The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-12-19
UPWARD JUMP in STOCKS
PROSPECT OF PEACE IN VENEZUELA
INFLUENCES STOCK MARKET.
Moral Effect of Formation of Bankers
Pool supplemented by Actual
Favorable Developments.

NEW YORK, Dec. 1s.-Measured by to-
days advance in prices, the strained situa-
ton in Venezuela has been the cause of
much more uneasiness than was suspected
in Wall street. The depressing effect of
this influence has served to hold back the
market from the natural recovery which
was due after the action taken by the
bankers pool on Monday to insure the mon
ey market from any violent crisis. The
fear of such crisis has been the prepon-
derating influence in the long decline Of
stocks, and the practical assurance of pro-
lection from it would have caused vio-
lent recovery in the natural course of
things. The fear of a complication with
the powers concerned in the Venezuelan
demonstration seems TO have been the fac
tor in deferring the recovery. When the
operators came down to their offices this
morning, after having read in the morning
papers the news that the Venezuelan Presi-
dent has practically abandoned opposition
TO the demands OF Great Britain and Ger
many, they were quick TO jump at the con-
clusion that all danger of complications
was thereby removed. There was an up
ward jump In prices at the start, and the
market showed constantly broadening
tendency till past midday. The demand
after that showed some signs of satisfac-
ton, but in the last half hour there was
a revival of animation and final rush
strong closing. The room traders were
skeptical of the advance throughout the
early. portion of the session and kept maxi
ing short sales on the way up. Their hasty
buying to cover contributed to the final
squirt in prices.
Sentiment regarding the money outlook
has steadily grown more confident. The
moral effect of the formation of the bank
ers pool has been supplemented by actual
favorable developments. The banks have
been relieved from much of the subtreasury
drain yuh hos la;r
sources for several weeks. Their loss to
the government from its Institution up
to last night was only s63S,00O, while for
the corresponding period last week it had
reached sl.656.OOO. without counting the
S1.0C0,OO0 taken for export to South America
1t is the general supposition also that
heavy sums have been received from the
Interior The deposit to-day for the trans
fer to Chicago of S10O, COO is something of
an anomaly, in view of the 80 per cent.
premium on New York exchange at Chi
cago The breaking down of the specula-
ton In corn in Chicago is regarded with
approval in Wall street, as il has involved
large money requirements there, and is
also believed to have kept down the export
movement of corn by reason of the high
/ prices maintained.
The time money market showed increas-
ing ease to-day, and rates for six months
| loans were shaded from per cent Even
for the shorter periods large amounts were
ofered To-day's Bank of England state
ment did not make a strong showing and
| the advance in the Bank of Bengal rate.
which was made to-day, is some times a
preliminary TO an advance in the Bank of
| England rate. Sterling exchange here con-
| tinued heavy and advanced at Paris, so
| that no immediate apprehension is felt of
gold exports. An increased interior move
ment of grain and heavier receipts of cot
| ton were encouraging factors. Pool opera
| tons were recorded to be responsible for
| the activity and strength of some of the
| market leaders. and there Is reason to sup
| pose that very large short interest was
covered to-day. ST. Paul. Southern Pa
| cine, Missouri Pacific and the United States
| Steel stocks were conspicuous features of
| the speculation, but there was a long list
| OF securities in which gains ranged to 3
per cent.
Bonds were active and strong i'm sym-
| pathy with stocks. Total sales at par value
| were $3,3S0OO0. United States bonds were all
| unchanged on the last call.
FOLLOWING are the days share sales and
| the recorded price changes: