The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-12-18
RECESSION AT THE CLOSE
STOCK MARKET Is A REPETITION OF
THAT OF TUESDAY.
Early Strength Less Under Pressure
from the Money kings-MOnetary
Conditions Are Better.

NEW YORK, Dec. 1.-THE movement Of
prices in to-day's stock market was an
almost exact repetition of that of yester-
day. There was the same broadening
show of strength up to the last hour, when
a selling movement developed, 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 a steader tone just be-
fore the close. There is no reason to
doubt that the late selling movement to-
day came from the same sources, and with
the same object as that of yesterday; that
is to say. from sources in touch with the
bankers money pool, and with the object
of discouraging any indulgence in specu-
lation.
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 Venezuelan
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 felt over the failure of
yesterdays sinister rumors to materialize.
The facts developed over night regarding
ing some unfavorable features. were so
much less threatening than had been
feared. that speculative sentiment showed
encouragement and a disposition TO buy
stocks was manifested on that score. A
number of special influences also helped
the show of strength. The passage Of the
Pennsylvania tunnel franchise by the New
York Board OF Aldermen helped the stock
nf no nd re
pany. Stocks of other companies with
terminals on the New Jersey shore or the
tinued to reject the hope of benefit from
the Cuban reciprocity treaty. The pur-
chase by the United States Steel Corpora
ton of the Union Steel Company was re-
ceived at first with mixed emotions, owing
to the prospect OF large bond issue
against the purchase, but the steel shares
subsequently became prominent factors IN
the advance. Reports from Philadelphia
of a coming gas electric and traction mer-
ger, had a rather disturbing influence. as
does every development threatening FUR
tner large syndicate requirements.
The money market continued to show the
sentimental effect of the formation OF the
bankers $50,c00,O00 protective pool Inc
subtreasury drain on the market is great
ly relaxed owing to heavy pension pay
ments and the practical cessation or de-
posits for transfer to the interior. Inc
banks gained from the ST. su6t 1 on
their loss since Friday to $3.50 600. TO-DAY
small transfer of $4,000 to New Orleans
was the first made through the sub
treasury for the past eight business days.
1t is also reported that heavy receipts
have been COINED by the banks during the
last few days on the regular express
movement from the interior. Sterling ex-
change receded further, to-day, in spite or
considerable sales of stock here for Lon,
don account and disappointing seaboard
grain clearances
Bonds were irregular in sympathy with
stocks. Total sales. at par value, were
81 O7O 900. United States bonds were all
unchanged on the last call.
Following are the days share sales and
tho recorded rrice changes.