The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-24
FINANCIAL AND COMMERCIAL.
TUESDAY, Dec. %


two weeks were visible to-day in the rise
on the Stock Exchange in the rates for the
ues of call money to 10 per cent. Most Of
the loans made during the day were at
rates well above the legal figure. The
stock market was adversely affected by
the circumstance and prices at the end Of
the day showed general declines. High
rates for money invariably put in an APP
pearance at this time Of the year. The
! usual phenomenon il. however, for prices
Of stocks TO advance in the latter part OF
Notwithstanding, Of course, that there
has boon no great boom before that time
7 OWING % the investment demand for Sc
curities in anticipation OF the distribution
Of interest and dividends on Jan. I, and.
in a speculative way, in discount OF the
January rise" This year the investment
demand has shrunk to minimum. Time
money held al Q per cent. for practically all
dates, with only little weakening here and
there in the case Of a favored borrower,
is not conducive TO a strong and active bond
market. And. owing to causes that are
familiar. the usual certainty as to the Janu-
| airy rise is absent. The rally in prices that
has already occurred was due to a natural
reaction in an oversold market especially
in view of the frankly announced determi-
nation of great financial interests TO pre-
vent anything like a money panic. Now
that the rally is over Speculation find il
hard to make up their minds whether the
decline il TO be resumed or whether an
indefinite period Of dulness awaits the
market, or whether after a dull and he.i-
Eating market during the holidays prices
will again slowly harden. Any one can
get a fine variety OF opinions on the subject
by visiting the leading commission houses
in Wall Street. But he will find no one
apparently. who expects bull market
right away.
The market would have been weakened
to-day in all probability for reasons quite
apart from those relating to the money
situation. The sentiment gained ground
very rapidly in the Street yesterday that
the market was going up too fast At the
opening Of business to-day prices were
generally down. under the influence OF
slightly lower quotations from London
and the conviction that the strength Of
yesterdays market had covered a good
deal Of heavy selling Of stocks bought by
large speculative interests within the last
few days. Business then became very
7,
being active and weak at the close. There
was no particular feature to the trading.
nor, apart from the rise in money was there
any important development in the news.
Some little excitement was caused tenn
porarily by sharp upbidding Of Louis
vile and Nashville stock owing to mis-
apprehension Of the purport Of the an
nouncement Of an extra dividend by the
Louisville Railway Company. a street rail-
way corporation in the city Of Louisville.
Some traders jumped 10 the hasty con-
cuson that it was the Louisville and Nash
vile Railroad that had declared an extra
dividend. and the stock of the latter road,
which had been selling at 1873. jumped rapidly
TO i26i,. 1t sold of again, of course. as
rapidly as it rose. The report Of the Brook
lyn Rapid Transit Company for November
showed an increase in net earnings Of 3Ils.
535 and an increase in net for the first Ave
months Of the fiscal year of $3.50 .s24 There
is no doubt that the friends Of the company
believe that the final turn for the better has
come in it's affairs. The local banks gained
3422 600 In the current week up to this morn
ing from the Sub-Treasury. On the other
hand, $500, 600 WAS shipped to-day TO New
Orleans. and customs payments during the
day amounted to 3l.lS1. 4s9. this very large
payment representing the duties paid on q
large quantity Of imported goods brought
in In short time by ships that have been
stormbound. These payments and ship
ments will hardly render Saturdays bank
statement as favorable AZ has been antici-
pated, although the indications still are that
the banks will lose little. II any, cash. Ex-
ports Of mer ohandise from the port for the
week are gratifyingly large. amounting to
81 III. 900. against %, o65 ,5o3 last week and
$40. $50 .9sl last year
The directors Of the New York Central
railroad and Of many of the allied Wander
bilt corporations held their dividend meet
ings to-day. and. without exception, de-
clared the regular dividends. In December
last year. however. the Canada Southern
directors declared in addition TO the regular
semi-annual dividend of 1 per cent. an
extra dividend Of y per cent. This year
they omitted the extra dividend After the
meetings reports were given out OF the
earnings Of all these railroads for the year
ending Dec. 81, the last quarter of the year
being partially estimated. The increase
In gross earnings appears to have been set
on, and more than set on, in almost every
instance Dy an increase IN operating eX
penses. Some Of this increase in operating
expenses was due to expenditures for equip
ment and improvements. but the larger
share OF the increase was undoubtedly
caused by the additional cost Of coal,
labor and OF operating necessities proper .
Thus, the gross earnings Of the Michigan
Central increased Sls9, 728. but it's expenses
and taxes increased S2S4, O38, showing a
net decrease Of si24,3 The net earnings
Of the New York Central similarly decreased
for the six months $5sO, 100 indicating the
| small foundation for the recent report
that the dividend on the New York Central
| shares would be increased. The Lake
Shore road showed an increase of 4ss2 ,32s
for the year in gross, hut an increase Of
S,7557i in expense. making net loss
for the year of 3s73.t76, The Lake Erie
and Western gained, net. during the year
but SSH. Perhaps, In these reports, as
notable feature as the Increase in operat-
ing expenses is the comparatively small
gain in gross earnings. The results thus
shown are not, OF course, peculiar to the
Vanderbilt properties, but are seen in the
cases Of all railroads whose annual reports
are now coming to hand