Omaha daily bee., 1902-12-27
NEW YORK STOCKS AND BONDS
Buoynnt Market Surprises Operators
and Helps Prices TO Rise.

NEW YORK, Dec. 26.-The activity of
the buoyant tone developed today came as
something of a surprise. The market
started OF In as dull and ~listless a manner
as possible. 1t was taken as a matter
of course that the remnant of the week
left after the Christmas holiday would
be Idly spent, as many brokers left town
on Wednesday to be gone until Monday.
The tlghtness of the money market was
looked to as an additional factor to sup
press speculation, and this was the case
early in the day, at which the call loan
rate rose to u per cent, will loans re-
ported at Is per cent. Later in the day
1t 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 ANNA
ton 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 was by brokers
often employed by large and well known
speculative interests. including the So
called western contingent. This was no
tably true of the buying of Erie, which
was continued up to the close of the mar
ket, sustaining the general dilist by symp-
athy. The ground of the buying was not
stated, put claims were circulated OF large
of a ''melon cutting for Great Northern.
A Montana judicial in a copper case gave
size to the ultimate claims of advantage
by both contending factions, and st. Pauls
rise was accompanied by renewed claims
sharply at the close, when the directors
had adjourned their regular monthly
| meeting without aCllOn. Inc movement IN
Peoples Gas was attributed to the re-
ports 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 eff
feet from the strength of individual
stocks. Low priced stocks came into spe-
cial favor and many of them were taken
up successfully and sharply advanced. The
announcement that President Roosevelt
was not to undertake the arbitration Of
the Venezuelan dispute had a reassuring
effect, as 1t was felt to eliminate some
risks of complications. There were I'M
doubtedly a general confidence also that
the DANCE of serious trouble In the money
market between now and January l is
practically past, owing to the issuance
/ against urgency provided by the bankers
so, 600 pool and the stage to which prep
a~rations have reached for January ! settle
ments. Confident estimates show that
probably 100000 or 100000 will be dis
market. The rather Disappointing figures
of the weeks grain exports were disre-
garded. Preliminary estimates of the
weeks currency movement only extend to
Wednesday evening, but the return of
Christmas funds into the deposits of the
banks is expected to make a notable i'm
| preston on reserves, as the Christmas re-
tail trade has been of almost unprece-
dented proportions. Some contectures were
current as to whether today's rise in call
emergency sufficiently serious to cause the
bankers pool to draw on their $4,000 600
fund, but no authoritative statement. was
made on this point. The market closed
firm and active.
There was some investment demand for
bonds, especially among some OF the well
sustained issues. Total sales, par value,
&, 100000. Y. S. Is and new As advanced
L and the Ss, coupon, " on the last call.
The following are the closing prices on
49,. Ma Vnrlr GfnnE aXnhnnRas