The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-16
FINANCIAL AND COMMERCIAL.

W Il ~
Speculative sentiment before the OPEN
ing OF the stock market to-day was un-
settled and insure. Very many good rea-
sons were present in the minds Of most
operators why prices might experience
either a sharp rise or further fall Heavy
liquidation occurred in the first half hour.
but the undertone of the market for the
rest Of the day was frm and AT the close
the forces making for higher prices were
clearly in the ascendant. Two fierce drives
at values were made at different times
by the bear element, and al one time prices
were nearly a. low AZ those seen last Friday.
The end Of the trading. however, saw quo
tations for all the leading stocks well above
those made al the close on Saturday, The
chief factor in the strength Of the market
was the weakness in the rates for call
money, RI es' rates opened nj 10 pcr cent 4.
but sagged until money was offered N 4
per cent in the last half hour New York
exchange in 81 Louis. Chicago. Cincinnati
and all the interior cities rose To a very
high premium. indicating that the move
ment Of money. whether for a temporary
cause or not. had set in heavily toward
this centre. London operators bought
r"arly $1,000 shares Of stock during
the day and foreign hous's here
declared that if they had given their
European correspondents strong en-
couragcmcnt these purchases would hav"
been increased This il the frs time that
London or Con, n,n' al buying 4 our stocks
has been witnessed for a long period. The
money absorbed by the Sub-Treasurv,
not. on transact ions with the hanks has
amounted since Friday To n merely nominal
sum, being hut sil 900 a. against ST. 1873 600
las, week Three hundred and fifty thou
sand dollars in cash was transferred from
San Francisco to bankers here. 1t became
known early in the day and was formally
announced later that a committee COM
posed If the heads Of the three largest bank
ing institutions in the city had been cm-
powered Icy . banking syndicate 10 loan
sjO.Ooo.o0 on STOCK Exchange collateral at
fair rCt",. IN ca" If any pronounced strin-
gaucy OF tn mnn0y market II was stated
that the Comm'tc" Jaw no contingency that
would make their GC' ion necessary, Int that
in view Of the commonly expressed fears
on the sub ;cCt il was deemed well TO make
due preparation and TO let people be in
formed of il This makes il certain, if
anything can be certain. that there will be
no panic Moreover. a distinct note Of ei =
couragemenj. not To say optimism, was eX-
pressed in the more prominent banking
houses regarding the money market ard
'he stock market generally. In places
wi ere hitherto the utmost conservatism
has been predominant, il was declared
that popular apprehension concerning the
money stringency had become altogether
too great and that il was much more than
probable that tho lowest prices in the stock
market for the year had been seen
Had it no, been for the acts of extreme
hostility toward Venezuela taken by the
commanders OF the British and German
squadrons on Saturday, told Of in THE SrS
on Sunday and in the other newspa pers
Of the city to-day, a really strong market
for securities would probably have been
witnessed to-day. The general feeling
was that up to the present moment nothing
had taken place in Venezuela in contra
ven,ion Of the declared policy Of the United
States regarding the intrusion Of foreign
Powers in this hemisphere or otherwise
calling for the intervention Of our Gov
eminent; but it is not so much what has
happened as what may happen concern
ing the affair that operators in the market
fear. There is a very thorough realiza-
ton Of the fact however, that the last coun-
try in the world with which the English
Government desires to have any trouble
over Venezuela or over any other matter
is the United States. and that the idea when
calmly considered. that there really l.
anything in the entire Venezuelan imhroglo
calling for any disturbance Of peace bet ween
this country and England and Germany is
absurd. Our Government might very well
protest on mere grounds Of general human
i,y against the sinking Of the Venezuelan
ships by the British and German naval
commanders before war had been formally
declared The entire facts in regard 10
this occurrence and concerning the pillag-
ing Of tho British ship which led TO the bonn
bardment Of Puerto Cabcllo on Saturday
have not yet been fully detailed. III may
very we'll be that when these facts are
related il will be discovered that the action
Of the allies was not so unwarranted as
now seems. Moreover, it is very eviden,
that public sentiment. not only in England
and Germany. but throughout tho Con-
tinent Of Europe is not disposed Just now
to encourage the conduct of any Govern
ment or of any naval officers that is OBJ
viously uniustifed by international law
or savors of wanton aggression or needless
belligcrency. The heavy purchases OF
stocks in our market by London houses
to-day should he sufficiently indicative
Of the state Of English feeling. at least.