The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-04
PRESSURE To- SELL
WAS NOT URGENT
Trading for Days Has Been
Strictly Professional.
OPERATIONS WERE SMALL
Prices were Both Above ard Below last
Nights LeveiTra ling was in the
Hands Of the Smaller Glass of
Traders-Risss Checked
IBv Associated Press. }

NEW YORK. Dec. 3-frices were both
oaoAe and below last nights level in to-
day market. The trading, which has
been strictly professional for several days.
ssS IN the hands Of the smaller class of
traders. and their operations showed in
cleasing hesitation and uncertainty,
There were occasional attempts on the
part 81 speculative pools to put Up prices.
bat any considerable advance met real
i5jaG sales OF 8 sufficient volume 10
check the Use. The pressure to sell was
moi ut al urgent and showed a prompt
relaxation at the lower level OF prices,
where supporting orders were also en-
couatereq. The result was a constant
shifting OF the coarse OF prices within a
narrow range. There were no SPECIAL
features TO the trading. although the re-
cent speculative faNorites malnt3Ine-
their prominence These were the local
fractions 81 Paul. Louisville The Facl,
6cS and New York Central and several
OF the others. The movement on these
was pretty consistent, the whole group
moving upwards or downwards when any
one stock took the initiative.
An advance in the price OF refined sugar
failed to differentlate Sugar from the
general movement in the list Renewed
weakness in the silver market and re
action in the London copper market from
yesterdays sharp advance were reflected
in American Smelling and A1nalgamated
Copper.
The chief renressive influence on the
speculation was the tightening course OF
the money market. There was 10 money
offering on cal at less than per cent.
at the opening. The rate subsequently
declined as low as 8 per cent during the
active period of the day and 30 below
that before the close. Time money was
distinctly tlrmer. per cent being quoted
Tor ali periods up to six months. with
commission demanded for the shorter
periods which made the rate equivalent
TO per cent New York institutions
were entirely out Of the market for ner-
camille paper. and even the prime grades
brought per cent. An additional en-
gagement Of S5o1,er9 in gold for South
America was announced, making the to-
tai shipment to-day Sln.D.Gh0. This opera
ton amounts to a diversion of the demand
from South America upon the Bank OF
England for gold from that institution to
New York Discounts in London conse-
ouently eased OF today. Sterling eX.
change here held steady but advanced
N Paris. so that exports on gold across
the Atlantic are not feasible. The sub
Treasury continues to draw on the New
York money market. the loss since Friday
on that account having reached SS.456, 600.
There was deposited at the Suh-Ireas-
1lrv today $2Q1,rF1 for transfer TO New
Orleans. Chicago exchange. however. re-
mains at par. The trading element snow
de It's disappointment that the President
message had failed to stimulate specula-
ton and with the additional discourage
r1ert Of the high money rate there Was
= progressive decrease IN the ACTIVITY oil
The market.
sales par value S1.T0l.ef1 United States
bonds we're All unchanged on the last call
Inc total sales of stocks for the day
were 5000 shares.
MONEY AND ENCHANGE-CLOSI
Money on call iirm at 3G7 per cent; clos
ing. per cent; time money, strong; sixty
days 5 per cent: ninety days per cent
six months. Dep rectn.: prime mercantile
naper. per cent. Sterling exchange
steady with actual business in BANKERS 81 s
bills al $500 for demand and at $500
for sixty DAYS bills; posted rates. S4Ssia
and Sass: commercial bills. 81 S22: a ssh
Bar silver, 47l4; Mexican dollars. 81. Coz