The Saint Paul globe., 1902-12-24

NEW YORK, Dee. 23.-The rise in the
call money rate today and the approach
CT the Christmas holiday combined to
their accounts. The duration and the ex-
tent of the rise since the announcement
OF the formation of the bankers $59, ,000,-
GOO pool have kept the professional traders
alert for signs of reaction on the theory
that the recovery was going too far.
The persistence of the trading element
in putting out short contracts has acted
as a sustaining influence ON the market,
as 1t did to some extent today. No trad
ing tactics were apparent and the de-
cline WAS rather gradual and in good or
der. The days losses were quite uni
form in the active list, running generally
from L to liz. In the case of stocks where
they were less or more than this there
We're special circumstances to account for
the movements.
Drop In Sugar.
Sugar fell an extreme 2% below last
night on account of the reports from
Washington of preparations to oppose the
Cuban reciprocity treaty on the part of
an element en- the beet sugar men. Re-
cent reports have held that the beet
sugar interests have been reconciIed to
the CUBAN t<eaty and there was active
speculation in sugar on this account. The
profit-taking movement today. New
York Central suffered in a similar way
OWING to recent rumors that the diyj-
dend was to be increased. No such ac-
tion 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 dividend to 1 per cent, had an un-
favorable effect upon the Vanderbilt lines
Professed expectations Of an increase
OF the Missouri PACIFIC dividend~rate also
the coalefS, especially the Readings, were
more firmly held than the list in general
Rumors We're circulated regarding both
Reading and Brooklyn Transit that the
B6n0SVlVanla
the favorable November and the profitable
coal traffic of the eoalers since the ces-
sation of the anthracite strike were con-
s1dered more plausible reasons for the
strength of those stocks.
LOUISVILLE made spectacular squirt
in the early afternoon and a quick relapse
to a mistaken construction of a report
of dividend on a Louisville street rail-
way va company n.y. as applying to Louisville &
newed the heaviness in the general mar
ket.
Higher Call Money Rates.
The rise in call money rates was due
IN part to temporary causes but it had
The effect of renewing fears of a severe
squeeze in the money market before the
end of the year. The payment of $4,000.
600 OF subscriptions to the Western Mary
land syndicate fell due today and neces-
STATED some shifting of loans. Some
large sums We're transferred to London
movement is said to be due to the Gus
tom of the London banks to prepare a
so-called window dressing for their
year-end reports, The accumulation of
reserves in London for this purpose usual
ly is extremely temporary The move
ment of currency to New Orleans con-.
tinued today to. the extent of S5e0, 900. thus
bringing. the total transfer to that point
from New York for the last four busi-
nesss4days, to $4,475, ,Oo0. Such a. movement
TO New orleans is not unusual late ii
December for crop moving PURPOSES both
of Cotton, and Sugar but it is not usual
for it to reach such dimensions. The
speculation in January Cotton is suppos-
mand.
The bond market was quite broad again
today and showed some points of strength,
making the price movement as a whole
irregular. Total sales par value, 81, 305,-
coo. United States bonds We're all un-
changed on the last call.
Stocks.