The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-12-24
Gina 1,cial.
! EsrEKD4T,S STOCK M4RKET

Gradual and Genera! Dtcj!me-Losses
quite Uniform.
New York. Dec. o2.-The rise in the
call money rate to-day, and the ap-
proach of the Christmas holiday COM
bined to prompt operators in stocks to
close up their accounts. The duration
and the extent Of the rise since the an
nOuncement of the formation of the
be nkere' $50,000000 pool, have kept the
professional traders alert for signs Of
reaction, on the theory that the recov-
cry was going too far The persistence
OF the trading element in putting out
short contracts has acted as a sustain
ing influence upon the market as 1t did
to some extent to-day. No raiding tao
tics were apparent and decline was
rather gradual and in good order. The
days losses We're quite uniform in the
active list. ranging generally from
to IL. In the case of stocks where they
were less or more than this, there We're
special circumstances to account for the
movements. Sugar fell an extreme 81
below last night on account of reports
from Washington of preparations to OPP
pose the Cuban reciprocity treaty by an
element of the beet sugar men. Recent
reports have been that the beet sugar
interests were reconciled to the Cuban
treaty, so there was active speculation
in Sugar on this account. The stock
was thus acutely affected by the profit
taking movement to-day. New York
Central suffered in a similar way owing
to the recent rumors that the dividend
was to be increased. No such action
was taken to-day, and the decreased
net earnings reported by the New York
Central and affiliated lines together
with the return of the Canada Southern
emi-annual dividend to 1 per cent.
had an unfavorable effect upon the
Vanderbilt lines. Protested eXpecta-
tons of an increase in the Missouri
Pacific dividend rate also were disap-
pointed. On the other hand the coal
ers, especially the Readings, were more
firmly held than the list in general,
Rumors were circulated regarding
Reading and Brooklyn Transit, that
tie Pennsylvania had secured control,
but the favorable statement of net
earnings Of the brooklyn Rapid Transit
for November and the profitable coal
traffic of the coalers since the cessation
of the anthracite strike were considered
more plausible reasons for the strength
of those stocks. Louisville made
spectacular squirt early in the afternoon
and suffered a quick relapse because
the board room traders leaped by mis-
take to a construction of a report of
dividend on Louisville Street railway
company as applying to Louisville and
Nashville. The stocks quick relapse
renewed the heaviness in the general
market
The rise in call money rates was due
in part to temporary cause, 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
$40, 000, 900 Of subscription to the Western
Maryland syndicate fell due to-day and
necessitated some shifting of loans.
Some large sums were transferred to
London through the agency of the ca
BILE This movement Is said to be due
to the custom Of London banks to pre-
pare a so1called window dressing" for
their year-end reports. The movement
of currency to New Orleans continued
to-day to the extent of 100000, bringing
the total transfer to that point from
New York for the last four business
days to $1,475,0OO. Such movement to
New Orleans late in December does not
usually reach such dimensions. The
speculation in January cotton is sup
posed to account for the special de-
mand.
The bond market was quite broad
again to-day and showed some points of
strength, making the price movement
as a whole irregular. Total sales par
value 81, 305, 900.
United States bonds were all I'M
changed on the last call.