The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-16
THE BANKS SAVE
STOCK MARKET
Protective Measures Check q
Dangerous Looking Decline.
MONEY WAS AT TEN PER CENT
Statement Of the Trade for November
Was DiseSuraging-Snall Interior
Movemen, Of Gra,n-Dealings
In Bonds.
MONEY WAS AT TEN PER CENT
(By Associated Press.)

NEW YORK, Dec 2l5.-The protective
measures agreed upon by the banks o;
TINS city had the effect Of checking a
dangerous looking decline in the STOCK
market to-day, and the market closed
tranquil.
The undertone at the last was firm and
The losses Of tho earlier part Of the day
generally were recovered When Satur-
Gays ieTe! had been reached on the re-
coVerv the action OF the market indi-
Gated that the measures taken by the
banking community were by no means
designed to induce speculation at this
time. The prices of the merket
leaders as they rose over Saturdays Level
were held beck by very liberal oneTinss
The statement WIS made that no ieaIs
were entertained Of the present sltua1Ion,
snd that the formation OF the protec.lse
pool was only a precautionary measure
and probably no action would be REQUIRED
on the part OF its members in the way OF
supplying funds to the marker.
While the knowledge OF the Steps TAKEN sa1
by the ruling powers in the financial
world induced feeling of great relief
in ali quarters. the belief was not dis
suised that the pool was an emergency
measure not differing in KIND or degree
from those adopted in other periods OF
crisis in Wall Street The action OF the
market this morning on top of last week s
violent decline following as that did also
n prolonged period or gradual decline
awakened real anxiety over the outcome
Venezuelan trouble added to the uneaSi-
ness. Sentiment was also pessin1istic over
the money outlook. The opening rate was
10 per cent, and the days large syrdi-
cate requirements and the heavy accumu-
lations for the Standard Oil dividends
aroused the fear that there would be adj
ditionsl Withdrawals Of collateral Not
only the immediate. but prospective syn
dictate needs. running up to many mil
lions of dollars. were calculated TO aggra.
v2fa the fears OF borrowers.
The statement of the countrys financial
trade for November was discouraging as
10 the foreign exchange situation. show
ing. as II aid. a decrease in the balance
compared with November. 1901.
The small interior grain movement less
ened the effect also Of the recent revival
in grain exports. Later in the CAV some
effect was produced upon sentiment bv
the rise in Chicago exchange from %
cents premium on Saturday to 40 cents
premium to-day. The payment bv the
sub-Treasurv of s35le0 on Geographic
abatement Of a demand upon the New
York money market which has caused
much apprehension. The foreign exchange
market weakened materially. This last
feature was directly due to the higher
money rate. What effectu,on these fac.
tors nay result in is a problem which
is giving rise to much interesting sur
mise and caused some hesitation in the
market.
The bond market was broad in tn,
morning and weak. but showed activ-
fly. Total sales. par value 1920 lstJ
Tinted States bonds all unchanged on the
last call.
The total sales OF stocks for the day
were $4,000 shares.
MONEY AND EN~r7aNGE-CLoSE
Money on call firm at 49f10 per cent: clos
iEE offered al per cent: time money
a h rtofl
for sixty DAYS ninety days and six
months: prime mercantile paper. 6 per
cent. Sterling exchange heavy with act
Ual business in hankers' bills at s4.eeS75
bills; posted rates - S4Is and s4.SS: COM
mercia' bills. s422. G4.s2at. Bar silver
4s; Mexican dollars. 37at. Government
bonds steady; railroad bonds Irregular.