Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-12-19
Stocks Were Irregular With
Reactionary Tendency.
WEAK AT THE CLOSE
VENEZUELAN SITUATION HAD
DEPRESSING TENDENCY.
Expectation Of an Unsatisfactory Bank
Statement Also q Deter
rent influence.
Special DISPATCH TO The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK, December i9.-London quo.
tatons for American railway shares were
little above our closing prices OF yes
terday In the early trading. but a little
later became somewhat irregular. and the
foreigners were disposed to await develop
ments in the New York stock market
The local stock market also showed some
Irregularities at the opening Union Pacific
was up Is, Erie LIST preferred a. Colorado
Southern y. Erie common and I'd preferred
u. United States Steel preferred u. the COM
mon stock q. st. Paul u. Canadian Pacific
u, Illinois Central Il, New York Central "a.
while there We're declines Of from u to -
In the following: Southern Pacific, Sugar.
Ontario and Western. Norfolk and Western.
Brooklyn Rapid Transit and Baltimore and
Ohio common.
The news in regard to the Venezuelan
situation was unchanged from that of yes
terday, but the speculative temper was
still somewhat optimistic. and after the
first few minutes OF trading the market
started another advance on general buy
ing. which carried prices from one-half to
1l2 above last nights closing figures. the
latter gain being scored In st. Paul, which
was the strongest of the railroad stocks.
The Erie issues. too. were very firm, and
the transactions in the common especially
were large.
New York Central was said TO have ar
ranged for placing a large block of its
bonds abroad, and this rumor was helpful
to the stock in the early trading.
Arbitrage houses were rather free sellers
on the early advance here, their sales
amounting to about $1,000 shares.
Just before noon reaction started.
brought about by good realizing sales In the
earlier trading and helped by the foreign
selling alluded to above
the advance, thinking the recovery had
been too rapid. In the setback the general
list lost from II to IL.
Money on call loaned at about So per
cent In the early afternoon another rally
was started, mainly on the continued
strength of St. Paul, but the general list
responded only fractionalIy. and there APP
peared to be pretty good selling on the
slight Improvement noted
In the movement of money this week the
gains from the interior amount to about one
million and quarter. This, however. Is not
as large as expected earlier IN the week and
Is nearly one million less than last weeks
gain.
The banks have lost to the subtreasury
about one million and half. and unless
the banks show large decreases in the loan
account the statement tomorrow will not
be as favorable as had been looked for.
This feeling, together with a rumor that
there was hitch In the Venezuelan ne
gotiations, led to rather a sharp decline in
the afternoon, prices receding with some
activity from 1 to ia per cent below the
best prices of the earlier trading, and there
appeared to be less support from the
larger interests in the street.
In regard to the Venezuelan rumor. 1t Is
not unlikely that long diplomatic wrangle
may occur, with the wind blowing hot
and cold" at times. and in consequence
the bulls and bears will each have an inning
with regard to the speculative temper OF
the street. Under these circumstances con-
servatism In trading is the best thing for
the outsider to practice just now, whether
he be at heart a bull or a bear on the
situation. In the late trading the market
still continued to show a reactionary ten
dency, and the traders were rather free
sellers OF the general list.