New-York tribune., 1902-12-23
-Fx dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS.

strength and activity marked the course OF
Yesterdays securities markets Many ftrlhl1s
advances were made in the early dealings ind'
although the full measure Of Improvement "aS
not maintained in the second or thlrd hour
trading final prices were generally near the
best Of the day, showing substantial net 4U-
,-ances as compared with Saturdays closing
47gTres Commission houses we're actINe buyers
out Of town orders for the long account "eIe
heavier than recorded on any other day IN
saveraI weeks while brokers' advlces from
,,arious centres reflected growing bull enthusi-
asro ever the markets prospects. This growing
t111I sentiment is doubtless being taken adFall-
tage of by many people who bought STOCKS on
the recent decline to realize prohts. Se!hhS
IN Yesterdays market represented operations
Of the character named: also short sales by
courageous traders. who evidently thought that
the advancing tendency could not be main
tained.
The nresent upward wave may suffer a set
hack before the end of the year, while a really
active bull market may not develop until
well On in the month of January FURTHER
heavy liquidation however. is noC expected.
Indeed in most Wall Street circles the opinion
;s freely EXPRESSED that the extensive outpour-
ing of stocks that took place a few weeks ago
viii not be duplicated for many months to
come The idea of course, is based on the
theory that there are no weak accounts LETT
in the market, that money conditions. barring
nossihlv a few days at the turn o. the year,
will cause no further disturbance, and that
exnorts of cotton and hreadstuffs VIII increase
in such volume to offset the ccuntrys IN
debtedness abroad. Current indications GER
tainIv favor the development of lower level
Of money rates in the new year and large out
ward movement of cotton. corn, wheat and
r. to rem n De-
rentlv at prevailing rates securities would
naturally be expected to decline level in
proportion to the price Of money The immedi-
ate prospects, while. as noted before, favoring
a period of easier rates. present nothing on
which to base the belief that recurring periods
Of money trouble may he avoided. Tha only
hone for an effective lasting remedy lies in the
possibility of some action by Congress on cur
rency reform.
At the moment there is an unusual local
demand on the banks for holiday requirements
most of last weeks loss in cash hol1ings having
heen due to this factor. OF course this money
viii soon find jts way back to the banks while
the same may he expected of the money that
is now moving TO New-Orleans. Suh-TTeasury
transfers Yesterday TO the place named
amounted TO $500 000, the movement doubtless
representing demands in connection with sugar
trade operations. OF the active issues in yes
terday's stock market trading, st. Paul, Atchi-
son Reading United States Steel. the Gould
stocks. Union Pacific. Sugar Refining, Amalga-
mated Copper and the Rock Island shares en-
joveG conspicuous improvement.
There was q good investment demand for the
Rock Island stocks, especially the preferred.
Rock Island preferred. now per cent stock,
will eventually he placed on q Ter cent
basis and At its current price it naturally ap-
peals to investors. Earnings of the Rock Island
system are showing enormous gains. All the
Western roads report big traffic movements for
the last week. Receipts of corn at Chicago
last week were three times larger than in
the same period in 1901.