The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-09
FINANCIAL AND COMMERCIAL.
MONDAY, Dec. Q.


The dulness that has settled on the stock
market was not abated to-day. Up to
and including last Saturday prices had
declined for Ave da,s in succession. al
though the falling OF each day was slight.
A little reaction. therefore. was fully In
order and to-day il came. 1t was based on
no particular development in the news.
and resulted. as much as anything alse.
from a simple cessation Of whatever small
selling pressure had previously been in
evidence. There 10 no doubt Tint stocks
are scarce in Wall Street now In the sense
that commission house, are not large holders
Of them. The majority Of thcse houses
are preaching conservatism to their Gus
toners and holding up the possibilities OF
q money squeeze before the year Is ou,
Thus they have reduced their loans and put
themselves In splendid position to resist
any money stringency that may, in fact.
arise. The1oan account Of the banks shows,
Of course, that money Ia being borrowed by
somebody to carry stocks with but the
impression OF tho Street 10 that the borrowers
are very strong interests. 90 TIE weight
Of chances is that the stocks thus carried
will not be disturbed by anything that
the immediate future has in store. This
condition Of affairs does not make for rise
In values, but. on the other hand, coming
ae IL does at the end Of prolonge decline
In pricee. Il leads spectators for the shor,
account 70 be very careful in their opera
lions. The movement Of the general list
Of securities 10 really governed al present
by one factor solely, namely. the rates for
the use Of money. II call money tomorrow
should rtse to g or Q per cent II would be
accompanied by fall IN prices. II the
rates are no more tomorrow than they
have been to-day and for a week past /,
is not a. all improbable that the rally In
the market will 60 further. ard IL two weeks
from to-day no disaster has befallen or
threatens to fall, 1t would not be surprising
4 the market should take on very CON
siderable strength ard activity. II must
constantly be borne In mind, however, that
sustained low rates for the use Of money
would mean gold exports,
The banks to-day lost 81. 1906 900 to the
Sub-Treasury: S4Oo,o 900 was also deposited
In the Sub-Treasury for transfer TO San
Francisco. Sterling exchange was stronger
here and weaker In Paris. Nevertheless,
no gold exports are in sight. The largest
advance recorded to-day waa one Of five
points in Great Northern preferred. which.
although IL occurred without visible reason
and in the price Of a security whose move
ments are always erratic. nevertheless
served to harden the general market.
Similarly. Northern Securities stock ad-
vanced on the outside market TO 1927, or
points above Saturdays close. whenever
any Of the stocks In what may be called the
Northern Securities group are strong, the
reason assigned for IL Ia always that a fav-
orable decision in the Northern Securities
case AZ Washington is expected. Such a
reason Is ridiculous, a. the Securities liti-
cation cannot end within twelve months
from this date at the very earliest, Brook
lyn Rapid Transit was strong on its
favorable report OF earnings for No
vember, these earnings increasing s62, i2S,
daily gain OF S2.0Si throughout the
month. Hooking Valley. preferred rose
| ~ and the common ~ points. The
story circulated that il had been decided
TO retire the preferred shares in February,
provided that il was found that the opera
| lion could be successfully financed by an
| issue Of bonds or of additional common
stock. The market for raw copper has
recently assumed a much better tone, and
the effect has been exhibited in higher
| quotations for the Amalgamated Copper
| shares in this market and for the shares
Of nearly all the copper properties dealt In
! in Boston. The news that all arrange
! rnen,s had been completed for an advance
in general freight rates on Jan on all the
Western roads also served, naturally, 70
encourage buyers Of railroad shares to-day.
| The Interstate Commerce Commission has
| as was to be expected, announced it's de
| termination of investigating this advance
! but il IL not believed that the invest CATION
| will have any deterrent erect.
|
New York stock Exchange sales Dec. a