The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-12-20
SHARE MARKET POUNDED
BEARS CAUSE A SHARP DECLINE IN
THE LAST HOUR.
Most of the Early Gains More Than
Wiped Out-MOnetary Conditions
Not Yet Wholly Pleasing.

NEW YORK, Dec. 19.-To-day's stock
market showed the natural effect OF the
elimination yesterday of very large short
interest and the consequent lack of an i'm
portant sustaining influence. Yesterdays
upward rush of prices also led to con-
siderable realizing. The professional trad
ers on the floor, approaching this state of
affairs, worked for a reaction all day and
were rewarded in the latter part of the
day by sharp fleak in prices. which
carried most of the market leaders gen.
orally below last night. Some renewed
anxiety was felt over the Venezuelan sit
uation, owing TO the provisional nature of
the reply from Great Britain and Germany
to the proposition for arbitration. The fore
cast of the weekly bank statement did not
promise as good showing as was counted
on in the middle of the week and there
was some selling, due to disappointment on
that score. London also turned seller in
this market to-day. reversing the position
OF yesterday. Most of this selling, how
ever, was purely arbitrage business, the
advance here going ahead of London and
allowing opportunity to cover sales here by
buying In London.
Published reports of heavy fiuctuation
OF railroad bonds of the Vanderbilt system
morning and contributed to a sharp rise in
New York Central. This development
promised such important results in the ex-
change situation that it was accepted with
avidity by bullish traders. Unfortunately,
the rumor met with denials from authorita-
tive quarters, and this helped to turn the
market downward. st. Paul was a con-
splcuous center of strength, with continued
rumors OF an early issue of the new stock
authorized. The advance was accompanied
by some evidence of manipulation and the
a lTnn trnlx xxrfva la
continued eager demand for anthracite sus-
tanned the coalers. Great Northern pre-
ferred rose sharply without explanation.
The sharp advance in the price of copper in
London helped Amalgamated Copper. These
special points of strength served to sustain
the market during the early part of the
day In face OF the realizing, which was in
evidence from the start, and most notably
SO I'm those stocks which have led the
weeks advance. Southern Pacific, Mis-
souri, Pacific Sugar, Manhattan and Louis
Vile & Nashville were all sufferers on this
score. There was some check to the selling
before the close, which was firm.
The fact that the loss of the banks to the
subtreasury this week is SABLE. 900 less than
II was last week, while interior exchange
on New York has ruled at high rates, gave
rise to hopes of large recuperation this
week In the cash reserves of the banks, but
1t seems that the gains in the regular in
terror movement has been insufficient to
offset even the largely decreased drain TO
the subtreasury. Consequently a net loss
of less than 100000 is indicated for the
week. This did not include to-day's trans
fer OF $350.0O0 TO New Orleans, which Is sup
posed to be due to the large speculation in
cotton at that point. The news OF this
transfer was factor in breaking the mar
ket to-day. The report of the weekly ex-
ports of grain was also a disappointment,
the outgo Of wheat being more than a mil
lion bushels less than in this week year
ago, and the growth in the corn exports
proving but moderate. Sterling exchange,
however, made further decline to-day and
the time money market showed the effect
OF growing supplies, the rate for short pc
RODS falling to per cent fiat, with no ad-
ditional eXaction for commission.
The bond market was better sustained
than stocks, showing some investment de-
mand, In anticipation of the January cou-
pons. Total sales. at par value. were 3d.
500 900. United States bonds were all un-
changed on the last call.
Following are the days share sales and
the re rded price changes: