New-York tribune., 1902-12-16
sEx dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Opening prices of stocks yesterday were in
almost all cases below Saturdays final prices.
and under nressure of a mass of selling orders,
in large measure from out-of-town operators
and traders the market continued to decline
for half hour So when short covering ne-
gan which restored prices nearly to the opening
level The rally short lived however. for
tafore moon another recession occurred, which
carried prices down to the low level of the day,
such maximum declines from Saturday beng
made at 2I5 points in Missouri Pacific. points
In Union Pacific. ~ in St. Paul, and l& in
,Qew-Yorlz Central The opening rate for call
money was 10 per cent and this fact, coupled
with the possibility that the Venezuelan situa-
1ion might develop complications affecting the
United States. had much to do with the de-
cline. But in the early afternoon report was
heard. which soon received confirmation, that
great banking interests had formed money
pool and stood ready 10 loan call sums to
the aggregate amount of S5o,e00,ooO, if neces-
sary for legitimate requirements. This infor-
nation had a reassuring influence on sentiment
and prices began TO advance again, the market
closing strong with the losses of the day in gen
eral fully recovered and with fractional net
gains in many of the standard railway issues
No money was loaned yesterday by the pool, and
the proba bilitiies are that none viii be. a SINH
lar pool it was recalled. had been formed a year
ago at the time of the assassination of Presi-
dent Mckinley: but that pool had occasion to
put out no money. The present pool has
been organized simply a measure of
prudence and precaution. The Secretary of the
Treasury has within the past two three days
served public notice that he cannot and viii
not come to the relief of Wall Street in the
near future and the great bankers who
from their influence and position qualified to
voice the opinion of Wall Street coincide fully
in his view-that it is no part Of the official
duty of a Secretary of the Treasury to inter
vene with relief if a severe money squeeze
shall occur in this market Such relief is more
properly a function Of the banks themselves,
and they are prepared to furnish ii. But. just
as they have for many weeks persistently dis
couraged a revival of stock market specula-
Ii l. so they will to il that not a
dollar of their vast emergency fund is loaned
for the purpose of facilitating such operations.
In other words, it is recognized that the
ket at the present time can safely be allowed
TO take care Of itself: but it is also recognized
a contingency that there may come day
within the next few weeks when. conse-
quence of the continuous daily drain Of money
for customs payments, the preparations for the
enormous dividend and interest disbursements
soon TO be made and the backwardness of the
return movement Of money from the interior
TO this centre. the money stringency may be-
come really acute and menacng. If such
crisis shall threaten the millions of the pool
viii be, 30 the extent required, placed at the
disposal of legitimate borrowers. Whence the
S50.oe0000 will be drawn is question TO
which no authoritative answer be obtained
Probably the banks would feel justified in
temporarily drawing on their reserves in It'd
i: over crisis Of real gravity There Is open
TO them the use of the reserve maintained bv
then, against government deposits, this reserve
amounting TO about S10e00000 held by the
local banks, which government deposi-
tories: and upon it S40ooO,000 of credits could
be based. The banks however, have consist
emily declined to avail themselves of Secretary
slaw's permission to treat this S10,ooG,oOO as
an additional deposit, and it is extremely i'm
probable that they will now reverse their po-
stion It is nearly as improbable that the
mercy pool will be obliged to put out in loans
any part of the S50000,on0 which has been
pledged.
The governments statistics OF foreign COM
rnerce for November show the total value Of the
imports to have been SS5.41S.765, S12912,45S
more than for November last year. while the ex-
ports amounted to S125.043, 1S1 or S11.412.45S
less than for the corresponding month of 1901,
the excess of exports over imports thus decreas-
ing S24, ,325.oo0 for the months. The showing
is not a favorable one hut the exports of manu-
factures continue in undiminished volume and
the returns since December / indicate that at
last the shipment of wheat and corn, which IN
November. as in preceding months. decreased
materially. as compared with the movement in
1901, is under way on q scale commensurate
with the vastness of the harvest of 1902 as
contrasted with the size of the preceding years
harvest.
THE DAYS OPERATIONS IN soNDS
GOVERNMENT RONDS-Market steady Final