The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-12-17
Financial.
YESTERDAY,S STOCK MARKET.

Extraordinary Netting Away OF Prices
Toward the Clcse.
New York, Dec. 1G.-There was an extra
ordinary melting away of prices in the last
half hour of today's market, following
marking up of quotations during all the pre-
vious portion of the session. Shortly before
2:30 o'clock prices were at the highest point
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 alb
ruptly 3M, and some of the other stocks
were carried swiftly downward. The in
depreciation of the movement probably was
that the powerful interests in the financial
world which announced an organization yes
terday, for the protection or the money mar
krL, desired TO convey warning that iley
had no intention Of allowing those plans to
be intcrfered with by injudiciOus specua-
ton ut this time.
There was more or less realizing before
the close by the professional traders, who
bought in yesterdays market and early To-
day. Previous to the final slump the course
of prices was quite prOsperousiy upwards.
Reports that assurances had been received
by the state department. regarding the IN
tentiOns of Great Britain and Germany III
Venezuela caused better sentiment on thar
subject, but the principal influence in the
rise was the reaSSuring effect OF the f0rma-
ton of the bankers pool providing S50,U0O,-
600 fer use in money market emergency
The effect was to relieve the STOCK marker
from the pressure of liquidation. In fact,
offerings became so light that it was found
e.str to bid up prices on very light pur-
chascs. This was notably the case among
some inactive stocks, of which the floating
supply Is always light, especially III the
Vanderbilt group
Some surprise was expressed, however,
over the extent Of the protective measures
taken by the banks. There was much sur
mise as to a need for these measures, which
has not been disclosed, and disposition to
consider that the existence of such Il need
was signalizcd by the formation Of the pool.
While it was recognized that no part Of this
fund would be likely to find it way directly
into the stock market, it was considered
probable that further Withdrawals of loans
from the stock market would be avoided,
owing to the unfav0rable effect on senti-
ment which the heavy stock liquidation has
caused. The principal good which 1t is
hoped to achieve by the announcement OF
the large resources available is upon seuti-
ment.
Part Of the present stringency is und0uht-
eddy due to the withholding OF funds Ivy per-
sons who have become tlmld or VINO nave
determined to wait for high money rates
before lending their resources. Call loan
rates did not get above G1k per cent. to-day
and ran off to below 5 per cent. when the
principal demands had been met. The time
money market was also easier in tone, al,
though not quotably changed. Much salts.
faction was felt because, notwithstanding
the easier tone of money, sterling exchange
rates yielded an additional fraction. The
stock market closed distinctly weak.
II 10 firm hTF II
stocks but yielded at the last. Total sales
par value. $2,505,000.
United States new fours declined " on The
last call.