Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-12-27
STOCKS ARE ACTIVE,
auorANr TONE OF MARKET COMES
As 3 SURPRISE.
CRISIS IN MONEY PAST.
rbIs puc 10 Assurance Given Bank
ers by ,hc s5o.ooo,ooo rool-pro-
nanax s132.ooo.ooo 10 BE Dis
harscd During Jannary In New
Work.
CRISIS IN MONEY PI
ms Due TO Assurance Given Bank
hnrscd Daring January In Ne

NEW YORK, December 26.-The activl-
f. 4aa broyan; tone developed in tne stocl.
marker today came as surprise. The
market started OF III as dull ana list
less manner as possible The tight
ress Of the money market was locked to
rs factor 10 repress speculation. and
thS ~as the case early IN the day. al
-a.ea sine the tali-loan rate rose 10 y
psr cent. with loans reported ri Is per
cana Lister in the day ii developed that
lenders were over-supplied. and were
iaet With considerable funds On their
HANDS rs , result of holding on; Tor
hlsaer rates. The grounds OF the ANNA
,1n n the stock market weTo rot en-
,rsv plain. The carly stages Of the
movement we're congested in a few stocks
ana Che principal buying IN these shares
rss BY brokers often employed by large
e-a weli-Gnown speculative interests. in
ling the so.called Western contingent,
MS Was notably trGe OF the sat-iae of
E-e which was continued up to the
r!5sa Of The market, sustaining tne gene
- list by sympathy. The ground for
ne b3ying was not stated. but claims
were circulated OF large earnings in pros
raat
cther aocls were strong on individual
causes Run1ors persisted of a melon
cutting" for Great Northern stockholders
# Montana judicial decision in a. copper
case gave rise to the usual claims of
n5~aatage by both con;ending factions.
sna St Paul's rise was accompanied by
rsaewed claims that early action was 10
ne taken ON The new stock authorized
St Paul ran off sharply at the close.
vaen the direc.ors had adjourned their
regular monthly meeting. without action
Inc movement in Peoples Gas was a +
frlbuted 10 the reports that American
Gas nagnates are to embark in the Paris
field. The upward movement became too
reneral. however, TO be attributed TO
merelg sympathetic strength Of individual
Htoclzs. Low-priced stocks came into spe-
eia favor, and many OF them were. taken
W succc ssiTely and sharply advanced
The announcement that President Roose-
vet had decided not to undertake the
erbtration Of the Venezuelan dispute
rad q reasspring effect, as 1t was felt 10
eliminate some risks Of complica ton.
CRISIS PBA CTICALLY PAST.
There was undoubtedly a general feeling
mat any crisis in the money market be-
-wata now and the first OF January is
practically past, owing TO the assurance
gwen the bankers By the s50000.hl3 pool.
Confident estimates show that probably
,32.00) go will be distributed during Jan
nary in the New York market The ratil-
y disappointing figures Of the week S
Erain exports were disregarded. Some
e1u5ectures were current as 20 whether
to-deys rise in call money to Is per cent.
constituted an emergency sufficiently Sc
Ttcus TO cause the bankers pool to draw
az their $50 900 fund. but no authorita-
i've statement was made on this point
The market closed firm and active.
There va some investment demand for
tonds. especially among some well-secured
issues. Total sales, par value. S2.260000.
Eaitad States IS and new IS advanced
IL: and the IS coupon, 1-2 per cent, on
The total sales Of stocks today were
6s- roo sllares.
MONEY AND EXCHANGE.
Close: Money on call firm at 6q7 per
cent; closing offered al s per cent: time
money fir:n: sixty and ninety days. pea
cgnt. six months. 5 IL; prime mercantile
-sper. s per cent,
Sterling exchange firm. with actual bus
ineSs IN bankers bills At st-se. Ia4S4 50
COR demand. and at s:.S3.25 for sixty days:
posted rates sz.S4assS7 IL; commercial:
Eti.s. $i.S2 1898.
Ear silver. q IS; Mexican dollars.
Government bonds strong; state bonds
steady: railroad bonds i--Tao''faI.
BANK CLEAR1NGs
Total bank clearfn@s Tor The week ended
December 25th. Sl.S51, 6o4 SO; increase, %
Der cent Outside OF New York S7oi,oo1,-
8 C.. increase, 5 per cent.