The Birmingham age-herald., 1902-12-27
STOCK ACTIVITY
 SURPRISED THEM Market Started Off Dull and LiStIess But Livened Up LEADERSARE OVERSUPPLlED The Grounds of the Animation In the Stock Market Were Not Entirely
 PIain-consested In Few
 Stocks at First.
LEADERSARE OVERSUPPLlED

New York, December 26.-The active buoyancy developed in the stock market today came as something or a surprise. The market started off in as dull, listless manner as possible. It was taken as matter of course that the remnant of the week left after the Christmas holi- day would be idly spent in Wall street, as many brokers left town on Wednesday evening to be gone until Monday morn ing. The tightness of the money market was looked to as an additional factor to repress speculation, and this was the case early in the day, at which time the call loan rate rose to F per cent with loans reported at b per cent Later in the day it developed more lenders were over-supplied and were left with consid- rable 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 stages of the movement were congested in a few stocks, and the principal buying in these shares was by brokers often em- ployed by large and well known specula- tive interests, including the so-called western contingent. This was notably true of the buying of Erie, which was con- tinued up to the close of the market sus- taining the list of sympathy. The ground of buying was not stated, but claims were circulated of large earnings in pros pect Other stocks were strong on indi vidual causes. Rumor persisted of melon cutting" for Great Northern stockholders A Montana judicial decision n ~fe fo usual claims of advantage by both con- tending factions, and St. PauPs 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 ad- journed their regular monthly meeting without action.
 The movement in Peoples gas was at tributed to the report 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 priced stocks came into special favor and many of them were taken up successively and sharply advanced. The announcement that President Roosevelt had decided not to undertake the arbitration of the Ven ezuelan question had reassuring effect as it was felt to eliminate some risks of complications. There was undoubtely a general confidence also that the dan ger of serious trouble in the money mar ket between now and January 1 is prac- tically past owing to the assurance against emergency provided by the bank CTS $50,000 money pool and the stage to which preparations have reached for the January l settlements. Confident esti- mates show that probably S132, O0O, GOO will be disbursed during January in the New York market. The rather disappointing figures of the weeks grain exports were disregarded. Preliminary estimates 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 not able impression on reserves as the Christ mas retail trade has been of almost un- precedented proportions. Some conjec- lures were current as to whether today 8 rise in call money to 15 per cent con- stituted an emergency sufficiently serious to cause the bankers pool to draw on their 000 fund, but no authoritative statement was made on this point. The market closed firm and active. There were some investment demands mani fested for bonds and especially among some of the well secured issues. Total sales par value $2,20O000.
 United States 2s and new As advanced A and the 9s coupon F per cent on the last call.