The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-12-13
Financial.
TEsTERDAT3S STOCK MARKET.
a hidden Revuision Of Sentiment During
the Days Trading.

Nudden RevutstOa Of Sentiment During
the Days Trading.
New York. Dec. 12.-There was sud-
den revulsion of sentiment during the
days trading at the stock exchange
which transformed a demoralized mark
ct into what looked like an animated
bull speculation. Undoubtedly, the
bear account, which had suddenly eX-
banded to unwieldy proportions in the
last three days, was partly responsible
for the sudden and violent recovery of
prices, but the change in sentiment on
the part Of this element was prompted
by the evidences Of large and infuen-
tial buying of a more substantial char
acter This was the signal for the up
turn Of the market. Before noon there
were ragged declines of all the way
from to points in the prices of active
railroad stocks. In the inactive list,
including specialties, the losses extend
ed to II and Is points, the last named in
New York and Harlem The last pre-
yious sale of this stock was made in
April of 1901 at 400. To-day's sale was
of 200 shares at 405. The sale of secu-
rites of this grade in a demoraIized
market is generally regarded as evil
dence Of the extreme pressure for
money. That there was such pressure
to-day is beyond dispute and a great
part of the selling was probably with
out the free choice Of the nominal hold
ers of the securities. The withdrawal of
credits from holders Of stock and the
practical impossibility obtaining
fresh accommodation left no resource
but to throw over their holdings at the
best prices they could get For a time
this process went on as it did yesterday
with practically no buyers in the mark
ct but at the extreme decline the buy
ing demand developed. It is probable
that the level of prices in itself served
as some attraction to buyers who have
resources in reserve to avail themselves
of bargains The easing of the
money situation as result of the days
events also afforded distressed holders
power to secure means to protect their
holdings from sacrifices. The drastic
liquidation effected was the immediate
cause of relief in the crisis in the money
market An important factor was the
announcement that the $4,000, 900 block
of Pennsylvania Car Trust certificates.
which was taken by New York bankers
earlier in the week, had been taken by
foreign capitalists. The street was
prompt to jump to the conclusion that a
corresponding amount Of capital would
be Immediately released for placement
in the local loan clarket. AT all events
the incident helped to relieve acute
anxiety over the money outlook, and
was promptly followed by an effective
rally. Another influential factor was
! the revelation in the publication of the
preliminary figures of the currency
movement, that the banks gained some
thing over $2.oo00 900 on the regular in
terror movement of currency, thus off
setting to that extent the loss of $5,720, -
| 900 on suh-treasury operations and gold
exports Taken in connection with the
probable loan contraction less unfav-
orable bank statement is indicated then
was feared. The rise in New York ex-
change at Chicago to-day from Is cents
premium to % cents premium and a
sharp fractional fall in sterling ex-
change are indications that the strin-
gent condition of the local money mark
ct Is having It's effect in attracting
| funds from other sources. Some mys-
| terry attaches to the source of the very
large and sudden demand for money IN
the last day or two which resulted in
displacing loans from the stock mark
eft. That there is some such extraordl-
nary demand is evident on the authori-
ty of bankers. The application of the
president Of Venezuela for arbitration
tor on stock exchange sentiment. The
violent upturn Of prices transformed
the earlier losses into general net gains
which is some cases were sufficient to
wipe out all Of yesterdays declines.
| Evansville and Terre Haute was con-
spicuous for a gain Of six points Great
Northern pr by one of four and a fair
number of the leaders Of the market by
from to 3. The market closed about
steady but slightly below the best
Bonds rallied from early weakness in
sympathy with stocks. Total sales par
| value. 81, 495, 900.
United States bonds were all unchang-
ed on the last call.
T.. --