Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-12-23
FINANCE AND TRADE
Stocks Were Weaker and
Market Dull.
CALL MONEY HIGHER
SUDDEN RISE IN L. AND n. By
MISTAKE.
Sharp Reaction When Discovered
Coal Roads Were the Only
Strong Features
CALL MONEY HIGHER
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. December 23.-In the early
London market American stocks were f-ac-
tionally higher than our closing figures of
yesterday, but shaded Off in the later trad
ing. Consols were 1-16 lower for account
and unchanged for money.
The local stock market opened with some
Irregularities, with a tendency to decline.
St. Paul opened of - then rallied to full
recovery, and very soon afterward lost a
full point.
Union Pacific showed loss of Y, Sugar
q. Southern Pacific and Atchison u. the
Steel issues Il off. Copper. Missouri Pa
cifc. Rock Island. Frisco first preferred
and second preferred and Illinois Central
all showed fractional improvements.
Brooklyn Rapid Transit showed some
early strength on good November earnings.
but the report that Pennsylvania owned a
controlling interest In the road did not find
many believers. The stock subsequently re-
acted nearly a point, with the rest of the
market. after the first half hours trading.
The possibility that call money would work
higher before the holidays tended to check
speculation, and the fact that heavy profit
taking has been going on for the past few
days was also a deterrent influence to the
bullishly inclined traders.
London was again today a seller of this
ed only moderate orders from out-of-town
clients.
Sugar showed unmistakable evidence of
profit taking during yesterdays strong raj
lies. and the short interest seemed greatly
reduced. AS this was the principal support
for some time in this speciality, 1t was
natural enough to see the stock react
rather strongly in the early trading.
The coal stocks acted stronger than any
of the groups al the start, and there were
very fair gains in this class Of securities,
Reading being especially active and firm.
After the first hours trading the market
became inactive and the little business
done was at the expense OF values. the gen.
eral list showing a tendency to sag or A
good deal harder tone in call money OK
per cent? was deterrent factor
In the afternoon an effort was made to
start a rally by bidding up Louisville and
Nashville and the Southern railway issues.
The former stock advanced sharply "a per
cent the latter gained about point, but
the general list did not sympathize above
fractional Improvement Later in the after
noon the rapid rise in Louisville and Nash
Vile was found out to have been on the
announcement Of an Increased dividend on
a Louisville street railroad stock.
The traders jumped to the conclusion
when the announcement was first made
that Louisville and Nashville railroad was
weak. and bought that stock heavily until
they found out their mistake, when they
tried to get rid of their stock, causing a
sharp decline of per cent.
Call money rates were watched closely
today. Opinions conflict regarding any
thing like a severe pinch before the end of
the year. Some bankers say they do not
look for anything serious in this respect:
others expect a sharp advance In call
money rates, though the movement may be
only temporary.
In the late trading the market gave EVIL
dence of still further curtatlment Of long
contracts over the coming holiday, the
general list sagging gradually to a lower
level of values. Last money rate, o per
cent.