The Birmingham age-herald., 1902-12-08
NO CHANCE IN
 STOCK MARKET Professional Traders Disposed to Leave Contracts Open
SELLING AND REBDYING
Large Sums of Cash Are Being Dis tributed Throughout the Country for Change During Holiday
 Trade-Customs Increase.

New York, December 6-Dealings in stocks today reflected no change from recently prevailing doubt of the hesita- ton of the speculative community. Pro fessional traders were early indisposeo to leave contracts open even over sun day. Selling during the first hour was followed by rebuying after the oahA statement appeared, lthe weakness or the showing having been so well discounteu that it's publication induced no outsiue selling. It is reported that some large sums of cash are going to nearby eities for use as change in holiday business u is expected that the heavy customs eoi lections by the government VIII eon tinue for another week on account ol 'ne large importations for the holiday lraue' The small loan increase by the palAs was not unexpected, and 1t was even feared that a considerable greater eXpan- sion had occurred in that item, as several long transactions are known to nave been made in the loans. The foreign houses are now the important factor in the loan market, and 1t is believed that the resources for these loans have been secured by drawing foreign exchange, which is in effect a short sale of ex- change. The higher rate for time loans serves as an attraction to foreign lead- CTS. There have been very large repay ments of foreign borrowings for some time which are believed to have been secured on very advantageous terms Tor employment in the stock market
 Their expiration was an important in- fuence in the recent heavy liquidation in the stock market. Some of these funds seem to have been re-loaned during the past week at the better terms now pre- vailing.
 Operations in the stock market this week have been confined to testing et- forts of the professional traders. Some attempt was made to life prices early in the week on the assumption that the De- cember 1 disbursements to the money market would relieve the tension there and afford resources for speculation oper- ations. The special reason for payment of 50 per cent installment of 900 of new Illinois Central stock was as- signed as a cause of the special stiffness of money on Monday, but as the week progressed 1t was realized that whatever relaxation there might be in the money market was only temporary.
 The tightening process was manifest in the time money market, in which com missions were exacted for loans for the shorter periods, which raised the rate to the equivalent of ' per cent. The week passed without any export of gold to Europe, but $1000,000 went to South America to pay English obligations there for wheat, and which is analogous to the transactions here from London direct. The London money market has grown easier under the influence of large gov ernment disbursements and the payment on Monday to shareholders of the consti- tuent companies in the shipping combine, so that large repayment5 have been made to the Bank of England which has left its minimum discount rate unchanged.
 Interior money rates continue higher and the continuance of active trade at a high level of prices maintains the demand for credits throughout the country. The possibility of a year-end money squeeze has been the dominent factor In repress- ing all activity in the ltock market and financial powers are united in fringing upon speculative use of resources, which will evidently be needed for more essen tial purposes. There are elements in the trade situation as well, the definite out come of which means uch, have to be patiently awaited. The effect upon rail- road net earnings, upon volume of freight, upon cost of material transport ed and upon final demand for consump- ticn must be readjusted. Tn the iron trade also there Is a slightly downward and spring back tendency, and buyers find the cost too high; the more so as present stocks of material are exhausted. The efforts of professional traders to awaken speculation on the score of the Presidents message and governmental affairs, met with little outside response Some apprehension has been expressed that discussion of currency changes would cause uneasiness among the for eign creditors of the country and help to unsettle the year-end C. engagements with them.
 United States 3s coupons declined A per cent as compared with the closing call of last week.