The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-12-31
STOCK MARKET
GROWS STRONGER
Exchange Had Appearance Of
Great Activity and Breadth
ACTION WAS BIG SURPRISE
Aggregate Dealings Exceeded But Lit
tie over Thrce-Quarters of Mil
lion shares-Precautions to
Prevent Money Troubles.

New York, December So.-Today's stock
market made an imposing show Ct
strength with an appearance of great ac-
tivity and breadth, but close analysis
reveals that the business was much con-
gested in comparatively few stocks, While
the broad appearance of the market was
accounted for by the number of long ne
elected stocks that were operated in. The
aggregate dealings exceeded but little
over three-ouartrs of a million shares.
The action of the market was something
of a surprise, coming on the day before
the end of the year which has long been
dreaded as threatening a pinch IN the
money market and possible embarrass-
ments. It is likely that this long expecfa-
ton was largely accountable for today
strength. Not only have elaborate preeau-
tions been taken to guard against money
difficulties. but a large short interest has
remained uncovered with the Intention OF
closing out the closing contracts with the
expected weak markets at the end OF the
year. The money market gave evidence OF
4 lightness in the early day, and there was
considerable calling of loans, especially
by trust companies through which divi-
dend and interest payments are to be
made after the first of January, but such
careful arrangements had been made to
meet the situation that call loan rates did
not get above IA per cent. Later in the
dav the rate ran off to per cent. APP
parently some leaders had held out too
long, and were left with funds on their
aad9 n
bankers pool had made a requisition up
on the s50,OOOOO0 reserve fund pledged for
an emergency to avert any dangerous
emergency and the near approach of the
end of the year helped to reassure spec
uative sentiment that the danger period
was over.
The coalers were easily the leaders of
the days market, the movement center
ing in Erie on account of the increase of
$40 in net earnings reported FOR No
vember. This was regarded as indicating
a rapid rate of recuperation of strike
losses, and the present demand for the
large output of anthracite coal confirmed
the favorable impression. The enormous
absorption of Erie gave rise to various
rumors as to the source of the buying
and the possibility of a further deal be-
ing contemplated. The assertion thai
the Union Pacfics troubles over wages
of employees had been adjusted also was
favorable influence. Various long reg
lected stocks were traded in and quota
tions established which seemed to indi-
cate revived hopes of a market for secu-
rites which have been a drug for some
time. A feature of the day was the ac-
tivity in the curb market of the inter-
national marine securities, the common
stock selling up 10 l7ls, the preferred to
4 1873, and the =. being bid up from
4 rs to 81 witho 49,. These securities
are dealt in when issued. The decline in
discount rates in London and the easier
tone of exchange in response here had
reassuring effect as to the possible
future demands upon New York by Lon
Ion. The market closed strong and prac..
tically at the top.
Bonds were rather irregular. Total
sales, par value, s2,9SO,OOO United States
bonds were all unchanged on the last
call.