The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-23
FINANCIAL AND COMMERCIAL.
MONDAY, Dec. -


While the buoyancy which has marked
the stock market for a week past was dis
tinctly absted to-day, and business be-
came. at times, very dull. prices still showed
an advancing tendency. The days market
was strong and In Stock Exchange par
| lance. broad That is to say. the buying
power was not centred in few securities.
but was scattered throughout the list.
St. Paul common and American Sugar
Refining were the leaders in the trading.
for no greater reason, 20 far As could be
learned. than those heretofore stated IN this
column. Missouri Pacific and the Gould
stocks generally rose sharply. the same
manipulation in Texas Pacific az that OBJ
| served on Saturday being renewed. Other
stocks in which various pools still exist.
as the Wisconsin Central and st. Louis
and San Francisco issues, were also taken
in hand. Southern Pacific, however,
seemed inclined to lag. The Reading
shares and the other coal stocks reflected
the belief that the coal railroads are. because
Of the enormous demand for coal at high
prices and the certainty that this demand
will continue for many months to come.
rapidly recuperating their losses because
Of the coal IT rike An additional reason
for strength in these issues In the open
weat her Of the last few days. which has facil-
itated the movement Of coal to market. A
little buying Of Amalgamated Copper was
stimulated by despat ches from Montana,
which gave the impression. rather family,
that the warning factions in the copper
mining industry in that State were looking
at each other a little more amicatly. But
there was really nothing in the days de-
vropmen.s to suggest to Spectators the
advi-ability OF operations either for the
rise or the decline. The local banks have
gained S9S7, 900 thus far in the current
week in their transactions with the Sub
Treasury. From the dry goods district
comes the news Of the resumption of the
export trade in cotton cloths with China,
which has been suspended ever since tie
fell in the price Of silver.
The advance in the market has now
Taste ed nearly a week and prices are up very
considerab y from the bottom. In view
Of the profit taking that has occurred and
the extent Of the advance. the tenacity
with which the market holds it's gain is
somewhat surprising. 1t is violating no
confidence TO cay that in various high quar-
tiers the advance Is not only surprising, but
unwelcome. The fact that fears Of pos
sible money panic at the end Of the month
were dissi ated by the action of the
bankers syndicate in announcing that they
had $50, 900 900 to loan in case Of an emer-
gency. was a legitimate reason why the de-
cline in prices which was then in full sway
should stop. and also afforded subst antial
grounds for moderate recovery In quoted
values. 1t did not, however. afford SUBJ
stsntial ground for a bull market" nor
are there any well-grounded reasons why
I here should be bull market at The present
time. Bankers and conservative financial
int erests are thoroughly we'll aware that
for various untoward reasons the loans
Of the banking institutions hereaboms
have not been reduced one whit by
I he recent liquidation in the stock
market. and that. moreover. the loans
OF banks throughout the country have In
creased go ,0OO since September. II
speculative interests perrist, therefore,
in ignoring these circumstances, they will,
in all probability be brought up with a
round turn. II Is to be hoped, Of course
that our general export trade will soon
increase and that after the beginning OF
the year money will begin to return from
the county. But the shipment OF $3.50 900
to New Orleans for the purpose Of moving
the cotton crop shows that the drain out OF
New York, from one-quarter Of the country
at least. has not subsidyd. So far as the
return Of money from the Western agri-
cultural sections ia concerned. it ia main
tanned by many that. a. the enormous
corn crop 81 the season has been retained
on the Western farms and fed to live
stock in a measure never before known,
and as the Gait lie thus fed will not he
in a condition to send to market before
March. the funds now tied up by the process
will not be released for nearly three months
to come. At the close Of the market to-day
call money was q little harder.