The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-12-19
MUCH UNEASINESS
IN STOCK MARKET
Strained Situation in Venezuela
Causes the Depression
THOUGHT ALL DANGER GONE
There Was an Upward Jump at the
Opening and Prices Broadened,
But a LulI Came Shortly
After Midday.
THOUGHT ALL DANGER GONE

New York. December 1S-Measured by
todays advance in prices, the strained
situation in Venezuela has been the cause
Of much more uneasiness than was sus-
pected in Wall street The depressing
effect of this influence has served to hold
back the market from the natural recov-
cry which was due after the action taken
by the bankers pool on Monday to in
sure the money market from any violent
crisis. The fear of such crisis has been
the preponding influence in the long de-
cline of stocks and the practical assur-
ance of protection from it would nave
caused a violent recovery in the natural
course of things. The fear of comph-
ration with the powers concerned in the
Venezuelan demonstration seems to have
been the factor in deferring the recovery.
When the operators came down to their
offices this morning after having read
In the morning papers the news that the
Venezuelan President had practically
abandoned opposition to the demands OF
Great Britain and Germany they were
quick to jump to the conclusion that all
danger of complications was thereby re-
moved. There was an upward jump in
prices at the start and the market show
ed a constantly broadening tendency till
past midday The demand after that
showed signs of satisfaction, but in the
last half hour there was revival of an
imation and a final rush of prices to the
top level of the day with a strong closing.
The room traders were skeptical of the
advance throughout the early portion of
the session and kept taking short sales
on the way up. Their hasty buying to
cover contributed to the final squirt in
prices. Sentiment regarding the money
outlook had steadily grown more conf
dent The moral effect of the forma-
ton of the bankers pool has been sup
plemented by actual favorable develop
ments.
The banks have been relieved from
much of the sub-treasury strain which
has been sapping their resources for sew
eraI weeks. Their losses to the govern
msnt institution up to last night were
S63S OO0 while for the corresponding Pc
riod last week they had reached $4656 OOO,.
without counting the s1,000,OO0 taken for
export to South America. 1t is the gen.
eral suppostion also that heavy sums
have been received from the interior. The
deposit today for transfer to Chicago of
100000 is something of an anomaly, In
view of the 80 per cent premium on New
York exchange at Chicago The breaking
down of the speculation in corn in Chi
cago is regarded with approval in Wall
street, as it has involved large money
requirements and is also believed to
have kept down the export movement of
corn by reason of the high prices MAIN
tanned. The time money market showed
increasing ease today, and rates for six
months loans were shaded from per
cent. Even for the shorter periods larger
amounts were offered. Todays Bank of
England statement did not make strong
showing, and the advance in the Bank of
Bengal rate, which was made today, is
sometimes a preliminary to an advance
in the Bank of England rate. Sterling
exchange here continued heavy and ad-
vanced at Paris, so that no immediate
apprehension is felt of gold exports An
increased interior movement of grain
and heavier receipts of cotton were en-
couraging factors. Pool operations were
recorded to be responsible for the activity
and strength of some of the market
leaders, and there is reason to suppose
that a very large short interest was COW
cred up today
st. Paul, Southern Pacific, Missouri
Pacific and the United States steel stocks
were conspicuous features of the specula-
ton, but there was long list of securi-
ties in which gains ranged from 2 to
points.
The bond market was active and strong
in sympathy with stocks. Total sales par
value 49, 100000.
United States bonds were all unchanged
on the last call.