The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-24
THERE WAS RISE
IN CALL MONEY.
This Prompted Operators to Close
Up Their Accounts
WAS TUMBLE 8 E.. IN SUGAR
Fall Due to the minors About the
Cuban Treaty--New York Central
Also Dec'ined-eossip of
the Market.
tBy Associated Press. J

NEW YORK. Dec. s3.-The rise In the
cal! money rate today and the approach
o. rho Christmas holiday combined to
prompt operators In stocks TO close up
their accounts. 40 ,fs
The persistence Of the trading clement
IN putting out short contracts mas acted
rs !, ssin:staining in1fuea'ee on the market,
rs II did TO some extent to-day. No raid
ing tactics, were apparent. ard The De-
CINE WIS rather gradual and in good or
Ger. The days losses were quite uni
lE from i TO 11s. lIistfle case Of stocks.
where they We're less or more than these.
there Were special circumstances TO ac-
count for the movement.
sugar feil an extreme "a heioW last.
night on account of the reports from
" ashington OF preparations TO oppose
the Cuban reciprocity treaty on the part
of an element of .the, beet sugar men.
Recent reports haye. held that the beet
sugar interests had been reconciied to
the Cuban treaty,naId there was. active
Speculation in Sugar on TINS account.
The stock was thusaacutely affected by
The prolit-talking Increment to-day. -
New York Central suffered IN a similar
way. owing to recent rumors that the
acton was taken to-deT. and the deere ased
net earnings reported by the New York
Central and affiliated lines, together with
tho return of the C;sraua Southern semi.
unfavorsble effect upon the Vanderbilt
lines. Progressed expectations OF az In
crease in the Missouri Pacific dirs end
rate also We're disappointed. On theutner
hand the Coelers. especially the Readings.
Were more firmly .heid than the list in
general. Rumors were circulated regard
ing both Reading and EIsrooklyn Transit
that the Pennsylvania. had secured con-,
troll. but the faTuEable-Statenent Of net
earnings OF the Brooklyn Rapid Transit
Tor November and Stht profitable coai
traffic OF the Coaleis since the cessa ton
OF the anthracite strike were considered
more plausible reason Flor the strength
OF those stocks. Louisville made n spec
tacular squirt early in the afternoon and
Il. quick relapse because the board-roor1
traders leapcd to a mistaken construc-
ton Of a report of dividend on Louis
vile street railway company as applying
10 Louisville and Nashville. The stock s
quick relapse renewed the hcariness In
the general market.
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 100000 of sub-scrip-
fell due to-day and neccssitated some
shifting Of loans. Some large sums were
transferred TO London through the agency
Of the cable. This movement is said to
be due to the custom of the London
han!;s t.s prepare a so-called window.
dressing for their vear-end reports. The
movement Of currency to New Orleans
continued to-day 10 the extent Of $500
GO. thus bringing the total transfer TO
that point from New York for the last
four business DAYS TO S1.475.61 Such a
movement to New Orleans is not unusual
late in December for croI, moving pur-
poses both OF cotton and sugar. but it Is
ut unusual for il to reach such dirnen-
sions The speculation in January cotton
IS supposed to account for the present
special demand.
The bond market was cutie broad again
today and showed some points of
strength making the price movement as
); whole IRREGULAR. Total sales. par value.
s. 315.h6a United States bonds were all
unchanged OH the last call.
The total sales of stocks for the day
were 59T110 shares.