The St. Louis Republic., 1903-12-03
STOCK MARKET TOP HEAVY
AFTER A BRIEF ADVANCE.
SCATTERED EFFORTS AT
RALLY IN CLOSING HOUR.
Money Rate at New York Contin-
ues High, With Further Ship
ments of Cash South.

New York. Dec. 2-There was a consid-
cradle increase in the volume of dealings
on the Stock Exchange again to-day. ac-
companied by period of conspicuous
strength. Realizing in some stocks was
in evidence at all times and this tendency
spread through the market until it be-
came top heavy and turned downward.
wiping out part of the early gain. An up
ward squirt In two or three of the indus
trial specialties at the last partly rallied
the market. but realizing again met the
advance and the closing was active and
irregular. The conspicuous movements
at the last We're a jump of AS in Colo
rado Fuel. ~ in the Colorado Fuel con-
Vertible bonds. 3M in Sugar and rs in
Amalgamated Copper. The fact that there
was no news to account for these sudden
jumps aggravated the distrust with which
they were regarded by traders who were
trying to sell at other points of the mar
ket.
PRESSURE TO SELL
The persistent pressure upon Pennsyl-
vania was drag upon the market from
the outset. but 1t was overcome by sue
cession Of buying movements at other
points which gradually dissipated the un-
easiness. Buying for London account was
factor In the advance. The turn of the
month released money to that market and
eign markets over the prospect for peace
IN the far East. Trade reports of the coal
industry We're encouraging. owing to the
influence OF the colder weather and the
for October. showing an increase in the
surplus for the. coal and railroad COM
panies of more than a million dollars. sup
plementing Readings good showing of yes:
good exhibit for the same period. which
helped out the soft coalers. except Penn
sylvania- That roads statement for Oct.
lines both east and west Of Pittsburg, and
Erie, owing to the growth in operating
expenses.
TENDENCY TO REALIZE.
A disposition to realize in Louisville and
Nashville was increased by the decline in
net earnings for October by Nashville
Chattanooga and st. Louis. Union Pa
cihc's October statement showed an in
900. thus saving more than half the growth
IN gross earnings, but this stock also
showed the effect of realizing, as did its
ssupaaiary company. Southern Pacific. The
lndustrials as class were higher, and 1t
was suspected that closing I'D OF short ac-
counts had much to do with this, espesiaI-
~ In United States Steel preferred. There
,., Is some growth Of a sentiment that he
counted about the worst that could hap
pen in the Industrial future leaving room
Tor some natural rebound from excessive
depression: Money went to NJ per cent
again to-day, and the banks transferred
$4,000 Of their reserve to New Orleans
without any comrensating advantage in
gaining force that the tightness OF tor eign
money markets probably will keep I'D the
money rate here over the New Year re-
gardless OF whatever advantage Of posi-
ton we may hold in the international .x-
changes.
The movement OF bond prices continued
rather Irregular. realizing in speculative
issues being in evidence in that market as
well as in stocks. Total sales of bonds,
par value. were $3,154.00O United states
bonds were unchanged on the last cali.