New-York tribune., 1902-12-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Heavy Humiliation took place in yesterday S
market and as a consequence prices suffered
severe declines in the greater number of issues
Selling WAS apparently for the account OF tred
holders of long stock. for spectators whose
margin had become exhausted, by the almost
steady decline of the last ten weeks. and Tor
pools that were compelled TO make further re-
'ductions in their holdings. owing to the refusal
Of the hanks longer TO finance their operations.
Rear pressure was exerted throughout the list
Rurnors OF failures losses by individual opera
tors and predictions of panic and various other
absurd stories were circulated with consider
able effert on sentiment and prices. Then an ad-
vance in call money rates and silly talk regard
ing the possibility of this country becoming in
NoIved in the Venezuelan trouble were success
fuI,,, used by the operators for lower quota
tions.
In the midday trading the market fairly
riemoralized. Prices apparently moved down
without the slightest attempt the part Of
substantial market interests to support values
and il was only in the last few minutes of busi-
ness that a tendency TO rally developed Stocks
were thronn over regardless of value. Even in
1-estnlent holdings were sacrificed in some cases
owing 10 the fear of complications over the
Venezuelan situation. Venezuela is name that
is not faroraby thought of in Wall Street
Memories of the stock market panic following
Cleveland's famous Venezuelan message or De
cember Ia. 1885. come TO Wall Street whenever
trouble develops in the unsettled South Ameri-
can republic. and although in the present case
the position of the United States in the affair
has been we'll known and clearly understood for
weeks the speculative community is uneasy oV-r
the practical state of war that now exists be-
tween England and Germany on the one SIDE
as opposed TO Venezuela on the other.
Maximum declines from to 4 points,
with heavier losses in several issues. At the
close net declines showed from l to : points,
Anaconda, American Cotton Oil, American
Grass Twine, Canada Southern, Delaware and
Hudson. Lackawanna, Great Northern pre-
ferred. Lake Erie and Western and North Amer
ican being exceptions. at net losses of from i TO
: points. The heaviest liquidation was in Atch-
ison Baltimore and Ohio, Brooklyn Rapid
Transit Canadian Pacific. ST. Paul, Erie, Louis
Vile and Nashville, Manhattan. Missouri Pa
ciic Pennsylvania, New-York Central, Read
ing. Rock Island. Southern Pacific, Southern
Railway. Union Pacific and United States Steel
issues Liquidation i'm the afternoon WAS ac-
companied by the closing out of several large
accounts held by interests who recently en-
deavored To start bull movement In commits
sion house circles it was said that many small
hut well protected holdings were sold, doubtless
owing to disappointment over the failure of
stocks 10 advance and the fear that there
would be no bottom to the market
There is no occasion for alarm and no sense III
sacrificing well protected securities The pres
eut declining tendency is not a development of
2 nermanent character. Money market condi-
1ioDs will not continue unfavorable for an eX-
tended period. and this country will not go to
war because of the attempt Of foreign powers to
collect money due them in South America fur-
chases of stocks at the current level should show
hpg gr1rlt of the
Conditions governing the intrinsic worth OF IN
x,astments are improving, and, outside OF pass
ing money market factors, there is little IN the
situation to encourage the idea that a long bear
,ampaign would be successful Call money
went as high as 9 per cent in yesterdays mar
let ruling at g per cent Substantial houses
found no difficulty in securing time funds at
,,.r cent although some concerns were forced 10
nav more for accommodation 1t was reported
I'm the day that several large loans had been
closed out with a sacrifice of collateral the SAFE
of 600 shares Of National City Bank stock
lending color to the report. Total sales, were
over one million shares