Omaha daily bee., 1902-12-13
YORK STOCKS AND BONDS
hidden RevuIsion Causes Apparent
Hull specuIatton.

NEW YORK. Dec. 12.-There was a sud
den revulslon Of sentiment during the days
trading at the Stock exchange which trans
looked like an animated bull speculation.
Undoubtedly the bear account, which had
suddenly expanded to unwieldy proportions
in the last three days, was partly respon-
slble for the sudden and violent recovery
OF prices, but the change I'm sentiment on
the part of this element was prompted by
the evidence of large and influential buying
OF a more substantial character. This was
the signal for the upturn of the market.
Before noon there were ragged declines all
the way from l to 5 points in the prices Of
active railroad stocks, In the inactive list,
u and - points, the last named i'm New
York and Harlem. The last previous sale
of this stock was made in april of 1901 at
45O. Today's sale was of 200 shares at 405.
ne sale of securities Of this grade in a de-
moralized market is generally regarded as
the evidence Of the extreme pressure for
money. That there was such pressure
today is beyond dispute, and a great part
free choice of the nominal holders of the
securities. The withdrawal of credits from
holders of stock and the practical impossi-
left no recourse but to throw over their
holdings at the best prices they could get.
For a time this process was carried on, as
It was yesterday, with practically no buyers
IN the market, but at the extreme. decline
able that the level of prices in itself served
as some attraction to buyers who have re-
sources to avail themselves of bargains"
AAt olii VI NAAt ilDAit as a e
suit of the days events also gave some dis
tressed holders the power to secure means
to protect their holdings from sacrifice. The
drastic liquidation effected was the imme-
date cause of relief to the money market.
An important factor was the announce
ment that the Sl0,O00,0O0 block of Pennsyl-
vania Car Trust certificates, which was
taken by the New York bankers earlier In
the week, had been taken by foreign cap
italists. The street was prompt to jump to
the conclusion that a corresponding amount
OF capital would be Immediately released
tn nlann In fhp local loan TnnrKpf 4 oil
events the incident helped to relieve acute
anxiety over the money outlook and was
Another influential factor was the reveia-
ton by the publication of the preliminary
figures of the currency movement that the
banks had gained something over S2,OO,O0
on the regular interior movement of cur
rency, thus onsetting TO that extent the
loss of IS, 100000 on subtreasury operations
and gold exports. Taken in connection with
the probable loan contraction, a less UNI
favorable bank statement is indicated than
was feared. The rise in New York exchange
at Chicago today from 10 cents premium to
Is cents premium, and a snsrp fractional
fall in sterling exchange, are indications
that the stringent condition of the local
money market is having It's effect in at
mystery attaches to the source of the very
large and sudden demand for money In the
last day or two, which resulted in displac-
ing loans from the stock market. That
there was some such extraordinary demand
is evident on the authority of bankers. The
application of the president Of Venezuela
favorable factor on Stock exchange senti-
ment. The violent upturn of prices trans
formed the general losses into net gains,
some of which were sufficient to wipe out
all of yesterdays decline. Evansville g.
Terre Haute was conspicuous for a gain of
6 points. Great Northern preferred 4 per
cent and a great sprinkling of the leaders
of the market of from 2 to 3.
The market closed steady, but slightly be-
low the best.
Bonds rallied from early in
sympathy with stocks. Total sales, par
value, S4,445, 900.
United States bonds were all unchanged
on the last call.
The following are the closing prices on