The daily morning journal and courier., 1902-12-20
Ftna11rta1.
TESTERD4T,S STOCK MARKET.
Sharp Break i'm Prices Toward inc End
 of the Day.

Sharp Break i'm Prices Toward the End of the Day
 New York, Dec 19-To- days stock market showed the natural effect of the elimination yesterday of very large short interest and the consequent lack of an important sustaining influence. Yesterdays upward rush of prices also led to considerable realizing. The pro- fessional traders on the floor, appre- ciating this state of affairs, worked for a reaction all day and were rewarded the latter part of the day by a sharp break in prices, which carried most of the market leaders generally below last night. Some renewed anxiety was felt over the Venezuelan situation The forecast of the weekly bank statement did not promise as well as was counted upon the middle of the week and there was some selling due to disappoint- meth on that score. London turned seller in this market to-day, reversing the position of yesterday. Most of this selling, however, was purely arbitrage business, the advance here going ahead of London and giving opportunity to cover sales here by buying in London. Published reports of a heavy Notation of railroad bonds of the Vanderbilt system in London attracted consider
 able attention, this morning, and con- tributed to a sharp rise in New York Central. This development promised such important results in the exchange
 situation that it was accepted with
 avidity by hullish traders. The rumor
 met with denials from authoritative
 qaurters and this helped to turn the
 market downwards. St. Paul was q
 conspicuous center of strength with
 continued rumors of an early issue of
 the new stock authorized. The ad-
 vance was accompanied by some eyi-
 dence of manipulation and the gain
 was almost entirely wiped out. The eager demand for anthracite sustained
 the coalers. Great Northern preferred
 rose sharply without explanation. The
 sharp advance in the price of copper
 in London helped Amalgamated Cop | per These special points of strength
 sustained the market early in the day l in face of the realizing, which was in ! evidence from the start, most notably l in those stocks which have led the weeks advance. Southern Pacific, Mis-
 sauri Pacific, Sugar, Manhattan and ! Louisville and Nashville were all suf- 1 ferers on this score. There was some 1 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 $4315000 less than 1t was last
 week. while interior exchanges on New 1 York has ruled at high rates gave rise 1 to hopes of a large recuperation this l week in the cash reserves of the banks,
 but 1t seems that the gain on the regu- lar interior movement has been insuf- fiCient to offset even this largely de- creased drain upon the sub-treasury.
 Consequently a small net loss of less than a hundred thousand dollars is in-
 dicated for the week. This did not in- clude to-day's transfer of $500 to New Orleans, which is supposed to be due to the large speculation in cotton ] at that point. The news of this trans
 fer was a factor in breaking the mar ket to-day. The report of the weekly exports of grain was also a disappOint-
 ment, the outgo of wheat being more
 than a million bushels less than in this week a year ago. whilst the growth in the corn export proved but moderate. Sterling exchange made a further de- cline to-day and the time money mar
 ket showed the effect of growing sup plies, the rate for short periods falling to per cent. flat, with no additional exaction for commission.
 The bond market was better sus- tained than stocks, reflecting some in vestment demand in anticipation of the January coupons. Total sales par value $3, 900, ,000.
 United States bonds were all un- changed on the last call.