New-York tribune., 1902-12-17
BONDS.
THE DAYS OPERATIONS IN STOCKS,

--ba s,,n,ovenoent in prices which began on
Monday .e+e5noon on the announcement of the
formation of the S50Oo00o0 money pool was
continued during the greater part OF yesteF-
dav but in the last hour a general seLllhs
,,,o,,er,an+ set in. inspired largely by a dis
ouieting rumor Of new Venezuelan complcd-
lions and the market went down rapidly,
closing weak with the earlier advances III
many instances lost. These advances, which
,,.s bean dre in considerable measure to short
covering had amounted TO per cent or more
fo- the active issues. ST. Paul sold between
7SI and 110s. and lost even three points
from its maximum, closing at 1914 net
decline of rs points. Missouri Paclhc' whlch
tv the early afternoon had risen TO lo414'
closed unchanged from Monday at 1oZ. Union
Pacific touched 81 and closed at 955s, 8
rer cent net loss. The Nickel Plate issues were
conspicuously strong. the common gaming q
and the preferred 81 per cent, both Closing
at the highest prices of the day. Call money
opened at 61h per cent, and at no time ex-
ceeded that figure the closing rate being 41e
,,er ceut Although the money market was
easv and the sentiment Of the Street cheerful,
the DAVIS total transactions were small less
than $4,000 shares. The Gripping OF the
telegraph service by storms to the westward
of this city had something to do with restrict
ing the volume Of trading. but there were un-
doubtedly many operators who were Kept out
of the market through apprehension lest some
rnenacing situation might develop from the
..naacetuI blockade. of the ports OF Venezuela
This apprehension became general In the last
hour and it also came to be appreciated that
,be declaration made by the interests In charge
of the money pool must be accepted fully and
exactlv. that the S50o00000 fund was an en-
ersency fund solely and simply and that no
part Of il would be released for the purpose of
aiding stock speculation With money
strineency within the coming few weeks
more than probability, and with the money
pools managers taking the position that
no ordinary furries would cause them to make
loans from the great fund controlled by them,
the advance of yesterday could not have been
maintained, even though no war rumor had
gained currency. Opinion varies both here and
in London as to the expediency of the formation
OF that pool some critics urging 1t to have been
q confession of weakness and danger. The more
conservative opinion is however, that the action
was entirely justified. in view of the known none
Tary requirements of the future and the
inability of the Federal Treasury to give
sistance If need should arise The Venezuelan
scare, while an active factor in depressing prices
yesterday. is not after all taken very seriously
by the Street. as confidence is high in the tact
of the President and his advisers. and the
existed between this nation and Great Britain
and Germany is also recognized making
powerfully against the probability Of clash
The foreign exchange rate declined yester-
day. largely as the result of heavy offering OF
finance bills. the proceeds of which it is thought
,nav be held as part Of the fund on which the
money pool may possibly have to draw. Two i'm
portations of gold announced, each OF
S2500o0. one consignment being destined for
Cuba and the other probably to be sent there:
hut these engagements represented special
transactions. Exchange on New-York is rising
at Chicago and other Western points, in
dication that the return flow of money from
the interior has begun. The customs payments
at this port continue large. but at present they
are being largely offset by the heavy pension
payments. and the local banks have thus far
this week lost much less money TO the Sub
Treasury than at the corresponding time a
week ago. Business continues excellent and
conditions generally not unfavorable. Con-
ditions unfavorable though. for any specu-
lative advance in the stock market in the proxi-
mate future.