The Birmingham age-herald., 1902-12-16
aranIE aEaAsErT SlUCk MARkEl
 CLOSED TRANQUIL Protective Measures Checked a Dangerous Looking Decline ANXIETY OVER OUTCOME The Undertone at the Last Was Firm and the Losses of the Early Part
 of the Day Were Gen
 eraIly Recovered.
ANXIETY OVER OUTCOME

New York, December 15-The protective measures agreed upon by the banks or this city had the effect of checking dangerous looking decline in the stock market today and the market closed tranquil and rather dull The undertone at the last was firm and the losses Of the earlier part of the day were gen erally recovered. When Saturdays level had been reached on the recovery the action of the market indicated that the measrue taken by the banking communl- tv were by no means designed to induce speculation for the rise at this time. Prices of the market leaders as lhey rose over Saturdays level were helo pach by very liberal offerings.s The statement was made that no fears were entertaineu for the present situation and that the formation of a protective pool was only A precautionary measure and pfopaply no action would be required on the part of It's members in the way of supplying f,nds to the market While the knowl- edge of the steps taken by the ruling powers in the financial world induced a feeling of great relief in all quarters, the belief was not disgusted that the pool was an emergency measure. not differing in kind and degree from those adopted in other periods of crises in Wall street. The action of the market this morning, an ton of last weeks violent decline, following as it did also a prolonged period of gradual decline, awakened real ahN- tety over the outcome. The violent meas ures adopted in the Venezuelan trouble added to the uneasiness. Sentiment was also pessimistic over the money outlook.
 The opening call was 10 per cent, and 4he days large syndicate requirements and the heavy aecumulations for the Standard Oil dividend, aroused the fear that there would be additional large withdrawals of credit. Not only the inn mediate but the prospective syndicate needs, running up to many millions or dollars were calculated to aggraYate the fears of borrowers. The statement of the country's general trade for November was dlscouraging as to the foreign ex- change situation, showing as it did de- crease in the balance of trade in our favor of over $24,0 00000, compared with NoVem- ber 1901. The small interior grain move ment lessened the effect also of the re- cent revival in grain exports Later in the day some effect was produced upon senti- menL Dy the TlSe III CDlCd6O tACiieti5S from 25c premium on Saturday to 40c pre- mium today. The payment by the sub treasury of 00O0 on a telegraphic trans fer from San Francisco marked the abate- ment of a demand upon New York money market, which has caused much appre- hension. The foreign exchange market also weakened materially This last named feature was directly due to the higher money rate. What effect upon all these factors may result from the pro- vision of a $50,0O0,0OO relief fund for the New York money market is a problem which is the subject of much interest in The surmise. The market showed some hesitation at the close, but the tone was firm.
 The bond market in the morning was weak, but later showed some recovery. Total sales, par value $S,120,000.
 United States bonds were all unchanged on the last call.