New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-12-24
BONDS.
THE DAYS OPERATIONS IN STOCKS,

-r,adins, in Yesterdays stock market was
rres+er N volume than the preceding DAY
while prices exhibited great irregularlty' WIN
final figures at net losses in the greater numper
Of issues The approach of the holidays DOUBT
Lee, ser,-ed IN check trading although the chief
factor influencing the days course OF business
,0as the hr1ner tone in the money market ihere
evidently is no chance Of an easier money mar
l,e4 until after the turn of the year. as the sup
,I,- ~ finds at this centre is no larger than IL
NC a few weeks ago and as the January inter
.s+ and dividend disbursements will make I'M
,S,,a1 demands Oh the local banks in the rest OF
4be current month. opinion is divided over the
possibility of d severe pinch in call money pc
fore the end Of the year, but ii is unanimously
agreed that by the middle of January, at leas'
there will be enough currency In this city 10
-edu~7 lending rates 10 a level that VIII encour-
age an active upward movement IN securlues-
Time money is now quoted at d per cent al
.boupb certain favored borrowers are able TO OBJ
tain loans at 5l2 per cent
In Yesterdays market call money advanced TO
10 rer cent large loans being made, however
well under that figure. Commission house
traders were naturally not active in stocks be
cause OF the advancing tendency in money, but
.here WAS no disposition to sell at sacTlnce
and no evidence OF uneasiness in speculative
circles The anthracite coal shares. particularly
Heading were uniformly strong in the greater
mart Of 4he day. buying of Reading being
Companied by further unconfirmed reports re-
garding a possible change in the control of the
property Well Informed observers believe that
the buying of Reading and other anthracite
issues is due entirely TO the expected heavy
earnings of the various properties in the course
Of the next twelve months The demand for
coal is enormous and as the producing and
carving companies are receiving from % to 30
cents more ton than at this time year ago.
it may readily be seen that interest in the an
thracite stocks is warranted. 1t is estimated
that the production of anthracite in January
will be the largest of any single month in the
history OF the trade It will doubtless be a long
time however. before the Reading common
shares become dividend payers. Delaware and
Hudson directors viii soon meet 10 fix the divi-
dend for 1908. and it is generally believed that
there Will he no change from the Z per cent rate
established year ago.
Early strength in Brooklyn Rapid Transit was
doubtless due to the revival of the old rumor
that the company would pass into the hands of
the Pennsylvania Railroad 1t is likely that
interests identified with the Pennsylvania Rail
road are stockholders in the Brooklyn Rapid
Transit Company, but it is not thought probable
that control of the latter company has passed
TO TIE Pennsylvania. A sharp upward move
nent IN louisville and NASHVILLE IN the AFTER
noon was apparently due to misconception
over the announcement that the Louisville Rail
way, which bears no relation to the Louisville
and Nashville Railroad, had declared in addi-
zion 10 its regular dividend an extra dividend of
y of per cent Subsequently the stock lost the
gain.
The advance in call money to 10 per cent in
the last hour encouraged bear pressure and I'M
important liquidation for commission house ac-
count On the decline stocks were well taken.
The news developments of the day affecting the
actual worth Of securities favorable. Re
ports Of railway earnings showed encouraging
gross gains, many dividend declarations were
made and exports of merchandise from the port
pf New-York for the week ending yesterday ex-
hibited a substantial increase the same
week a year ago The export movement from
now on viii doubtless compare favorably with
the record breaking figures of two years ago.