The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-12-19
Financial.
STOCK MARKET.

Prices Advanced strong Close
| New York, Dec. 18.-Measured by to-
days advance. in prices, the strained
situation in Venezuela has been the
cause of much more uneasiness than
was suspected in Wall street The de-
pressing effect of this influence has held
back the market from the natural re-
| covery, which was due after the action
| taken by the bankers pool on Monday
| to insure the money market from any
violent crisis. The fear of such a crisis
has been the preponderating influence
in the long decline of stocks, and the
practical assurance of protection from
it would have caused violent recovery
in the natural course of things. The fear
of complication with great powers con-
| cerned in the Venezuelan demonstra-
| ton seems to have been the fixture in
| deferring the recovry. There was an
| upward jump In prices at the start to-
| day and the market showed a con-
stantly broadening tendency till past
midday The demand after that show
! ed some signs Of satisfaction, but in the
| last half hour there was a revival in
| animation and a final rush of prices to
| the top level of the day with a strong
| closing. The room traders were sceptic-
al of the advance throughout the early
portion of the session and kept making
short sales on the way up. Their hasty
! buying to cover contributed to the final
squirt in prices
| Sentiment regarding the money out
| look has steadily grown more confident
The moral effect of the formation of
the bankers pool has been supplement-
ed by actual favorable/ developments
The banks have been relieved from
| much of the sub-trea sury drain, which
has been sapping their resources for
| several weeks. Their loss to the gov
| eminent institution las night was only
| $638,000 while for the corresponding
period last week it had reached $685.
| OO0 without counting the 81, 100000 taxi
| en- for export to South America. 1t is
the general supposition, Also that heavy
| sums have been received from the in
| terror. The deposits to-day for trans
| fer to Chicago of 100000 is something
Of an anomaly, in view of the So cent
premium on New York exchange at
| Chicago. The breakdown of the spec
| ulation in corn at Chicago is regarded
| with approval in Wall street, for it has
involved large money requirements
| there, and it is also believed to have
kept down the export movement of
corn by reason Of the high price main
| tanned. The time money market show
ed increasing ease to-day and rates for
six months loans were shaded from s
per cent. Even for the shol ter periods
larger amounts were offered. To-day's
bank Uf England statement did not
| make strong showing, and the ad-
vanced bank of Bengal rate, which
was made to-day, is sometimes pre-
| liminary to an advance in the Bank of
| England rate. Sterling exchange here
continued to be heavy and advanced at
Paris, so that no immediate apprehen-
sion is felt of gold exports. An increas-
ed interior movement of grain and
| heavier receipts of cotton was encour-
aging factors. Pool opera lions were re-
corded as responsible for the activity
and strength Of some Of the market
| leaders, and there is good reason to sup
| pose that a very large short interest
was covered to-day. st. Paul, Southern
| Pacific, Missouri Pacific and the United
States Steel stocks We're conspicuous
features Of the speculation, but there
was a long list Of securities in which
grains ranged from to 3 points.
The bond market was active and
strong in sympathy with stocks. Total
sales par value $3,%90000.
United States bonds were all unchang-
ed on the last call.