The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-12-17
IS WAS DONE
FOR THE TIMID
Explanation of the Bankers
Pool in New York.
ITS EFFECT YESTERDAY
Buoyed Things Up at the
Start but Collapse Came Later

New York. Dec. ls-There was an ex-
traordinary melting away CT prices in
TIE last haif hour Of today.s market
GLOWING markink mp OF quotations dur
ing The previous portion Of the session.
shortly before $50 O'Clock prices were at
the highest of the day and net gains OF
, points or over had been attained bv
leading stocEs mere and there Ia ali the
principal groups. such as Pennsylvania
southern Pacific. Missouri Pacific 81
Paul Rock Island preferred Delaware *
hudson and Sugar In the lasl half hou-
81 Paul dropped back abruptly - and
some OF the other stocks were carried
swiftly downward. The Interpretation 81
tAe movement was believed 90 be that the
po"efIui interests in the financial world
which announced their orea nizati0u yes
terdaF FOR the protection Of the money
market desired To convey q warning ihat
tLey had go intention OF allowing those
plans % be incsrfe- 81 with. There was
more OF less realizing before the close bs
The professional traders. who bought Tia
yesterday market and early this morn
lnS Previous 30 The hlal slump th-
course ~. prices was quite prosperouslv
uT ward There We're re-orts of zssu.-
ances received by the state departmeu.
re gardlng the intentions uf Great Britain
ana Germany In Venezuela which SERVED
to cause a better sentiment on that sub
Ject- but the principal influence in the
rise WIS TIL reassurIug effect of the for
NATION Of the bank r. pool providing
$7t,O'p.Je9 Tor use in q possible money
market emergency ie effect was O. re-
lieve The stock market from the pressure
o. liquidation Offerings became So light
in fact that it was found easy to bid up
prices on very light purchases This was
the notable case among the Inactive
stocks among which the floating supply
is always light especially iu thc Wander
bit group. There was some surprise eX-
Teseed. however. over the extent 81 the
reflective measures taken by the banks +
There was much surprise as to q possible
real need for these measures which has i
not been disclosed. and a disposition TO 7
consider that the exercise OF such need
was indicated by the formation Of the +
FcoL While II was recognized that no
part Of This fund would likely find it's
ay directly into the stock market il
vas considered probable that further
Withdrawals Of loans from the stock mar /
-et would be avoided. ON account of the /.
unfortunate effect on sentiment which the 4
heavy stock liquidation has caused. The (
principal good which it is hoped to I
@ -tittf - 80 ttlF announcement OF tIe
large resources available is upon senti- +
ment Part Of the present stringency is .
due to the Withholding Of
funds boy persons who have become tinid
q who have determined 90 wait Tor high
money rates before leading their re-
r sources. Call loan rates did not get
above 6ie per cent today and ran Of To
below 8 per cent when the principal de-
nands had been met The time money
al
although not quotably changed Much
satisfaction was felt because uotwith-
standing the easier tone OF exchange
Bonds became firm in sympathy with
stocks. but Yielded at the last Total
sales par value N.s5o99 United States
Lew tours declined = Ola the last CALI
Closing prices Oi stocks were as follows.