The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-31

TuxspAY. Dsc. %

TUESDAY. Dec. %.
The dominant feature Of the stock markst
IL still the fact that securities are no longer
pressed for sale. There may b - vt
no powerful general buying movement.
and caution may still be advised on good
grounds by banking interests. Tho price
Of bonds and other high class investments
may show little huctuation and may even
be weak in view Of the high rates COM
manded for the use Of money; but the time
seems to be past. for the moment at least
when people are anxious to unload their
burden OF st ocks on the shoulders Of their
neighbors Such conditions easily afford
opportunity for the work OF pools and OF
the larger and holder speculatop. and
prophecy hesitates to set limits upon the
operations thus provoked. The better
feeling in to-day's market was encoura eed.
no doubt, by the sharp fall in money rates
in the afternoon. although at no time since
the beginning of the week have these rates
appreciaby influenced the trading. But
money at 8 per cent on Dec 80 Is visible
demonst ration, nevertheless, that there
will be money enough to 60 around" over
the end OF the year. The banks have lost
1862 600 to the Sub-Treasury during the
week. but it is known that they will gain
large sums through Government disburse-
ments on and after Jan. 1. Moreover.
the loss in cash sustained by local institu.
tons in the last ten days by reason Of tho
Christmas business will soon be repaired.
Contracts for the decline were freely
covered to-day upon the discovery that
yesterdays fall in prices did not bring
about liquidation. The real force under
lying the days advance In prices was.
however, the strength OF the Erie and
Reading shares and of all the coal stocks
No direct reason for the strength was
observable, apart from the facts already
appre ciated by spectators, that the 'ad-
vance in the price Of coal and the furious
demand for the commodity are rapidly
making good to the coal roads their losses
sustained by the coal strike and that plans
for the entrance OF some of these roads into
Manhattan Island are, in all probability.
under way. 1t would not be surprising.
too, If met hods OF raising funds for the
necessary improvement Of the Erie Rail-
road were under consideration, which
would be so arranged as to offer certain
privileges to the present stockholders.
One such plan talked Of in the past has been
TIC iSsuc VI Sohiuou stoSA
into Erie first preferred shares at par. The
statements of earnings Of the Chesapeake
and Ohio and Erie roads for November
were regarded as extremely good. The
earnings of the former road increased in
gross for the month 37s,C9). and S24 1913
in net over last year. The Erie's Novem-
Der gross increased t454,q and its net
$34l $40 For the last Ave months. which,
of course, covers the coal strike period.
the Erie's re, earnings have decreased but
SlSs ,O29 Much of the buying of the coal
stocks to-day was undoubtedly specula-
tive, though II might well hav We been stimuli
lated by such statements as the foregoing.
But the large transactions in the Erie and
Reading shares justifies the suspicion that
something more than mere speculation is
at work.
1t is trustworthy stated that the Con-
solidated Tobacco Company is about to
begin payments OF regularly quarterly 81
per cent dividends on its common stock;
that il, at the rate Of IS per cent annually.
What was taken by the Street as q semi
official announcement that all danger of an
extension Of the STRIFE on the Union Pacific
Railroad had been waited and that settle.
ment of the existing labor difficulties there
had, in fact, been virtually made. naturally
served to advance the price of the Union
Pacific and Southern Pacific shares. The
Chica 60 and Great Western issues were
also strong and active on limitations
that Developments ia vorable to the prop
erty were impending in foreign financial
capitals.