The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-12-27
SURPRISING BUOYANCY IS
APPARENT IN WALL STREET.
BUYING IN FEW LINES HELPS
WHOLE MARKET.
Many Brokers Are Out of the City,
However, and Will Not Re
turn Until Monday.

New York. Dec. 2e-The activity Of the
buoyant tone developed in the stock market
to-day came as something OF a surprise
The market started off in as dull and list
less 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. Inc
tightness of the money market was looked
to as an additional factor to repress specu-
lation. and this was the case early in the
day, at which time the call loan rate rose
to IL per cent. with loans reported at 10 per
cent. Later in the day 1t developed that
lenders were over supplied and were left
with considerable funds on their hands as
a result of holding out for high rates. me
grounds of the animation In the stock mar
ket were not entirely plain. me cary
few stocks, and the principal buying IN
these was by brokers often employed by
large and well-known speculative interests
including the so-cailed Western contingent
BUYING OF ERIE.
This was notably true of the buying Of
Erie. which was continued up to the close
of the market, sustaining the general list
by sympathy. The ground Of the buying
was not stated. but claims were circulated
of large earnings in prospect. Rumors per-
sisted Of a melon cutting for Great
Northern; a Montana judicial decision in a
copper case gave rise to the usual claims OF
advantage by both contending factions. ana
st. PauTS rise was accompanied by reneweu
claims that early action was 70 be taken on
the new stock authorized. st. Paul ran OIL
sharply at the close when the directors had
adjourned their regular monthly meeting
without action. The movement in Peoples
Gas was attributed to the reports that
American Gas maSnates are TO embark In
the Paris field. The upward movement be-
came 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 successfully and sharp
ident Roosevelt had decided not to under
take the arbitration of the Venezuelan dis
pute had a reassurinS erect, as II was felt
to eliminate some risks of complications.
There was undoubtedly a general conf
dence also that the LANCER Of serious trou-
BILE In the money market between now and
January l is practically past. owing to the
assurance against emergency. provided by
the bankers $50. O0O. 000 pool and the stage to
which preparations have reached for jan
uary l settlements. Confident estimates
bursed during January in the New York
market. The rather disappointing figures of
the weeks grain export were disregarded
Preliminary estimates of the weeks cur
rency movement only extend to Wednesday
evening. but the return flow OF Christmas
funds into the deposits of the banks Is ex-
serves, as the Christmas retail trade has
been of almost unprecedented proportions.
Some ccnjectures were current as to
whether to-day's rise in call money to Is
per cent constituted an emergency sufficien-
CIV serious to cause the bankers pool to
draw in their sJ0.SCoOC0 fund. but no au-
thoritative statement was made on this
point. The market closed firm and active.
There was some investment demand for
bonds. especially among some of the we'll
secured issues. Total sales, par value. S.
1000 United States IS and new As adj
vanced !. per cent. and the So coupon y per
cent on the last call.