The Montgomery advertiser., 1902-12-24
WALL STREET REVIEW
ARE PREPARING
 FOR CHRISTMAS.
The Rise in Call Money and Approach of Holiday Prompts the Opera ters to Close Up Their
 Accounts.

NEW YORK, Dec q3-The rise in the call money today and the approach of the Christ stocks to close ID their accounts, The dura- tion and the extent of the rise since the an nouncement Of the formation Of the bankers traders alert for signs of reaction on the theory that the recovery was going too far The per- sistence of the trading element in putting out short contracts has acted as a sustaining in- 6uence on the maIke as 1t did to some extent today. Not Iaiding tactics were apparent and the decline was rather gradual and in good order. The days losses were quite uniform in the active list. ranging generally from l to h. In the case of stocks where they were less more than this, there were special cir cumstances to account for the movements Sugar fell an extreme 2% below last night on account of the reports from Washington Of preparations to oppose the Cuban reciprocity treaty the part of element of the beet sugar men. Recent reports have held that the beet sugar interests had been reooncied to the Cuban treaty and there was active specu- iation in sugar on this account The stock movement today. New York Central suffered in similar way owing to recent rumors that the dividend was to be increased No such action was taken today and the decreased net earnings reported by the New York Central and affiliated lines together with the return of the Canadian Southern semi mi-annual dividend to per cent had an unfavorable effect upon the Vanderbilt lines. Professed expectations of an increased Missouri Pacific dividend rate also were disappointed. On the other hand. tho Coalers. especially the Readings. were more firmly held than the list in general. Ru- moTB were circulated roRasd1uk DOtn heaQlng and Brooklyn Transit that the Pennsylvania had secured control but the favorable state ment of net earnings of the Brooklyn Transit for November and profitable coal traffic of the Coalers since the cessation of the anthracite strike were considered more plausible reasons for the strength of those stocks. Louisville made spectacular spurt early in the after noon and a quick relapse because the board room traders leaped to Q mistaken construc- ton of a report of a dividend a Louisville Street railway company as applying to Louis- vile and Nashville The stocks quick relapse The rise in call money rates was due in part to temporary causes, but 1t had the effect of renewing fears of severe squeeze in the money market before the end of the year.
 The payment of s O. ooo. 900 of subscriptions to the Western Maryland Syndicate fell due today and necessitated some shifting of loans. Some large sums were transferred to London through the agency of the cable. This move ment Is said to be due to the custom of the London bank to prepare eo-called window cumulation of reserves in London for this purpose usually Is extremely temporary The movement of currency to New Orleans con- tiuued today to the extent of $500, OOO, thus bringing the total transfer to that point from New York for the las -four business days to SI.475, GOO. Such movement to New Orleans is not unusual late in December for crop moving purposes both of cotton and sugar, but 1t is not usual for it to reach such amen- sions. The speculation in January cotton Is supposed to account for the present apecal demand.
 The bond market was quite broad agulin to- day and showed some points of strength mak- ing the price movement as 6 whole irregular Total sales (par value) S2 sos. 900. United States bonds wero all unchanged 0n the last call
 Naw Y0rk I2tock Tia&