The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-20
THE PROFESSIONALS
WERE IN EVIDENCE.
They Worked for q Reaction in
the Market.
WEEKLY BANK STATEMENT
Forecast Did Not Promise as Good a
Showing Rs Was Hoped for.
Bonds Were Better
Sustained.
WEEKLY BANK STATEMENT
{Ry Associated Prcss.l

NEW YORK, Dec. le.-To-day's stock
market showed the natural effect OF the
elimination yesterday of q very large
short interest and the consequent lack
OF an important sustaining influence Yes
terGay'S upward rush Of prices also led
to considerable realizing The profess
sonal traders on the floor, approaching
this state OF affairs. worked for a reac.
ton all day. and were rewarded in the
later part OF the day. by sharp break
in prices which carried most Of the mar
kct leaders generally below last night.
The forecast Of the weekly bank state
ment did not promise as good a showing
as was counted upon in the middle o. ',ie
week, and there was some selling, que 70
0isappointment on that score
published reports OF a heaSS iio.d.ioii
o. railroad bonds Of the NanoeroliI sys-
tenn In London attracted conslnetapie at
tention this morning and contributed 10
lumor met with denials from authorize
tive quarters and this helped to turn the
market dowTwardS.
St Paul was conspicuous center OF
strength with continued rumors Of an
early issue of the new stock authorized.
The advance was accompanied by some
evidence OF manipulation, and the gair
was almost entirely wiped out The
continued eager demand for anthracite
sustained the Coalers. Great Northern
preferred rose sharply without expiana-
ton. The sharp advance III the price OF
copper In London helped Amalganated
Copper. These special points of strength
served TO sustain the market during the
early part Of the day in face of the
realizing which was in evidence from the
start, and most notably 50 in those stocks
which have led the weeks advance.
Southern Pacific, Missouri Pacific Sugar.
Manhattan and Louisville and nashville
were all sufferers on this score. Therc
was some check to the selling before the
close. which was firm.
The fact that the loss Of the banks TO
the sub-Treasury this week is s;4l3.o40
IT, ,1,e,-, los
exchange on New York has ruled at
high rates, gave rise 10 hopes of q large
regeneration this week In the cash re-
serves of the banks. but 1t seems that
the gain on the regular interior move
7nest has been insufficient 10 Offset even
this largely decreased drain to the sub
Treasury. Consequently q small net loss
of less than 100000 is Indicated for the
week This did not include to-day S
transfer Of $3.50 .0o1 to New Orleans. which
IS supposed to be due to the large spec
llation in cotton at that point. The news
of this transfer was factor in break
ing the market to-day. Sterling exchange.
however. made a further decline to-day.
and the time money market showed the
effect of growing supplies. the rate for
short periods falling to 6 per cent. fiat.
with no additional eXaction for commits
sion.
The bond market was better sustained
than stocks, rejecting some investment
demand in anticipation of the January
coupons Total sales. par value. SS.os9.Ool.
United States bonds were all unchanged
on the last call.
The total sales OF stocks for the day
were 10000 shares.