Omaha daily bee., 1902-12-24
NEW YORK STOCKS AND BONDS.
Approach of Christmas and other
Cnuses Lend to Gradual Decline.

NEW YORK, Dec. 2S.-The size in the
call money rate today and the approach of
the Christmas holiday combined to prompt
operators to close up their accounts The
duration and extent of the rise since the
announcement of the formation of the
bankers $50,OO00O0 pool have kept the pro-
fessional traders alert for signs of reac-
tion on the theory that the recovery was
going too far. The persistence of the trad
Ing element In putting out short contracts
has acted as sustaining influence on the
market, as II did to some extent today. No
raiding tactics were apparent and the de-
cline was rather gradual and in good order.
The days losses were quite uniform in the
active list, ranging generally from l to IA
points. In the case of stocks there they
were less or more than this and there were
special circumstances to account for the
movement Sugar fell an extreme pa below
last night on account of the reports from
Washington of preparations to oppose the
Cuban reciprocity treaty on the part of an
element of beet sugar men. Recent reports
have held that the beet sugar interests had
been reconciled to the Cuban treaty and
there was active speculation In Sugar on
this account. The stock was thus acutely
affected by the profit-taking movement to-
day.
New York Central suffered in a similar
way, owing to recent rumors that the divi-
dend 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 Canada Southern semi-annual divi-
dend to l per cent had an unfavorable ef-
feet upon the Vanderbilt lines. On pro-
Missouri Pacific dividend rate also was
disappointed.
:, on the other hand, the coalers especially
the Readings, were more firmly held than
the list In general. Rumors We're circulated
regarding both Reading and Brooklyn
Rapid Transit that the Pennsylvania had
secured control, but the favorable state
ment of net earnings of the Brooklyn Rapid
Transit for November and the profitable
coal traffic of the coalers since the cessa-
tion of the anthracite strike were con-
sidered more plausible reasons for the
strength of these stocks. Louisville made
spectacular squirt early in the afternoon
and quick relapse because the board room
traders leaped to mistaken construction
of a report of a dividend on the Louisville
Louisville q Nashville. The stocks quick
relapse renewed the heaviness in the gem
The rise in call money rates was due
In part to temporary causes, but II had
the effect Of renewing fears Of severe
squeeze In the money market before the
end of the year The payment of $4,000, eco
of subscriptions to the Western Maryland
sSmn shg of some srse
were transferred to London through the
agency of the cable. This movements is
banks to prepare so-called window dress
Ing for their year-end reports. The action
OF reserves in London for this purpose
usually is extremely temporary. The move
ment of currency to New Orleans continued
to the extent of $4,000. bringing the total
transfer to that point from New York for
the last four business days to s1475, 900
Such "A movement to New Orleans is not
unusual late in December for crop moving
purposes, both of cotton and sugar. but ii
is not usual for II to reach such dimensions
The speculation In January cotton is sun
posed TO account for the present special
demand.
The bond market was quite broad again
and showed some points of strength max
Ing the price movement as a whole irregu-
lar. Total sales, par value. 81 .305. 900. United
States bonds were unchanged on the last
call.
The following are, the closing prices on