The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-12-27
Financial.
TESTERDAY'S STOCK NARKET.
Buoyant Tone Causes Surpriso-tIoae
Firm and Active.

ttFm ANA AettYe.
New York Dec 26-The buoyant tone
developed in the stock market to-day
came as something of a surprise. The
market started in a listless manner. It
was taken as a matter of course that
the rest of the week after Christmas
would be idly spent in Wall street be-
. cause many brokers left town on We'd
nesday to be gone until Monday. The
tightness of the money market was
/ looked upon as an additional factor in
depressing speculation and this was the
case early in the day. when the call loan
rate rose to y per cent. with loans re-
it developed that lenders were over sup
piled and were left with considerable
funds on their hands as a result of
holding out for high rates. The
grounds of the animation in the stock
market were not entirely plain. The
early statements of the movement were
3 tOlIsSVHACu III q lew ClONAS anu tiAC pilII
! cipal buying in these shares was by
! brokers often employed by large and
we'll known speculative interests, in
! Guiding the so-caled western contin-
gent This was notably true of the buy
! ing of Erie which was continued up to
! the close of the market. sustaining the
general list by sympathy. The ground
! of the buying was not stated, but there
were rumors of large earnings in pros
! pect Other stocks were strong on in
| dividual causes. Rumors persisted of a
! "melon cutting" for Great Northern
I stockholders a Montana judicial deci-
; sion in copper case gave rise to the
usual claims of advantage by each con-
tending faction and st. Pauls rise was
accompanied by renewed claims that
! early action was to be taken on the new
stock authorized. st. Paul ran off
sharply at the close when the directors
had adjourned their regular monthly
meeting without action. The movement
in Peoples Gas was attributed to the
reports that American Gas magnates
are to embark in the Paris field The
upward movement became too general,
however, to be attributed to a merely
sympathetic effect from the strength
Of individual stocks. Low price stocks
came into special favor and many of
| them were taken up successfully and
sharply advanced. The announcement
that President Roosevelt had decided
not to undertake the arbitration of the
Venezuelan dispute had a reassuring eff
feet There was undoubtedly general
I ole ho4 +hn n Of
ious trouble in the money market be-
tween now and January 1 is practically
past, owing to the assurance against
emergency provided by the bankers
money pool and the stage to which
preparations have gone for the January
settlements. Confident estimates show
that probably s132, 100000 will be dis
bursed during January in the New
York market. The rather disappoint~
ing figures of the weeks grain exports
We're disregarded. Preliminary esti-
mates of the weeks currency movement
only extend to Wednesday evening, but
the return flow of Christmas funds into
the deposits of the banks is expected to
make notable impression on reserves,
as the Christmas retail trade has been
of almost unprecedented proportions.
Some conjectures were current as to
whether to-davs rise in call money to
Is per cent. constituted an emergency
sufficiently serious to cause the bank
ers' pool to draw on their $4,000, 900
fund, but no authoritative statement
was made on this point The market
closed firm and active.
There was some investment demand
manifest for bonds, especially among
some of the we'll secured issues. Total
sales par value $2200,000.
United States Is and new as advanced
Il and the IS coupon " per cent on the
last call.