Omaha daily bee., 1902-12-20
YORK STOCKS AND BONDS.
Prices React Strongly md Close Below
Opening Quotations.

NEW YORK, Dec. 19.-Today's stock
elimIinstion now Yesterday rde h az q iaT rmeG short or inc inc
terest and the consequent lack of an i'm
portant sustaining influence. Yesterdays
professional traders on the floor. appre-
ciating this state of affairs, worked for a
reaction all day and were rewarded In the
latter part of the day by a sharp break In
prices, which carried most of the leaders
generally below last night. Some renewed
anxiety was felt over the Venezuelan situa-
ton, owing to the provisional nature of the
reply from Great Britain and Germany to
the proposition for arbitration. The fore
cast of the weekly bank statement did not
show as good a showing as was counted
upon in the middle of the week, and there
that score. London also turned seller to-
day, reversing the position OF yesterday.
Most of this selling, however, was purely
arbitrage business. the advance here going
ahead of London and allowing opportunity
to cover sales here by buying in London.
published reports OF a heavy fotstion OF
tenn in London attracted some attention
this morning and contributed to a sharp
rise in New York Central. This develop
ment promised such Important results in
the exchange situation that 1t was accepted
with avn lily by bullish traders. .Unfor-
~tunately the rumor met with denials from
authoritative quarters, and this helped to
turn the market downward. ST. Paul was a
conspicuous center of strength, with con-
stock authorized. The advance was ac-
companied by some evidence Of manipula-
AlOH liz II gum was llO CullItl1
wiped out. The continued eager demand
for anthracite sustained the coalers. Great
Northern preferred rose sharply without
explanation. The sharp advance of copper
in ond helped Amalgamated Copper.
These special points of strength served to
sustain the market during the early part
of the day in face of the realizing, which
was in evidence from the start and most
notably so in those stocks which have led
the weeks advance. Southern Pacific. Mis-
souri, Pacific, Sugar. Manhattan and Louis
Vile e. Nashville were all sufferers on this
score. there was some check TO the SELL
ing before the close. when was firm. The
fact that the loss of the banks to the sub
treasury this week is $4,3l5,O00 less than 1t
was last week, while interior exchange on
New York has ruled at high rates, gave
rise to hopes of a large recuperation this
week in the cash reserve of the banks, but
1t seems that the regular interior move
ment has been sufficient to offset this
largely decreased drain to the subtreasury.
Consequently a small net loss of less than
100000 Is indicated for the week. This did
not include today's transfer of S350.0O0 to
New Orleans, which is supposed to be due
to the large speculation In cotton at that
point. The news of this transfer was a
factor in breaking the market today. The
report of the weekly exnorts Of grain was
also a disappointment, the outgo of wheat
being more than 100000 bushels less than
In this week a year ago, and the growth in
the corn exports proving but moderate.
Their decline today, making the time loan
I market show the effect of growing sup
kplies, the rate for short periods falling to C
per cent fiat. with no additional exaction
for commission.
The bond market was better sustained
than stocks, rejecting some investment de-
mand in anticipation of the January cou-
DORIS. Total sales, par value. $4,000.
the last call.
The following are the closing prices on