New-York tribune., 1902-12-09
-F1 dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading was extremely dun
throughout the five hours of business. Prices ex-
hihited great irregulartty closing in the majority
Of cases ct small net gains as compared with SAT
urdsy's last quotations. Dealings were made up
almost entirely Of the operations of professional
traders the only exception being in the case Of a
few issues such as ST. Paul. Union Pacific. Read
ing Hooking Valley, Amalgarnated Copper and
fhe local traction shares, in which there was a
moderate amount of commission house business
AS a rule commission houses reported great un-
willingness on the part Of their customers to
enter the market In view OF Saturdays IN
adorable bank statement and the many bear
ish market adv1ces published Sunday and yes
-erday, the attitude of the public was not at
all surprising. If bear operators expected how
ever. TO provoke general liquidation, they were
grievously disappointed.
While prices may work lower before the end
Of the year, there is no reason to believe that
important liquidation will develop Moreover. it
may be put down fact that investors VIII
not sell. Stocks are in far stronger hands than
they were few months ago, owing to the Sc
we're liquidation of speculative accounts in the
last ten weeks. and in the greater number CT
cases holders are we'll convinced that securities
are too cheap at present prices to place them on
,he market Calling of loans at the end of the
month may develop. Certain speculative ac-
counts that survived the autumn slump may be
forced into liquidation, but stocks sold for such
accounts Will find good buyers who will doubt
less hold their possessions for a January or
February rise Bearing in mind the wonderfully
sound position of trade this country, it is alb
solutely Impossible to indorse the ideas of Ger
tain people that security values have begun TO
discount recession in industrial activity. The
prediction Is made that values will reach a rec
ord breaking level il 1908.
Call money was firm throughout the day, with
= high rate Of per cent, ruling at per cent
Bearish reports came from Washington Treas
1l-y officers regarding the money market, but
well informed New-York bankers asserted that
there is nothing in the current local monetary
situation OF an alarming character. While
money is going into the Sub-Treasury at this
centre and to the South and West, and while
The return flow of currency from the interior
amounts to insignificant proportions at present,
the local banks are confident that they can
handle the situation without acute disturbance
in the money market Fluctuations that may
occur in money rates will not foreshadow per
rnanent monetary conditions. IT, at the end of
the year. money rates advance and stock values
decline good buyers will flock into Wall Street.
Total dealings in stocks were under 2S0,oo0
shares few issues supplying the greater part
nf the business Heavy buying of Hooking Val
lev shares came from firms which generally
identified with the inside. 1t was reported that
= Hooking Valley preferred would soon be retired
at par, its price yesterday selling high as
a61e against 1017s for the common. Great North
ern gained five points on light dealings. buying
evidently being helped by the company's strong
showing in earnings in October In Amalga-
mated Copper buying was apparently based on
the reports that developments We're pending for
the Improvement OF the copper trade, despite
the fact that rumors Of this character met with
ienials in well informed quarters Rock Island
preferred was again taken by investment in
terests- The recent estimate Of what the Rock
Island Company viii show in the way of earnings
in the next few years has attracted investment
interest 10 its securities. A recent report made
by expert accountants shows that Rock Island
is earning at the rate Of over Is per cent its
common stock
THE DAYS OPERATIONS IN BONDS.