxation at the
lower level of prices, where supporting
orders also were encountered. The result
was constant shifting of the course Of
prices within narrow range.
There were no special features to the
trading, although the recent speculative
favorites maintained their prominence.
These were the local fractions. st. Paul.
Louisville, the Pacifics, New York Central
and several of the coalers. The movement
in these was pretty consistent the whole
group moving upward or downward when
ever any one stock took the initiative.
An advance in price Of refined sugar failed
to differentiate Sugar from the general
movement in the list Renewed weakness
in the silver market and a reaction in the
London copper market from yesterday s
sharp advance were reflected in American
Smelling and Amalgamated Copper.
The chief repreSSive influence on the
speculation was the Tightening course or
the money market. There was no money
offering call at less than per cent.
at the opening. The rate subsequently
declined as low as per cent. during the
active period of the day and to below
before the close. Time money was dis
tinctly firmer. per cent. being quoted
for all periods up to six moths, with a
commission demanded for the shorter
period, which made the rate equivalent to
per cent. New York institutions We're
entirely out of the market for mercantile
paper and even the prime grades brought
8 per cent. An additional engagement of
$4,000 in gold for South America was
announced, making the total shipment to-
day $1,000 900. This operation amounts to
America on the Bank of England for gold
from that institution toeNew York. Dis
counts in London consequently eased to-
day. Sterling exchange here held steady,
but advanced in Paris, so that exports of
gold across the Atlantic are not feasible.
The subtreasury continues to draw on the
New York money market, the loss since
Friday on that account having reached
So. $500 There was deposited at the SUBJ
treasury to-day 100000 for transfer to
New Orleans. Chicago exchange. however.
The trading element showed its disap-
pointment that the Presidents message had
failed to stimulate speculation and with
the additional encouragement of the high
money rate there was progressive de-
crease In the activity of the market.
Bonds were dull and irregular. Total
sales, at par value, were S1.70c,OOO. United
States bonds were all unchanged on the
last call.
Following are the days share sales and
the recorded price changes: