The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-12-13
ANIMATED AS
A BULL FIGHT
Was the Stocks and SeCuri-
ties Market Yesterday.
DEM0RALIZE0 AT START
News of Possible Easier
Money Revived Things.

New York. Dec. 12-There was sud
den revulsion in sentiment during the
days trading at the stock exchange, which
transformed a demoralized market into
what looked Ike an animated bun specu-
lation. Undoubtedly the bear account.
which had suddenly expa nded 10 unwieId-
" proportions in the last three days,
was partly responsible for the sudden and
violent recovery Of prices. but the change
in sentiment on the part of this element
was prompted by the evidences Of large
and influential buying OF a more sub
.stantial character. This was the signal
for the upturn OF the market Before
noon there were ragged declines OF all
the way from l 10 points in the prices
OF active railroad stocks IN the inactive
lists including specislties, the losses eX-
tended TO 7 and % points, the last named
in New York and Harlem. The last pre-
vious sale Of this stock was made in
April OF 1901 at 40 Todays sale was Of
200 shares at 400. The sale OF securities
of this grade in a demoralized market
is generally regarded as the result OF eX-
irene pressure for money. That there
was such pressure today is beyond dispute
and a great part Of the selling was prob
ably without the free choice OF the nOmi-
nal holders of the securities. The with
drawal of credits from holders of stock
and the practical impOssibility of obtain
ing fresh accommodation left no recourse
bat 20 throw over their holdings at the
best prices they could get. For 3 time
this process was carried on as il was
yesterday. with practically 10 buyers in
the market, but at the extreme decline
the buying demand developed. II is prob
able that the level OF prices in itself serv-
ed as some attraction 70 buyers who have
resources in reserve to ayau themselves
OF bargains The easing Of the money sit
patton a result Of the days events
also gave some distressed holders the
power TO secure means TO protect their
holdings from sacrifice. The drastic liQui
dauon eected was the immediate cause
of relief 10 the crisis in the money mar
ket. An important factor was the an
nouncement that the 100000 block Of
Pennsylvania Car Trust certificates
which was taken by the New York bank
eTs earlier in the week had been taken
by foreign capitalists The street was
prompt TO jump at the conclusion that a
corresponding amount of capital would
be Immediately released 70 place in the
local loan money. At all events the Incl
dent helped TO relieve acute anxiety over
the money outlook and was promptly fol
lowed by an effective rally. Another in
iuential factor was the revelation. by the
publication OF preliminary figures of the
currency movement. that the banks had
gained something over S2OO0000 on the
regular interior movement OF currency.
thus offsetting 10 that extent the loss Of
$50 60 on sub-treasury operations and
gold exports. Taken in connection with
the probable loan contraction. a less un-
favora BILE bank statement is indicated
than was feared. The rise in New York
exchange at Chicago today from l5c pre-
MUM 10 pc premium and a sharp frac-
tional fall in sterling exchange are inGi-
cations that the stringent condition OF
the local money market Is having Its
effect in attracting funds Of other sources
Some mystery attaches 10 the source OF
the very large and sudden demand for
money IN the last day or two. which re-
suited in displacing loans from the stock
market. That there was some such extra
ordinary demand is evident on the au-
thority OF bankers. The application OF
the president Of Venezuela for arbitIa-
ton Of his difficulties was a favorable
character fin stock exchange sentiment.
The violent upturn Of prices transformed
the early losses into general net gains,
which in some cases were sufficient TO
wipe out ali Of yesterdays declines Great
No1thern preferred gained 4 per cent.
and a great sprinkling Of the leaders Of
the market gained from , 10 3. The mar
ket closed STEADY but slightly below the
best Bonds rallied from early weakness
in sympathy with stocks.
Total sales. par value. $4,000.
United States bonds were All unchanged
on the last call
Closing quotations al stocks were as
follows