The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-03
FINANCIAL AND COMMERCIAL.

The still unsettled and unsettlinR money
question again unpleasantly asserted itself
in tho security market to-day and cast
dismay upon the forces at work for higher
prices. Some pause In the rapid pace
set for the advance was about due and
would probably have occurred soon any
way without respect to a further darken-
ing Of the shadow OF money stringency II
was ~ per cent. money. however, and that
fact almost exclusively that worked the
surprising change in the days speculative
sentiment, Before the close of the market
yesterday call money hardened slightly.
IT," rate Tor II wac firm up to noon to-day
and Thereafter hardened until ~, per cent.
was lid. There were those who asserted
that the higher rate was due TO the pay
ment OF one-half Of the subscription to
the issue of SIS $40 900 Of new stock OF the
Illinois Central Railroad some Of the sub
soribers. moreover. choosing TO pay their
subscription in full at this time. This was
also the day on which foreign houses were
forced 10 make remittance for December
dividend and interest payments TO European
and Continental Stockholders. These re-
mittances did not. however. exert any con-
siderable influence on the foreign exchange
market, and the continuous strength OF
the call money rate could not have been
due entirely to 80 small a matter. com-
paratively, as the Illinois Central sub
scription. We're to-day Dec. % instead Of
Dec. this hardening Of the call money
rate would not attract great attention,
but the closeness Of the rate thus early In
the month naturally excites the appre-
tensions OF all spectators for the rise con-
corning unpleasant contin gancies that may
befall the money market before the end Of
the year,
These fears, II must be confessed, were not
lessened by the developments Of the day.
A shipment Of $500 900 in gold 10 the Argen-
tine Republic was announced in payment
il was said. of English purchases of grain
in that country Timorous traders were
inclined to look upon it. Of course. as prelmi-
nary TO gold shipments to England direct.
Sterling advanced to rs francs Is confines
in Paris and did not advance here. thereby
weakening the so-called Triangular" basis
for shipments Of gold to France, although
enlarging the possibility Of gold exports to
England direct. Later in the day the Paris
cheque fell again. The banks have lost for
the week 81 ,947 900 TO the Sub-Treasury and
To the interior Of the country; in addition
$O',Vp war SttlDpttl to-udN 10 OH TdIltlS'p.
while domestic rates of exchange through
out the country generally still hold against
our city and do not indicate the return OF
funds from the agricultural sections. The
publication of the Presidents message at
noon was. as such events always are. q
signal for profit taking on the part Of those
who had bought stocks with the idea that
the Unexpectedly conservative tone Of the
message would induce bullish speculation.
The general character of the document has
been we'll known in Wall Street for many
days and there was little In it that was
news. A three or four Antitrust" bills
and measures Of a similar sort were imme-
diately introduced in Congress by prominent
Republicans az soon as the message was
read. the mass Of spectators were, tenn
porarily az least. inclined to the opinion
that there was more substance in the Presi-
dents reference to legislation concerning
large corporations than they had previously
surmised.
The weakness In the market came after
the noon hour Brooklyn Rapid Transit
and Metropolitan Street Railway shares
were bought by insiders. as they have
been for days past; and the confidence Of
these inside interests as to the future Of
their properties il not to be shaken, appar-
emily, by happenings in the money market
In the outside market Northern Securities
stock advanced nearly five points TO 10.
The American Sugar Refining Company
declared its regular quarterly dividend and
90 confuted the rumors that have prevailed
FOR month that the dividend would be
reduced: while the increase of one-half of
per cent in the quarterly dividend of
the Manhattan Company, also announced.
indicates, Of course. that the stock Of the
company will next year be placed upon a
per cent. basis. OF less pleasant nature
was the audacious manipulation in Louis
vile and Nashville. conducted BY a plunR-
ing room trader and having for its basis
the shameless assertion that the minority
interest in the property had successfully
held up the lessees Of the Louisville and
Nashville system and had extorted from
them the promise Of the declaration of
larger rate of dividend than that now
paid. II has been stated In this column
time and again. but 1t seems necessary to
renew the statement in emphatic form and
on the highest authority. that there Is no
more possibility that the Louisville and
Nashville annual dividend will be at a
greater rate than per cent. for twelve
months to come than that it will he at the
rate OF 500 per cent. The pronounced
weakness in the market in the last two
hours OF trading was accelerated by a de-
cline in Manhattan stock Of over points
on heavy sales. This was very disturbing
to spectators, as the price of Manhattan
for the last week has seemed to be "pegged.
The market Of the day as whole demon
strated that the upward movement in
prices has a. yet no public following, and
il composed 40 far of the simple buying
and selling Of the professional trading
element. That the general speculative
senti ment OF the country il, however, dis
tinctly bullish. and that il the money diff
Guilty was out Of the way strong and
higher market would be witnessed, Is the
belief Of nearly all careful observers.
New York stock Exchange Sales. Dec. 4,