The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-13

NEW YORK. Dec i2.-Therc was a
sudden re- uIsion of sentiment during. To-
days trading at tho Stock EXCHANGE
which transformed a ae,noral.c6 market
tn;o wlia: looked like an animated bull
speculation.
Undoubtedly, the bear account. which,
suddenly expanded TO ,,nw;elaly proper
lions IN the last three days. was largely
responsible for the sudden and violent re-
corery OF prices. but the change il, SEN
timent on the part ot this element was
prompted by me eSiceiloes OF large and in
ftusHhal buying OF more substantial
character, This was the signal Tor the
iptIrn OF the market.
Before noon there were ragged declines
81 all The way from To points II the
prices OF active railroad stocks. In the
inactive list including sPec!aities. tho
losses extended to u and p points. the
iaSt named in New York and Harlem.
The last previous sale Of this stock
MAS made in April Of 1921 at $50. To-
days sale was OF 20 shares at io2. The
sale ct securities OF this grade in q de-
7ncraii.ed market is generally regarded
as evidence Of the extreme pressure Tor
money. That there T-as such pressure TO-
day is beyond dispute, and great part
OF the selling WAS probably without the
free choice o. the nominal holders OF the
securities. The withdrawal Of credits
from holders OF stock and the practical
irnpossibilty OF obtaining fresh accom-
mediation left no recourse but to throT
over their holdings al the best prices
they could get For time this process
was carried on as Il was yesterday with
practically no buyers &: the market. but
at the extreme decline the buying de-
1ia.ld developed.
The drastic liquidation effected was the
immediate cause Of relief 10 the crisis
IN the money market. An Important fac
tor was the announcement that the Se.-
nl0.ofl block Of Pennsylvania Car Trust
certificates, which was taken by the New
York bankers e\rlier in the week. had
been taken by foreign capitalists.
The street was prompt 70 jump to the
Of capital would he Immediately released
30 place IL the local loan market AT
sii events the insident helped TO relieve
acute anxiety over the money outlook
and was promptly followed by an effective
-ally. Another influential factor was the
showing by the publication Of the preliu-
mary figures Of the currency movement
that tne banks had gained something
movement OF currency. thus offsettng
90 that extent the loss OF S5.720."D on
suh-Treasury operations and gold exports
Taken in connection with the probable
loan contraction. q less unfarorable bank
statement is indicated than was feared
the violent upIurn OF prices Transformed
the earlier losses into general net gains
which IL some cases were sufficient TO
wipe out ali OF E-esierdays decihes; me
market closed about steady, but slightly
below the best
Bonds rallied from early weakness IN
sympathy with stocks Total sales. par
value, A,495,oaJ. United States bonds In
changed.
The total sales of stocks Tor The day
were ,1oi ,3po shares.
MONEY AND EXCHASGE-CLosE:
Money on cali firm at 666Js pc" cent
closing offered at 6 per cent; time money
firm; sixty and ninety day loans made
ruder special ABRAMS enents; six months.
6 per cent; prime mercantile paper; s per
cent Sterling exchange weak with actual
business IN bankers bills at AS1 for de-
r1ard and at $3.50 and $500 for sixty
GAYS: posted rates, $3.50 and Sass; com
-1ercial bills. s4.ses4@sS@H- Bar silver
<T5s: Mexican dollars. 3I4. Governments
bonds steady; railroad bonds irregular.
Tota! banl, clearings week ended De
camber 18th, s2.0S3 .s53: decrease, ISL
per cent. Outside New York. sS1s,025. $50:
decrease So per cent