The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-12-20
MUCH REALIZING
IN STOCK MARKET
There Was Lack of an lmpor-
tant Sustaining influence
REACTION FINALLY CAME
Market Showed the Natural Effect of
the Elimination of Very Large
Short Observation-Disclosures
ais Worked Hard.

New York December 1s.-Today's stock
market showed the natural effect of the
elimination of a very large short inter-
est ana the consequent. lack of an impor-
tant sustaining influence Yesterdays up
ward rush of prices also led to consider
able realizing. The professional traders
en- the floor, approaching this state OF
affairs, worked for reaction all day, and
were rewarded in the latter part of the
day by a sharp break in prices which
carried most of the market leaders gen
orally below last night. Some renewed
anxiety was felt over the Venezuelan sit
uation owing to the provisional nature OF
the reply of Great Britain to the propo-
sltion for arbitration. The forecast Oh
the weekly bank statement did not prom
Use as good a showing as was counted
upon in the middle of the week, and there
was some selling due to disappointment
on that score. London also turned seller
in this market today, reversing the posi-
ton of yesterday Most OF this selling'
however, was purely arbitrage business,
the advance here going ahead of London
and allowing opportunity to cover sales
here by buying in London. Published re-
ports of a heavy fiotation of railroad
bonds of the Vanderbilt system in Lon
don attracted some attention this morn
Ing, and contributed to sharp rise in
New York Central. This development
promised such important results in the
exchange situation that it was accepted
with avidity by bullish traders. unfor-
tunately the rumor met with denials from
authoritative quarters, and this helped to
turn the market downwards. st. Paul
was a conspicuous center of strength with
continued rumors of an early issue of the
new stock authorized. The advance YVES
accompanied by some evidence of manip-
uation, and the gain was almost entirely
wiped out.
The continued eager demand for anthra-
cite sustained the coalers Great North
ern preferred rose sharply without ex-
PLANTATION. The sharp advance in the
price of copper in London helped Amalga-
mated copper. The special points of
strength sufficed to strengthen the mar
ket during the early part of the day in
the face of realizing which was in evil
dence from the start, and most notably
SO in those stocks which have led the
weeks advance. Southern Pacific, Mis-
souri, Pacific Sugar, Manhattan and Lou
isvile and Nashville were all sufferers
on this score. The fact that the loss Of
the banks to the ub-treasury this week
is $4315,000 less than it was last week.
while interior exchange on New York has
ruled at high rates, gave rise to hopes
of a large reeuperation this week in the
cash reserves of the banks, but it seems
that the gains in the regular interior
movement have been sufficient to offset
even this largely decreased drain to the
sub-treasury. Consequently a small net
loss of less than 800 is indicated for the
week. This does not include todays trans
fer of S350,0O0 to New Orleans, which is
supposed to be due to the large specu1a-
ton in cotton at that point The news
of this transfer was factor in break
ing the market today. The report of the
weekly exports of grain also was a dis
appointment the outgo of wheat being
more than a million bushels less than this
week year ago, and the growth in the
corn exports proving but moderate Ster-
ling exchange, however, made further
decline today. and the time money mar
., ct showed the effect of growing sup
a., les, the rate for short periods falling
e 20 per cent fiat, with no additional ex-
action for commission.
The bond market was better sustained
than stocks, rejecting some investment
demand in anticipation of the January
coupons Total sales par value SO, $50, 900.
United States bonds were all unchanged
on the last call