New-York tribune., 1902-12-19
BONDS.
THE DAYS OPERATIONS IN STOCKS,

The stock markets response yesterday 10 'ie
,,z,e,-night announcement Of the virtual eho u
.4e Venezuelan war was an opening retiai Ae
Gle for its advances and its display Oh Coiiii
-, nd . 5av of sustained strength OF prices
S.,5 Of sustained buoyancy OF tone A''4ioue
-sa,,- had really believed that this soNeIiiei
hu,ou1d be entangled in the quarrel between
sz,,eIa and her European creditors the SIT ti0i
s,,cr that complications involving the United
.v+.as might have occurred and the uncertalrts
b.5 derressing effect the market In aoui-
-. : ~ 5issiY,ation of the war cloud threat
=. .ltbo,,gT IL was no bigger than a man
A,d .nother occurrence also gave a power
- .+4,o,,l,,s TO buIlish sentiment-the collapse
80 +be corn pool in Chicago and the ieSui'ii'9
t1O-oent break ir the price of corn. wan No nc
ba-iaI,v lower prices for corn, a greatly iH0i
i,vnort movement in that commonly may sP0
o. :. e,nacted. enlarging the traffic returns
- +ba railways which will carry me gram ~
she seahoard and also making more relllole 'e
h,,e,ibood Of gold exports. Exchange was Weah
sn6 lower yesterday, principally on heavy onel
sngs Of grain bills Ihe oeli'NHu
rlose was about 1865
-, -,o,,a1, market continued easy. the
-. -.,sirp between 6 and 41a per cent, and a
-, Sanp7,tne feeling prevailed as 10 the OUT
,ool for time money. There were reports a tnat
;v ,,,on+rs' loans had been effected at "S%W'72
-,er cent but these were not cohhrineu-
lowest rate during the last few weeks Ior siA
months loans has been per cent Inc peAsioi'
-,.yr,ents this week are heavy. more thah couii-
-erl,alsncing the customs collecuons, anu % g
-ss,l+ the net loss Of the banks 10 the 0UO
Treasury is so far this week apparently allio9'
Sanooona less than at the corresponding time
5ast week Opinion general thaI to-liIOi
vows hank statement would be a good one ana
-,;s belief was a factor. with the Venezuelan
ws and the decline in corn, in causing 1le
.ooly market 70 advance. The market was
,rong all day, heavy covering by shorts ana
extensive operations for the long account COIL
,insne 30 cause the rise. No important reces-
..fo,s occurred. and a final upward movement
an the last half hour brought the day to close
tzi+h nrices at or close to the highest
Whether or not the Improvement can be sus-
..t,.5 Sc 3 ouestjon which is deeply interesting
.ba Street The decline consequent upon the
eorebodings as TO Venezuelan complications has
been small and yesterdays recovery has
broue,ht prices back TO the level at which they
g<+oo5 before those complications had begun to
i1ooro ,,non the horizon of Wall Street The
,s.ocl Exchange sales yesterday aggregated
NEARLY one million shares but nnillion-share Gays
su q bull market mean heavy loan expansion
isnd although the great sums Wnlch CURING
many weeks have been sent TO the interior are
now beginning to return, although so 1ar IN
small volume it should not be forgotten 1hat
sbe reserves of the banks are not yet large ana
4,ha+ with the next month the banks will have
TO complete their preparations for the heaviest
srterest and dividend disbursements ever known
A generous expansion of loans concorreh's
with those preparations might he possible but
-.a result 1vould he a recourse to the resouces
nf the SJoOoo.o00 money pool. That pool It's
snsuagers say. was formed not as an aid TO
sneea,lat5on. but solely safeguard against
q market crisis which might occur as result
of q money squeeze in the course of the opera
zion of gathering together the funds which the
hanks Drould need for disbursement to bondhold-
lers and stockholders next month In view OF
lshe explicit announcement of the pool managers
that they do not expect that any call will be
made 1fpon them for assistance. il is hard TO
believe that the great institutions which are
arties to the pool will consent to enlarge great
~ their accommodation 10 borrowers whose ob-
sect may be TO institute at this juncture bull
carnpaiSn