The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-12-31
gtnal1cial.
lrESTERDAY's STOCK MARKET.
Am lmpos.ng show of Strength.

Am Imposing show of Strength.
New York, Dec. 3O-To-day's stock
/ | market made an imposing show Of
/ strength, with an appearance of great
activity and breadth, but close analy-
SIS reveals that the business was much
congested in comparatively few stocks,
while the broad appearance of the MIR
ket was accounted for by the number Of
! long neglected stocks which were OPP
Grated In. The aggregate dealings eX-
ceeded but little more than three-quar-
ters OF million shares. The action
OF the market was something of a sur
prise coming on the day before the end
OF the year. which has long been dread
ed as threatening a pinch in the money
market and possible embarrassment
1t is likely that this expectation was
largely accountable for to-day's
strength. Not only have elaborate pre-
cautions been taken to guard against
| money dlfnCulties but large short in
terest has remained uncovered with the
intention Of closing out contracts in the
expected weak market at the end of the
year
The money market gave evidences Of
tightness early in the day, and there
was considerable calling of loans, espe-
cialy by trust companies through
which dividend and interest payments
are to be made after the first of Janu-
! airy, but such careful arrangements
had been made to meet the ituation
that cali loan rates did not get above
IA per cent. Later in the day the rate
ran off to 6 per cent. Apparently some
lenders had held out too long and were
left with funds on their hands. No
admission was made that the bankers
pool had made a requisiton upon the
$50, 900, 900 reserve fund, pledged for an
| emergency, but the strong confidence
that this large sum would be forthcom-
ing to avert any dangerous emergency
/ and the near approach Of the end of
the year helped to assure speculative
sentiment that the danger period was
ove:.
: The coalers were easily the leaders of
the days market, the movement CEN
| tering in Erie on account of the in
crease of $341 $40 in net earnings r. 10rt-
| ed for November. This was regarded
| as indicating a rapid rate of l1Epera-
| ton of strike losses and the present
eager demand for the large output of
| anthracite confirmed the favorable i'm
| preston. The enormous absorption Of
| Erie gave rise to rumOrs as TO the
| source of the buying and the possibility
of a further deal being contemplated.
The assertion that Union Pacific's trou-
bles over wages of employees had been
adjusted was also favorable influ-
ence Various long neglected stocks
| were traded in and quotations were es-
tablished which seemed to indicate re-
viVed hopes of market for securities
which have been a drug for some time.
A feature of the day was the activity
and advance in the curb market Of the
International Marine. securities, the
common stock selling up to 1913, the
preferred to ASH and the bonds being
bid up from IS to 81 without sales.
These securities are dealt In when is
sued
The decline in discount rates in Lon
don and the easier tone of exchange IN
response here had a reassuring effect
as to the possible future demands upon
| New York by London. The market
closed strong and practically at the top
figures.
Bonds we're rather irregular. The to-
tai sales, par value aggregated $780,
600
United States bonds were unchanged
on the last call.