The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-02
FINANCIAL AND COMMERCIAL.
MONDAY, Dec.

prices on the stock Exchange to-day. The
strength evinced was due, il to anything,
TO a general feeling Of confidence. Traders
who sold stocks vigorously on the bad
bank statement on Saturday found that
they made little impression upon the market
and that stocks had become very scarce
Scarcity in the leading speculative issues
has been observed indeed, by the larger
operators for some days past. and many
Of these operators who have been pro-
claiming themselves as bears for a long
pull" are now saying that in their opinion
the bad news has worn out. at least for the
present. II has been the belief Of nearly
all spectators who have recently been
hostile to the market that a sharp depression
in values was likely some time about the
middle Of the present month. and II was
their programme beyond a doubt 10 ,.tire
their short contracts at that time and also
10 buy stocks for the rise which they be-
leved would come after the first Of the
year, The action Of the market to-day
indicated that many Of these traders feel
that perhaps it will not be we'll for them
TO delay their buying too long.
Undoubtedly speculative sentiment has
been impressed more than anything else,
aside from the scarcity Of stocks before
mentioned. by the conviction that the
Presidents forthcoming message to Con-
gress will not he OF a nature to cause alarm
In Wall Street and by the repeated state
ments Of the Republican leaders in both
houses Of the National Legislature that
nothing Is likely to be done al the present
session In the way Of harmful meddlng
with the tariff, with the currency or with
corporate enterprise While the stringency
Of money still threatens, the prevalent
feeling is that the liquidation that has
already taken place will prevent any fur
ther serious trouble and that little more
than the usual December furry will be seen
AZ the close Of the year. Sterling exchange
was slightly easier to-day. while in Paris
exchange on LONDON advanced \ centime,
80 that gold e,p,rts are for the present
out OF the question. The receipts of wheat
and corn at theWestern cities are increasing,
showing that the movement OF crops to
market is in full swing. Call money is a
little harder. and whether or not heated
campaign for higher prices can be imme-
diatcly undertaken is doubtful The senti-
ment Of the moment, however. certainly
seems to favor the idea that the lowest
prices for a considerable 'riod have been
seen. and that II the campaign for the rise
is conducted with due moderation there ia
no reason why II may not prove successful.
Very many of the most prominent railroads
made statements Of gross and net earnings
for October. which reflected the abundant
general prosperity of the country, and
corld hardly fail 10 encourage holders Of
ther shar,s. Such statements were the
Canadian Pacifc's gross increase of S544.-
600. Louisville and Nashvilles gross in
crease Of 1881 900 and Union Pacific's gross
increase Of si8S ,eol. The St. Paul net
earnings for October increased s?r%, 1902.
The strongest stocks in the trading were
the local fractions, Brooklyn Rapid
Transit advancing 81 and Metropolitan
Street Railway ~ points. The general
reasons for the advance were as hereto
fore stated in this column. namely. that
some plan Of closer relations il. If not
already under way, inevitable In the near
future between all the local surface railway
and railroad transportation interests, and
that in the case OF the Brooklyn company
a great change for the better has occurred
In it's earnings and prospects. The short
interest in Brooklyn Rapid Transit is re-
ported as large and the company will very
soon receive the full benefits from the
additional supply Of power from the CON-
pletion OF new plants. A rumor circulated
that some definite announcement regard
ing a change in the control OF the Reading
property will soon be made, while a semi
Official statement appeared that the next
quarterly dividend on Manhattan stock
would be ~ per cent, that per cent
would be paid on the stock next year and
hat ha Of ha Ma bnt
to the Interborough Rapid Transit Com
pany contained positive security for the
guarantee Of the continuance of the rental
OF 7per cent upon the Manhattan property.
The opinion is very generally held in the
Street that tho elder Mr.. Rockefeller is
now not only one Of the largest, il not the
largest, holders of Manhattan stock. but
that he has also become heavily in
terested in New York Central One
Of the rimors OF the day was that the
next dividend on New York Cen
trail would be at the rate OF Q per cent.
There were large transactions in Hooking
Valley common and the stock rose 2I
points; the only explanation accorded
being that the retirement Of Hooking Valley
preferred and the payment Of an annual
dividend on Hooking Valley common we're
likely. One of the curious features Of the
day was the furious drives on two or three
occasions made against st. Paul common.
1heee broke the price of the stock tom
porarily. but the loss was each time i'm
m,diately regained. From a trading point
Of view it seemed IA though the reason
OF this was an effort to hold the market
in check while stock was being accumu-
lated. II was said, however. that the sell
ing proceeded from an erratic speculator
now at a Southern resort, whose specua-
tive ventures are az times made for peculiar
reasons. The American Smelling and Re-
hning shares were strong on the recovery
in the price Of silver. The days buying
was generally Of the sort that Wal Street
calls good" and the heads Of import ant
commission houses, while suggesting eau
ton and conservatism to their customers
"a in the past, declared that they believed
bull market was urSor way.
New York stock Exchange sales. Dec. I.
o. lsiSu PRICES or UNITED srATEs BONDS
BID. Asked MD. ASKED
Z s Is. y s 4sr
1880 ...lo7n'i osll is,S-".i3o,. I3o,1
L S IS, c. 4 s SC,
iooo....l osh 100 ie?5"...i3oN 1907
U S. r. = IS, r..