The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-12-18
LITTLE STRENGTH
IN STOCK MARKET
Selling Movement at Last Hour
Wiped Out Everything.
VENEZUELAN SCARE is GONE
On Account of the Purchase of Union
steel Co. BY the U. S. Co. Caused
Steel Stocks to Take a
Leading Part.

New York, December 1.-THE movement
Of prices in todays market was an almost
exact repetition of that of yesterday.
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 today was rather more
gradual and not quite so severe as yes
terday, and was followed by a steadier
tone just before the close. There Is no
reason to doubt that the late selling
movement today came from the same
source, and the same object of that of
yesterday; that is to say, from sources in
touch with the bankers money pool, and
with the object of discouraging any indul-
gence In speculation. The sharpness and
suddenness of last nights decline led TO
the supposition In some quarters that 1t
was due to some coming bad news re-
garding the Venezuelan situation. Today's
decline had no such suspicious to account
for it. The early strength was due in no
small part to the relief felt over the fail
ure Of yesterdays sinister rumors to ma
terialize.
The facts developed over night regard
ing the Venezuelan situation although
containing some unfavorabIe 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 important influences
also helped the show OF strength. The
passage of the Pennsylvania tunnel fran
chise by the New York board or alder
men helped the stock of that company.
and its subsidiary companies. Stocks of
their companies with terminals on the
New Jersey shore of the Hudson were
also affected Sugar continued to reflect
the hope of benefit from the Cuban reci-
procity treaty by the leaders OF the spec
ulative advance in stocks. in which pow
erful pools are known to exist There
were rumors current that some members
of these pools had Yentured to go short
of the stocks involved during the recent
decline, and were now liable to be called
on for their share of the pool holdings.
The purchase by the United States Steel
corporation of the Union Steel company
was received at first with mixed emotions
owing to the prospects of alarge bond is
sue against the purchase, but the steel
shares subsequently became prominent
factors in the advance. Reports from
Philadelphia of coming gas. electric and
traction merger, had a rather disturbing
influence, as does every development
threatening further large syndicate re-
Guirements. The money market continued
to show the sentimental effect of the for
nation of the bankers $4,000, 600 protec-
tive pol. The sub-treasury drain upon the
market is greatly relaxed owing to heavy
pension payments and the practical ces-
sion of deposits for transfer to the in
terror. The banks gained from the sub
treasury on yesterdays operations 1924 0o0,
reducing their loss since Friday to s265 900.
Today's small transfer of $50. 900 to New
Orleans was the first made through the
sub-treasury for the present eight busi-
ness days. 1t is also reported that heavy
receipts have been made by the banks
during the last few days on the regular
export movement from the interior.
Sterling exchange receded further to-
day, in spite of considerable sales of stock
here for London account and disappoint-
ing seaboard grain clearances.
Bonds were irregular in sympathy with
stocks; total sales, par value, S2,070,00 COO.
United States bonds were all unchanged
on the last call.