The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-12-19
PROSPECTS FOR PEACE HAVE
EFFECT ON SPECULATION.
STOCKS GENERALLY MAKE
CONSIDERABLE GAINS.
Rates for Time Money Show In
creased Easiness-BOnds Are
Active and Strong.

New York, Dec. lS.-Measured by to-day's
advance in prices. the strained situation in
Venezuela has been cause of much more
uncaSineSS than was suspected in Wall
street. The depressing effect CT this in
filGence 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 money market
from any violent crisis. The fear of such a
crisis has been the preponderating Influence
in the long decline of stocks and the practic-
al assurance OF protection from il would hav
caused a violent recovery in the natural
course of things. The fear of a coInpllca-
ton with the Powers concerned in the
! Venezuelan demonstration seems to have
ne2n the factor In delerring the recovery.
! When operators came down to their offices
: TINS morning after having read in the morn
ing papers the news that the Venezuelan
President had practically abandoned OPP
position TO the demands of Great Britain
ana Germany, they were quick to jump to
lions WAS thereby removed.
UNI IN PRICES.
There was an upward jump in prices at
the start. ana the market showed a con-
stantiy broadening tendency till the mid
Jay. Inc demana after that showed some
Signs OF satisfaction, but In the last
hait hour there Was Il revival in animation
and a final rush OF prices to the top level
traders were skegtiCal of lhe advance
throughout the early portion of the session
49, hNIA AA.S-h TtIOA L salts jill lItS way Up-
Their hasty buying to cover contributed to
the tina! squirt in prices. Sentiment re-
sarding the money outlook has steadily
grown more confident. The moral effect
of the formation of the bankers pool has
been supplemented by actual favorable de-
velopmcnts. The banks nave been relieved
from much of the Subtreasury drain. which
has been sappiuS their resources for sever
al weeks. Their loss to the Government
institution up to last night was only $685.
Ca. while for the corresponding period last
week II had reached $i,G5t, 90. without count
Ing the $l,VD.vvJ taken Tor export to South
America. 1t IS the general superstition al
~ that heavy sums have been received
from the interior.
The deposit to-day for transfer TO Chi
ca$o of SioD 100 is something of an anomaly,
IN view Of the 80 cent premium on New
York exchange at Chicago. The breaking
down OF the speculation in corn at Chi
caso is regarded. with approval in Wall
street. as ii has involved large money re-
quiTeIaents and is also believed to have kept
down the export movement of corn by rea-
son of the high prices maintained.
TIME MONEY EASIER.
Thu time money market showed increas-
ing ease to-day, and rates for loans Were
shaded from : per cent. oven for the
shorter periods larger amounts were offered.
~To-day,s Eank OF England statement did
not make 4 strong showing. and advance in
the Sank OF Bengal rate. which was made
to-day, Is sometimes a preliminary to an adj
vance in the Bank OF England rate. Sterling
exchange here continued heavy ana adj
vanced at Paris. so that no immediate APP
prehension is felt of gold exports. An in
creased interior movement Of grain and
heavier receipts of cotton were encour-
asing factors. Pool operations were said to
be responsible for the activity and strength
OF some Of the market leaders. and there is
reason to suppose that q very large short
interest was covered to-day. St. Paul. |
southern Pacific, Missouri Pacific and the
United States Steel stocks We're conspicu- !
Gus features of the speculation, but there
was a long list of securities, in which d!
gems ranged from 9 TO 3 points.
me bolq market was active and strong
in sympathy with stocks. Total sales. par
value. S.3@1.00. United States bonds were |
all unchanged on the last call.
EnNn caVES , ~ Nr-vr ~ !