The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-12-31
WALL STREET REVIEW
IMPOSING SHOW OF STRENGTH
Is MADE.
Close Analysis, However, Reveals
Fact That Business Was Much
Congested in Compare
lively Few Stocks.

NEW YORK, Dec. 3o-Today's stock mar
ket made an imposing show Of strength with
an appearance of great activity and breadth
but a close analysis reveals the business was
much congested In comparatively few stocks.
while the broad appeal ance OF the market was
accounted for by the number of long neglected
stocks that were operated In. The aggregate
dealings exceeded but little over three quar-
ters Of a million shares. The action of the
market was something of q surprise, coming
on the day before the end of the year, which
has long been dreaded threatening q pinch
ments. Il Il kely that his long eSpecta
ton was largely accountable for today 8
strength. Not only have elaborate precautions
been taken to guard against money difficult
ties, but a large short interest has remained
uncovered with the intention Of closing out
contracts In the expected weak market at the
dence OF tightness early In the day and there
was considerable calling OF loans. especially
by trust companies through which dividend
and interest payments are to be made after
the LIST Of January. but such careful arrange
ments had been made to meet the situation
that call loan rates did not get above 4 per
cent. Later In the day the rate Off to 8
per cent. Apparently some lenders had held
out too long and were left with funds on their
hands. No admission made that the
BANKERS pool had male request upon the
$50 GOO 900 reserve fund pledge for an emery
ency, but the strong confidence that this large
sum would be forthcoming to avert any dan
gerous emergency and the near approach of
the end of the year helped to reassure specu-
lative sentiment that the danger period was
over. The coalers were easily the leaders of
the days market the movement centering in
Erie account of the increase Of S34l $40 in
net earnings reported for November. This was
regarded indicating a rapid rate Of recup-
Grafton Of strike losses and the present eager
demand for the large output OF anthracite
confirmed the favorable impression. The
enormous absorption OF Erie gave rise to vari-
rumors to the source OF the buying
and the possibility of a further deal being
contemplated. The assertion that Union Pa
cifc's troubles over wages of employees had
been adjusted also was a favorable influence.
Various long neglected stocks were traded in
and quotations established which seemed TO
indicate revived hopes OF a ma, ket for secur-
ties which have been a drug for some time.
feature of the day was the activity and ad-
vance in the curb market of the International
marine securities the common stock selling up
to l6h, the preferred to 487s and the bonds
being bid up from rs to 9 without sales.
These securities dealt IN when issued.
The decline in discount rates in London and
the easier tone Of exchange In respons here
had reassuring effect to poss BILE futu Q
demands upon New York by London. The
market closed strong and practically at the
top.
Bonds were rather irregular Total sales
(par valued. So. $50 600 United States bonds
were all unchanged on the last cali