The St. Louis Republic., 1902-12-31
STOCK MARKET EXHIBITS
INDICATIONS OF STRENGTH.
BUSINESS MUCH CONGESTED
IN A FEW ISSUES.
Existence of a Considerable Short
Interest Partly Responsible
for Conditions.

New York, Dec 3o-To-day's stock mar
ket made an imposing show OF strength
with an appearance of great activity and
breadth. but a close analysis reveals that
the business was much congested in COM
paratively few stocks. while the broad ap-
pearance Of the market was accounted .0T
by the number of long-neglected stocks that
were operated in. The aggregate dealings
exceeded lit little over three-qGartcrs Of a
million shares. The action Of the market
something of !. surprise, coming on the
day before the erd of the year. ch has
been long dreaded as Threatening q Pinch n
the money market and possible embaITaSs-
nents. 1t Is likely that this long eXpec, "a
ton was largely accountable for 10 day 5
strength. Not only have elaborate prccau-
difficulties, but n large short interest has
remained uncovered with the intention Of
market at the end Of the year.
MONEY IS CLOSE
The money market gave evidence OF tight
ness early in the day ard there WAS COZ sd
cradle calling of loans. especiaiIy by trust
companies through which dividend and in
terest payments are to be made aft"r Jan
uary l. but such careful arrang gsmcnts had
been made TO meet the situation that call
loan rates did not get above ii per cent.
Later in the day the rate ran off 10 per
cent. Apparently some leaders had held out
too long and were left with funds on their
bankers pool had made requIs ton upon
the J0.GJUO0 reserve fund pledged Tor an
emergency, but the strong coafi.telce that
this large sum would be Forthcoming TO
avert any dangerous emergency and the
near approach of the end Of the GEAR helped
TO reassure speculative sentiment that the
danger period was over The coalers were
easily the leaders of the days market the
movement centering In Erie on account OF
the increase of s34l,5t0 IN net earnings re-
ported for November.
ABSORPTION OF ERIE
This was regarded as indicating n rapid
rate of recuperation of strike losses and IN =
present eager demand for the large out -ut
of anthracite confirmed the favora bic i'm
preston The enormous absorption of Erie
gave rise TO various rIrnors a 10 the Sos tn
eTn Railway of the buying and the pOssiD l.
ity or 4 further deal being contemplated
The assertion that Union Pacific troub es
over wages had been adjusted was also n
favorable influence. Various long-neSlectei
stocks were traded In and quotations es-
taolisl-ed. which seemed to Indicate re 4yivei
hopes Cf a market for securities which have
beeh n drug for some time. a feature of
INC day was the activity and advance in
tne curb L"arket OF the International Ma
r!nc securities. the common stock selling IIp
10 1914, the preferred to 1917 and the h6n5s
LeinS I'D mp from 70 to 81 without sares
These securities are dealt in when issued
tn" decline IL discount rates In London and
INC easier tonc OF exchange in res1n-se here
mad reassuring effect as to possih'e f,Itura
demands on New York by London Tho
market closed strong and practically at the
TOP. At 'he
Bonds were rather irregular. Total sa1es
pr "aiue: 2.sSl.pp. United States bonds ali
ui!changed on the last call.