The Birmingham age-herald., 1902-12-17
STOCK PRICES
 MELT AT CLOSE
Sharp Advance Before Noon
 Soon Took Tumble
SPECULATORS ARE AT WORK
Powerful Interests In the Financial World Which Announced This Or ganizatlon for Protection of
 Money Market Behind It.

New York. December 1e.-There was an extraordinary melting away of prices in the last half-hour of tsday's market fol- lowing a marking up of quotations during all the previous portion of the session. Shortly before 2.so o'clock prices were at the highest of the day and net gains of ? points or over had been attained by leading stocks here and there in all the principal groups, such as Pennsylvania Southern Pacific, Missouri Pacific St. Paul. Rock Island preferred, Delaware and Hudson and sugar. In the last half hour St. Paul dropped back abruptly S# and some of the other stocks were carried swiftly downward The interpretation OF the movement was believed to be que 10 the powerful interests in the nnanclal world which announced their organiza- ton yesterday for the protection of the money market and who desired to convey q warning that they had no intention Of allowing those plans to be interfered with unless within judicious speculation, at this time of the year. There was more or less realization before the close by the professional traders who bought in yesterdays market and this morning Previous to the final slump the course of prices was quite prosperously upward There were reports of assurances received by the state department regarding the intentions of Great Britain and Germany in Venezuela, which served to cause better sentiment on that subject, but the principal influence in the rise was the re- assuring effect of the formation of the bankers pool providing $50,000,000 for use in a money stringency. The effect was to relieve the stock market from the pressure of 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 some of the inac- tive stocks, among which floating supply is always light, especially dn the Wander bilt group
 There was some surprise expressed, however over the extent of the protective measures taken by the banks. There are much surmises as to a possible real need of these measures which has not been disclosed, and a disposition to con- sider that the existence of such a need was indicated by the formation of the pool. While it was recognized that no part of this find would be likely to find it's way directly into the stock market, 1t was considered probable that further withdrawals of loans from the stock mar ket would be avoided owing to the un- favorable eect on the sentiment, which the heavy stock liquidation has caused. The incipal good which it is to achieve by the announcement of the large re- sources available, is upon sentiment Part Of the present stringency is undoubtedly due to the withholding of funds by per- sons who have become timid, or who have determined to wait for high money rates before lending their resources. Call loan rates did not get above 61b per cent to- day and ran off to below per cent when the principal demands had been met. The time money market also was called easier in tone, although not quotably changed. Much satisfaction was felt because, not withstanding the easy tone of the mar ket, sterling exchange yielded an addi- tlonal fraction. The stock market closed distinctly weak.
 Bonds became firm in sympathy with stocks, but yielded at the last
 Total sales, par value, $2, 505 900. United States new 4s declined F per cent on the last call.