The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-12-05
LOWEST AT THE CLOSE
PRICES OF STOCKS SAG ON VERY
SMALL TRANSACTIONS.
Constructed Money supply Potent
pression-A Few Hard Spots.

NEW YORK, Dec. 4.-There was another
attempt TO put up the prices Of stocks this
morning but II did not succeed. and the
market soon became weak. Final prices
were considerably lower than last night.
The principal part of the days business
on the Stock Exchange had been completed
at the end OF the first hour, and there was
no further activity until an active selling
movement developed in the last hour and
carried prices to the lowest Of the day. In
the interval there were occasional periods
OF absolute idleness on the floor of the ex-
change Many Of the most prominent stocks
were not quoted at all from hour to hour.
The aggregate transactions Of the day
dwindled still further from yesterdays
small total. The business YVES almost en-
tirely In the hands of professional room
traders and many Of the 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 the somewhat 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 prompted the traders to
change their position. They then sold stock
to force a lower level Of prices for the SIM
pie reason that they were unable to advance
prices without meeting large sales to real
The subtreasury statement for to-day
shows that the banks have lost to that in
This did not include the 81, 100000 withdrawn
to-day for shipment to South America.
This morning the subtreasury was credi-
tor at the clearing house for $4l6,9Sl on &C
count of some heavy internal revenue col
lections. 1t will be seen therefore that the
weeks decline in bank reserves probably
will be between s6.0OO,0O0 and 100000. The
tinues very firm, is convincing evidence
that no relaxation of the money market
is expected before the turn of the year. AS
weekly reports of their condition that ele-
ment in the situation is not known to the
public, but there Is no evidence that they
money market at the present time and the
tendency is believed to be rather on the
side of contraction in their case. The
Bank OF England retained its 4 per cent.
private rate went lower in the London
market, but the banks weekly statement
discloses that the government has dis
bursed over 5000, 600 of its deposits, which,
together with the shipping combine pay
ments, accounts for the present easier ten
| dency in London. However, the bank has
during the week. Notwithstanding to-
| days shipment of S1.0C0,000 gold from here
! to South America, which was in response
to demand diverted from London, the
Bank of England sold to-day 100000 in
| gold to South America, and 100000 to
| Egypt. The Bank of France also shows
loss of about half a million dollars In
| gold, but its loans have been contracted
| about S360O0,0O0, although the note issues
have increased over 100000. There was
| no transfer of currency to the interior
| through the subtreasury to-day, and ex.
change at Chicago rose from par to !,
| cents premium.
| The advances i'm the price of refined sugar
and in the price of copper, both here and in
London, made Sugar and AmalgamateC
Copper comparatively firm. Fort Worth
| d Denver City Stamped rose sharply on the
prospect of an increased dividend disburse.
ment in February. Reports from trade au
| thorities of a downward tendency in the
price of iron products and a holding back
| of orders on account of high cost was
| rather depressing influence.
| Bonds were dull and easier in sympathy
| with stocks. Total sales, at par value
were 81, $4,000. United States threes, regis
tered, declined II per cent. on the last call
Following are the days share sales anC
4 oba