The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-12-04
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VERY UNCERTAIN
Prices Both Above and Below
Previous Nights Level,
WAS NO SPECIAL FEATURE
Trading, Which Has Been Strictly
Professional for Several Days,
Was In the Hands of the
Smaller Dealers.
WAS NO SPECIAL FEATURE

Nav York. December s.--Prices were
Doth above and below last nights level
In today's market The trading, which
has been strictly professional for several
days. was in the hands of the smaller
classes of traders and their operations
showed increasing hesitation and uncer-
tainty. There were occasional attempts
on the part of the speculative pool TO
put up prices, but any considerable al
vance met realizing sales OF a sunlcient
volume to check the rise. The pressure 10
sell was not at all urgent and showed
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 a
narrow range. There were no speclai
features to the trading. although the re-
cent speculative favorites maintained
their prominence.
These were the local fractions. st.
Paul, Louisville. the Paciics New YORK
Central and several OF the coalers. The
movement In these was pretty consistent
the whole group moving upward or down
ward whenever any one took the init!a-
tive. An advance in the price of refined
sugar failed to differentiate sugar from
the general movement In the list. Re-
newed weakness In the early market and
a reaction in the London copper market
from yesterdays sharp advances were re-
flected in American smelling and amalga-
mated copper. The chief repressive infu-
ence on the speculation was the tighten
ing course of the money market There
was no money offering on call at less
than per cent at the opening. The rate
subsequently declined to as low as s per
cent during the active period of the day
and to below that before the close. Time
money was distinctly firmer, per cent
being quoted for all periods up to six
months, with a commission demand for
the shorter period, which made the rate
equivalent to per cent New York inst-
tutions were entirely out of the market
for mercantile paper, and even the prime
grades brought 6 per cent. An additional
engagement of $500, 900 in gold for South
America was announced, making the to-
tai shipment today $l000,0o0. This opera
ton amounts to a diversion CT the de-
mand from South America upon the
Bank of England for gold from that in
stitution to New York Discounts In Lon
don consequently eased today. Sterling
exchange here held STEADY Dut advanced
In Paris, so that exports of gold across
the Atlantic are not feasible. The sub
treasury continues to draw on the New
York money market. the loss since FRI
day on that account having reached 3d.
$4,000. There was deposited at the sub
treasury today 100000 for transfer to
New Orleans. Chicago exchange, however,
remains at. par The trading element
showed it's disappointment that the Presi-
dents message had failed to stimulate
speculation, and with the additional dis
couragement of the high money rate
there was a progressive decrease In the
activity of the market.
Bonds were dull and irregular. Total
sales. par value 81. 100000. United States
bonds were all unchanged on the last
CALL