The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-12-16
DANGEROUS DECLINES IN
STOCKS RECEIVES CHECK.
PROTECTIVE POOL HAS Eff
Feet on MARKET.
Violent Measures Taken in Ven
ezurla acknowledgement
of Money Lessened.

New York. Dec. 15.-The protective meas
ures agreed upon by the banks of this ely
had the effect OF checking a dangerous lock-
i-g define in the stock market today. ana
the market closed tranquil and rather dull
The ua.--tone at she last was firm and The
ally We're recovered. When Saturdays level
had ben reached on the recovery the action
Of the market inClC-,-I tIat the measures
taken by the bank ns community We're "
no means designed TO induce speculation FOR
the rlSk - his time.
Prizes # the market leaders as they :oSe
over SATURDAYS level were held back by
very liberal offerings. The statement was
made that TO fears wer. entertained Of III
present situation ard that the formation ~
the proteCtive pool WAS only a pT"-alt.pn-
ary measure and probably 10 action would
b. required on the part Of its members in
the way Of supplying funds TO the market
POOL FOR EMERGENCY.
While The knowledge Of the steps taken ny
cuyei d feeling OF relief il ali quarters, the
belief was not disguised that the pool was
an emergency measure, not Offering in kind
or degree from thOse adopted in other pc
Rods Of crisis in Wall street. The action Of
the market this morning on top o. last
weeks violent decline. following as hat did
also a prolonged period OF gradual decline,
aNakened zeal anxiety over the outcome
The violent measures adpotad IL the Ven
,zuelfn trouble added t. The unsasinesS.
continent was also pessimistic over tho
money outlook. n opening rate was 10
per cent and the days large syndicate re-
and the heavy accumulat lions
f"r the standard Oil dividend aroused the
fear that there would be additional largo
Withdrawals Of credit.
Not only the immediate. but the pros
p"ctiF@. syndicate needs running UP TO
Elany millions OF dollars, were calculated
TO aggravate the fears Of borrowers.
TRADE DISCOCRAGING.
The state.nent OF ;ha count-y's foreign
trade for November was diScCuragins az
the foreign exchange situation. as
II Clio. a decrease in the balance of trade
In our FAVOR Of over s4.GtJsr. Camparei
with November, 1891. The small interior
grain movement lessened the effect also of
the recent revival in grain exports. Later
in the Jay some effect was produced upan
sentiment BY the rise in Chicago Exchange
from . cents premium on SaturTav To 30
cents pren!uin to-day. The payment by
the SJ3treasury Of SJt.01 on a teIeyraphic
transfer from San Francisco marked the
abatement OF i demand upon rho New York
money market, which has caused much an
prehensicn- The foreign exchange market
also weakened materially. This iast-nameG
money rate. What effect uoOn all thez,,
factors may result from the provision of =
sjr.gno'A relief und for the New York
money market is . problem which i the
subject Of much interested surm.se. The
market showed some hesitation at the close.
but the tone was firm.
The bond market vas broad, and In the
morning was weak, but showed some re-
coyery- Total sales, par value. s. l2J.o0.
United States bonds were all unchanged on
the last call.