The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-12-17
SUDDEN SLUMP MARKS CLOSE
OF WALL STREET TRADING.
CHANGE FOLLOWS DAY OF
STEADY ADVANCES.
Powerful Interests in Protective
Pool DO Not Propose to Per
nit Interference.

New York, Dec. l6.-Tncre was an ex-
traordira-y melting away of prices in the
last half hour Of to-day's market, follow
ing a marking up Of quotations during the
previous portion of the session. Shortly
before 80 prices We're at the highest of the
day. and Act gains Of > points or over had
been attained by leading stocks here ana
there In all the principal groups, such as
Pennsylvania. Southern Pacific, Missouri
Paci-ic. ST. Paul. Rock Island preferred.
Delaware and Hudson and Sugar. II the
last half hour ST. Paul dropped back alb
rupt!y &H.. and some of the other stocks
We're carried swiftly downward. The IN
terrretation of the movement was believed
to be that the powerful interests IN tse
SInlZatIon Yesterday for the protection al
tho money market. desired 10 convey Il
warning mat they had no intention. OF AZ
lowing those plans To be :utcItered with
There was NOR. or less realizing before
the close by tue professional traders VINO
bought in yssteruay's market ana carry
this morning. Previous to the final stump
the course Of prices was quite prosrerous!y
upward.
There We're reports of assurances received
by the State Department regarding the IN
ten;ions Of Germany and Great Britain III
Venezuela which served to cause 4 better
sentiment on that subject. but the pr!ncl-
pal influence in the rise was the 1eaSiuriiS
effect OF The bankers pool. providing 80
tnl..6 for usa in II possible money market
emergency The effect was to relieve TN"
stock market from the pressure Of iiIuldi-
ton. Offerings became So light. IN Tact.
that il WAS found easy tn bid up prices
on very light purchases. This was III" not
able case among some of tn" inactive stocks
among which the f!cat.nE supply is always
Hight. especially in the Vanderbilt group
There was some surprise expressed. how
ever. over the extent OF the protective
measures taken by the banks. There WAS
much suTiniSe as l. 4 possible real rceG Tor
these measures |.ich has not been DIS.
closed and a diSK scion to consider That
the existence of Su-.I Il need was llIi-
Gated by the formation Ct the pool.
TRADERS HOPES.
While II was recognized that no part OF
this fund would likely find its way uirecuE
into the stock market. il was considered
probable that further Withdrawals Of loans
from the stock market would be avoiGeh
owing TO the favorable effect on sentiment.
which the heavy stock liquidation has
hoped to achieve by the announcement Of
the large resources available is upon senti-
ment. Part of the present Stringency Is I'M
douatediy due to the Withholding OF fGnGS
by persons who have become tinid or VINO
have determined to wait for high money
rates before lending their resources. Call
loan rates did not get above o. per cent to-
dav. and ran off to below > per cent when
the principal demands had been met. The
time-m0ney market was also called easier
Much satisfaction was felt because. not
witlstanding the easier tone of money: ster,,
ling exchange rates yielded an additional
fraction. The stock market closed distinct
ly weak.
par value. s.. :yb5.G coo. United States new As
declined p per cent on the last call.