The Birmingham age-herald., 1902-12-24
GRADUAL DECLINE
 IN STOCK MARKET
Operators Are Closing Up All
 Their Accounts
PROMPTED BY HOLIDAYS
Persistence of Trading Element In Putting Out Short Contracts Has Acted as a Sustaining ln-
 fluence on the Market.

New York, December 2s.-The rise In the call money rate today and the ap-. proach of the Christmas holiday eombin- ed to prompt operators in stocks to close their accounts The duration and the e&- tent of the rise since the announcement Of the formation of the bankers soooOO'OoO pool have kept the professional traders alert for signs of reaction on the theory that the recovery was going too far. me persistence of the trading element ln putting out short contracts has acted as a sustaining influence on the market as 1t did to some extent today. No raidlns tactics were apparent, and the decline was rather gradual and in good order The days losses were quite uniform In the active list, ranging generally from 10 l7s' In the case of stocks where they were less or more than this, there were speclai circumstances to account for the move- ments. Sugar fell an extreme 2A below that night on account of the reports from Washington of preparations to oppose the Cuban reciprocity treaty on the part of the element of the beet sugar on this account. The stock was thus acutely at- feeted by the profit taking movement to- day. New York Central suffered in similar way, owing to recent rumors that the dividend was to be increased NO such action was taken today, and the de- creased net earnings reported by the NC" York Central and affiliated lines, together with the return of the Canadian Southern semi-annual dividend had a favorable ef- fest upon the Vanderbilt lines. Protesseo expectations of an increase on Missouri Pacific dividend rate also were disap- pointed On the other hand the coalers, especially the Readings were more firmly held than the list in general.
 Rumors were circulated regarding both Reading and Brooklyn Transit that the Pennsylvania had secured control, but the favorable statement of net earnings or the Brooklyn Transit for November and the profitable coal traffic of the coalers since the cessation of the anthracite strike were considered more plausible represen- tatiyes for the strength of those stocks. Louisville made a spectacular spurt early in the afternoon, and quick relapse, be- cause the board room traders leaped to a mistaken construction of report of a dividend on a Louisville street railway company as applying to Louisville and Nashville. The stocks relapse renewed the heaviness in the general market.
 The rise in call money rates was due in part to temporary causes, but it had the effect of renewing fears of severe squeeze in the money market before the end of the year.
 The payment of $10,000 of subscriptions to the Western Maryland syndicate fell due today and necessitated some shifting of loans. Some large sums were trans ferred to London through the agency of the cable This movement is said to be due to the custom of the London banks to prepare a so-called window-dresslng for British year-end reports.
 The bond market was quite broad again today and showed some points Of strength, making the price movement as whole irregular.
 Total sales par value s2, ,305 900.
 United States bonds were all unchanged on the last call