The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-12-18
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Financial.
YESTERDAYS STOCK MARKET.
EARLIER Gains Wiped Dat fin tho Last



Earlier Gains Wiped DAT I'm tho Last
Hour.
New York, Dec 1.-THE movement of
prices in to-day's stock market was
almost exactly repetition of that of
yesterday. There was the same broad
ening show of strength up to the last
hour when a selling movement devel-
oped which wiped out practically all of
the earlier gains and carried some
prices below last night. The reaction
to-day was rather more gradual and
not quite so severe as yesterday, and
was followed by steadier tone just
before the close. There Is no reason
to doubt that the late selling movement
to-day was from the same sources and
with the same objects as that of yes
terday, that Is to say from sources In
touch with the bankers money pool
adm with the object of discouraging
any Indulgence in speculation. The
sharpness and suddenness of last
nights decline led to the supposition in
some quarters, that it was due to some
coming bad news regarding the Vene-
zuelan situation. To-day's decline had
no such suspicious to account for it.
The early strength in the market was
due in no small part to the relief over
the failure of yesterdays sinister ru-
mors to materialize. The facts devel-
oped over night regarding the Vene-
Zuelan situation, were so much less
threatening than had been feared, that
speculative sentiment showed encour-
agement and a disposition to buy
stocks was manifested on that score A
number of special influence helped the
show Of strength. The passage Of the
Pennsylvania tunnel franchise by the
New York board of aldermen helped
the stock of that company and its sub
sidiary companies. Stocks of other
companies with terminals on the New
Jersey shore of the Hudson were also
affected.
Sugar continued to reflect the hope
of benefit from the Cuban reciprocity
| treaty, but the leaders Of the specula-
tive advance were stocks in which pow
erful pools are known to exist. The
purchase by the United States Steel
corporation Of the Union Steel company
was received with mixed emotions, ow-
| ing to the prospect of large bond is
SUE against the purchase, but the steel
| shares subsequently became prominent
| factors in the advance. Reports from
| Philadelphia of a coming gas, electric
and traction merger had a rather dis
turbing influence, as does every devel-
opment threatening further large syn
dictate requirements. The money mar
| ket continued to show the sentimental
effect of the formation of the bankers
protective pool The sub treasury drain
upon the market Is greatly relaxed,
I owing to heavy pension payments and
/ to the practical cessation of deposits
for transfer to the interior. The banks
gained from the sub-treasury on yes
terdays operations $134,000, reducing
their loss since Friday to $265,000. Ster-
ling exchange receded further to-day in
spite of considerable sales Of stock here
for London account and disappointing
seaboard grain clearances.
Bonds were irregular in sympathy
with stocks. Total sales par value ST.
! 100000.
United States bonds were all I'M
changed on the last call.