New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-12-18
BONDS.
THE DAYS OPERATIONS IN STOCKS.

RI, saor or seriors complications from the
Venezuelan situation, which caused the recess
-,o, ;,, s+ocls on Tuesday afternoon, was ap-
nsrentlv dissipated entirely yesterday morning
the whole market opening higher and ADVANCING
until room. In the afternoon hours. however
Venezuela again appeared as factor me re-
r,ortA5 announcement by the British Premier.
AIR Bslfour that a state OF war eHlsteu pe
.peen Great Britain and the South American
state having more or less depressing erect
- <-,ec,,ra+iy,e sentiment and stock prices
,r.. dow was the seventh anniversary OF the
-x-enazrelan panic' a coincidence which was
ridelz noted and which was taken by some I"
he luminous But the opinion OF cohser NsuNe
and experienced men in Wall Street was 'ial
Mr.. Balfours declaration might be regarded d.
= favorab BILE development rather than an unla-
yo-abIe one as It removed the ugly POSSIBILITY
of q r,1pture of friendly relations between Ihe
limited States and the European allies WHICH
there is reason to believe would have occurred
upon the refusal of the English and German
,-s-s,,ins To allow the Venezuela line steamship
now hound from New-York TO La Guayra 10
mass the pacific blockade The assurances
given too by the English and German govern
rnents of their purpose not to take over any
mart of fhe territories Of Venezuela and the
Goodwill existing between the allies and the
United States are additional reasons for the
confidence of the Street that this country will
NOT he involved in the Venezuelan controversy
Throughout most of the day, indeed, Venezuela
uiayed no part whatever in the stock market:
pr if auv perhaps only in keeping intending
traders out of the market, for the transactions
Of the day were again very small The money
rate did not rise above per cent, and at the
close stood at 412 per cent. Further ease was
noted in foreign exchange which declined 10
-,,Eo n4.
ton bills and finance bills and small inquiry
for remittances. The banks continued TO re-
duoe their loss TO the Sub-Treasury, and in
dications pointed TO a much better showing next
Saturday than was made last week in the item
of cash decreases. There was sent TO New
Orleans through the Sub-TreasuTy the sum of
$4,000 the first transfer TO the interior in more
than week.
Railroad operations continue 10 show good re-
suits the Missouri Pacific, for example, show
ing for the second week in December $4,000
Increase in net earnings oyer the figures for the
same week in 1901. The purchase of the Union
Steel Company by the United States Steel Cor
poration had its defenders and its critics, but
the Steel stocks went UP. the common making
net gain of * of point and the preferred z
point. The operation was in some good quar-
tiers, however. not commenced the prediction
being made that it furnished precedent for the
acquisition by the Steel corporation of others
of its larger trade rivals. with corresponding
additions TO the fixed charges which the cor
poration must meet
Some striking early advances were made in
the active list. St. Paul opened full point UP,
at 1854 and by selling at 1I0k,
closing at 16S8z. Missouri Pacific, which closed
on Tuesday at 102 opened yesterday at 1884
1t touched 1o4 and closed at 1929, a Y point
net gain. Pennsylvania opened q OF point up
its tunnel victory, and advanced another Y
point, TO 1888; it closed at 1928, fractional
set loss Union Pacific opened IS per cent above
Tuesdays close, at 81 advanced to 971s and
closed at 961s. The afternoon recession was
gradual, and was on "A combination of iiquida-
ton due to the Venezuelan news, short selling
and profit taking.