The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-27
ACTIVITY CANE
As A SURPRISE
1hs Buoyancy in the Stock
Market Not Looked For.
MONEY WAS UNUSUALLY TIGHT
Esll loan Bate Rose 10 Twelve Per
cent-Generai Impression. How
ever. That the Crisis Has
Been Passed.
MONEY WAS UNUSUALLY TIGHT
tIy Associated rycss. J

NEW YORK. Dec. 26s-The activity and
6uoyant tone developed IN the stock iraT-
let to-day came as t. surprse. The mar
het started off in as iull and listes- q
manner as possible.
The tghtness of the money ,aar6ct was
looked to as q factor to repTcas specu-
b laJor. and this WIS tho casse early in
The day. at which time the cal! loan rate
rose TO Il per cent. with loans reported at
10 Per cent. Later :n the day II developed
that lenders were ovog-suppl!ed and were
LEFT with considerable funds on their
hands as result OF holding out for h!gae:
ratcs
The grounds OF the animation In the
stock marl.et were not entirely plain.
The early stages OF the movement we're
congcsted in a few stocks. and the prin-
cjpal buying III these shares was by
brokers often employed by large and well
the so-cai.ed Western, contingent This
was notably t-u> % the buying OF Erie.
which was continued UP TO the close OF
market. sustaining the general list by
The gfound 1o- the buvlrs was not
stated. but claims we're circulated OF
large earnings In prospect. Other stoc;;s
were strong on individual! causes Rumors
persisted of n neon cutting" for Great
Northern stockholders: a Montana jddi tal
decision in q copper case gave rise TO
tine l-liI G!tl4Esh o. dt. &AltLS1SS nv iOiIl
conteuding fSrt'ons, and st: Paul's rise
was accompanied by renewed Claims that
early action was 70 be taken on the new
stock authorized.
St Paul ran OFF sharply 1T the close
when the directors had adjourned their
regular monthly meeting without acton.
The movement in i'eoale's Gas was at
trjbuted TO the reports that American
Gas macnates are TO embark In the Paris
field The u~ward movement became too
general. however. to be attributed TO q
nef ely sympathetic strength or individual
stocks Low-priced stocks came into
special favor. and many Of them We're
taken up successfully and sharply adj
vanced.
The announcement that President
Roosevelt had Geci5-d rot to undertake
the arbitration Of the Venezuelan DISPUTE
had a rca5sulinE effect, as IT was felt to
eliminate some risks OF complication.
There was undoubtedly general feeling
that any crisis in he money market be-
tween row and the first of January is
practically nast. owing 10 assurance
given the bank ers by the 81 O)l 600 pool.
CcniidCnt est mates show that probably
1872 go viii be dishursed during January
i'm the New York market. The rather
disappointing figures OF The week grain
exports We're Gisregarded Some cor iect-
llres were current as 10 whether to- iaN's
rise on the cali money TO 15 NeT cont con-
:stftuted an nYaergRncv sufficiently 'seri-
on their 100000 fund. but no authori-
tative statement was made on this point.
The market closed FRI and active.
There was s9-ne inTestmsrt demand
manifest TO" bon@s. especisi'y among
some wei occurred ies"os. Total sales.
par value S2.200G0 United States IS ana
new 3s advanced u and the q S. coupon,
- ner cent on the last call
TIE total Gales Of stocks for the day
were $4,000 shares.