Omaha daily bee., 1902-12-18
NEW YORK STOCKS AND BONDS.
Prices Rise Again TIL Last Hour,
when Heavy sales Cause FRII.

NEW YORK, Dec. 1I-The movement Of
prices IN today's stock market was an
almost exact repetition Of that OF yestera
day. There was the same broadening show
OF strength up to the last hour, when a
selling movement developed, which wiped
out practically all of the earlier gains and
carried some prices below last nights. The
reaction today was rather more gradual
and not quite so severe as yesterday, and
was followed by a steadier tone just be-
fore the close. There is no reason to doubt
that the late selling movement today came
objects as that OF yesterday, that Is to
say, from sources in touch with the bank
ers money pool, and with the object OF dis
couraging any indulgence In speculation.
The sharpness and suddenness of last
nights decline led to the supposition In
some quarters that it was due to some
coming bad news regarding the Ven
%ezuelan situation. Today's decline had no
such suspicious to account for 1t. The early
small part to the relief felt over the failure
of yesterdays sinister rumors to material
lie. The facts developed over night re-
garding the Venezuelan situation, although
containing some ~unfavorable features, were
so much less threatening than had been
feared that speculative. sentiment showed
stocks and manifested on that score. A
number of special influences also helped
the show OF strength; The passage Of
the Pennsylvania tunnel franchise by the
New York Board of Aldermen helped the
stock of that company and its subsidiary
companies. Stocks of other companies with
terminals on the New Jersey shore off the
Hudson were also affected. Sugar also
continued TO reflect the hope OF benefit
from the Cuban reciprocity treaty, but the
leaders of the speculative advance stocks
In which were powerful pools are known
to exist. m are current that some
members of these pools had ventured to
go short of the stocks involved during the
recent decline, and were now liable to be
called on for their share OF the pool hold
ings, which had figured in loans of stock
for clandestine short sales. The purchase
by the United States Steel corporation of
the Union Steel company was received at
first with miXeo emotions, owing to the
prospect of a large bond Issue against the
purchase. but the steel shares subsequently
became prominent factors in the advance.
Reports from Philadelphia of a coming
gas, electric and traction merger had a
rather disturbing influence, as does every
development threatening further syndicate
engagements.
The sub-tressury drain upon the market
Is greatly relaxed, owing TO heavy pension
payments and the practical cession OF de-
posits for transfer to the interior. The
banks gained from the sub-treasury on
yesterdays operations 1924, 900, reducing
their loss since Friday to $685., 900. Today's
was the first made through the sub-treas-
ury for the past eight business days. 1t is
also reported that heavy receipts have
been made by the banks during the last
few lays on the regular express move
ment from the interior. Sterling exchange
cradle sales of stock here for London ac-
count and disappointing seaboard grain
clearances.
Bonds were irregular, in sympathy with
stocks. Total sales, par value, So 1000.
US bonds were all unchanged on the last
call.
The following are the closing prices on
the New York Stock exchange: