The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-12-20
STOCK MARKET is AFFECTED.
Because Ct Provisional Nature Of
Great Brftzia's Reoly.

Great BFitai7'S Sepiy.
New York. Dec Is-ToGay-s stock mar
ket showed the naturai effect Of the elm
nation yesterday OF very large short
interest and the consequent lack OF an
important sustaining influence Yesrer-
day upward rush Of prices also lee: 70
considerable realizing The professional
traders ca the ao0r approaching this state
Of affairs wOhssd fo- reaction al day and
were rewarded II the latter part Of the
DAY By sharp break n prices which
carried most OF the leaders generally be-
low last night Some renewed anxiety
was fit over the Venezuelan situation
owing 10 the provisional nature Of The
reply from Great Britain and Germany
70 the proposition for arbitration. The
forecast OF the weekly bank staterle n
did not promise as good a showing as was
counted upon in the middle Of the week
and there vas some selling due % dls4p-
pointment on that score London also
turned seller today. reversing the position
Of YESTERDAY Most Of this selling. how
ever. WIS purely arbitrage business. the
advance here going ahead OF London and
allowing opportunities for cover sales
thereby buying n London Published re-
ports OF heavy fCtation OF railroad
bonds OF the Vanderbilt system IN Lon
don attracted some attention This morn
ing and contributed 10 a sharp rise in
New York Central This DEVELOPMENT
promised such impor1aut results in the
exchange situation that L was accepted
with avidity by builish traders Unf0r-
tlnately the minor met with dsniaIs
from authoritative quarters and this
helped 20 turn The market downwards
ST Paul was a conspicuous center Of
strength with continued rumors OF an
early issue Of the new stock authorized
The advance vas accompanied by some
violence Of manipulation ard the gain
was almost entirely wiped OUT. The con-
tinEed eager demand for Anthracite sus-
tanned the coaleEs. Great Northern pre-
Terred rose Sharply without explanation
The sharp advance IN the price OF COP
Per IN London helped Amalga mated Cop
per. These special points OF strength
served 20 sustain the market during the
early part Of the day IL face Of the real
ling. which was in evidence from the
start ard most notably so IL this those
stocks which have led the weeks ad-
vance. Southern Pacific. Missouri Pacific.
Sugar, Manhattan and Louisville and the
Nashville were all sufferers on this score
There was some check 10 the selling be-
fore the close, which was firm The fact
that the loss OF the banks 20 the sub
treasury this week is s4.3l5.000 less than
it was last week, while inteGSlr exchange
and gave rise 10 hopes Of d large recu-
peration this week in the cash reserves Of
the banks. bur IL seems that the gains
In the regular interior movement has
been sufficient TO offset even this IaFgeIy
decreased drain 10 the sub-treasUry- Con-
seque1tly. d small net loss OF less than a
hundred thousand dollars IS indicated for
the week This did not include todays
transfer Of S350. 90 20 New Orleans. which
is supposed 10 be due 10 the large spec
Ilstion in cotton at that point. The news
Ct this transfer was a factor IN break
Ing the market today. The report Of the
= eekly exports OF grain Was also a dlssp-
Dointnent. the outgo of wheat being
more than a million bushels less than IN
this week a year ago and the growth in
the corn exports proving but moderate.
Sterling exchange, however, made a fur
Their decline today a1d the time money
market showed the effect OF growing SUP
plies the rate for short periods falling 10
per cent fat. with no additional sxac-
ton for commission.
The bond market was better sustained
han stocks. rejecting some investment
demand in anticipation OF the January
coupons. Total sales par value. 8. $50 Co.
United States bonds were all unchanged
n the last call
Closing quotations Of stocks We're as
f-.Hf