The Birmingham age-herald., 1902-12-05
rPrNH- -l ss-r EFFURl u LII
 PRICES FAILED
Soon After the Opening the
 Market Became Weak
MUCH SELLING AT CLOSE
Effort to Advance Prices Was Appar.
 ently Based on Somewhat Easier Tone of Thursday, But DeveI- l opments Precluded Hope.

New York December 4.-There was an- other attempt to put up the prices of stocks this morning, but 1t did not suc- ceed and the market soon became weak. Fina1 prices were considerably lower than last night The largest part of the days business on the stock exchange was com pleted by the first hour, and there was mo further activity until a selling move ment developed in the last hour and car Tied prices to the lowest of the day. In hhe interval there were occasional periods of absolute idleness on the floor of the exchange Many of the most prominent stocks were not quoted at all from hour no hour The aggregate transactions for the day dwindled still further from yes- ferdays small total. The business was almost entirely in the hands of profess eionaI room traders and many of he more conspicuous commission houses had not as much as a thousand shares to execute in the market. The effort to advance prices was apparently based on the some what easier tone which developed late yesterday In the call loan market. but the developments of the day precluded any hope of early ease in money and compelled the traders to change their position. They then sold stock to force a lower level of prices for the simple req son that they were unable to advance prices without meeting large sales to re- alze.
 The sub-treasury statement for today shows that the banks have lost to that institution since last Friday over S0,OOO,- coo This did not include the $1,0OO, O0u withheld today for shipment to South America. This morning the sub-treasury was a creditor at the clearing house for is4169S1 on account of some heavy in- ternal revenue collections. It will be seen therefore that the weeks decline in bank reserves probably will be between six and seven million dollars.
 The tone of the time money market which continues very firm, is convincing evidence that no relaxation of the money market is expected before the turn of Ithe year. As the local trust companies dc mot make weekly reports of their condi- tion that element in the situation Is not known to the public, but there Is no evidence that they are offering any iof their resources to the money market at the present time, and the tendency Is believed to be rather on the order ot contraction in their case. The bank of England retained its per cent minimum discount rate this week and the private iTaLo went lOWeT III ll0 lLOuuOn hiaA nut lbut the banks weekly statement dis closes that the government has dis bursed over $9, 900 of its deposits which together with the shipping combine pay ments, accounts for the present easier tendency in London. However, the bank 7. has lost gold to the extent of about $S.- l675,000 during the week. Notwithstanding today's shipment of one million in golc to South America, which was in re- lsponse to a demand diverted from Lon don, the bank of England sold today Ia million dollars in gold for South Amer .ica, and $600000 to Egypt. The bank oi France also shows a loss of about hali million dollars in gold. but Its loans have been contracted at about $36,000,00 000 although the note Issues have increased over $10,000, GOO. The advance in the price of refined sugar and in the price of cop per, both here and in London, made sugar and Amalgamated copper com paratively firm. Fort Worth and Denver city stamped rose sharply on the pros. pect of an increased dividend disburse- ment on February. Reports from trade authorities of downward tendency in the price of iron products and holding back of orders on account of high cost, was rather depressing influence.
 Bonds were dull in sympathy with stocks Total sales par value $1,S60,000.
 United States 3s registered declined A per cent on the last call.