The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-12-28

Nnukht-
New York. Dec. 2l.--The dark clouds
which have hung heavily over New
lork's financial interests for the past
few days. began TO break and roll away
Monday morning, and the CLEAN of sun
shine which came creeping through the
parting clouds was joyously welcomed
by those whose interest lay In that d.
rection. Indeed. IL was a radical change
that came over the financial situation.
the tendency throughout the whole
market being for steady advance
ment. which greatly encouraged opera
tors and served 10 impart a great feeling
OF relief and restore confidence In opera
tions
The market enjoyed a sharp recovery
ut tho very beginning, due principally
TO favorable change In London, the
prompt steps taken by the associated
banks 10 relieve the money pressure
by providing for an issuance OF loan
certificates and the possibility of a new
government bond issue. First prices
for the stocks which suffered the most
loss last week showed gains of from one
TO six points over Saturdays closing
prices. OF course, as might be expect
ed. some irrcgulnrity followed, hut In
tho afternoon the tendency again be-
came upward. The chief features of
the market itself were the very large
number OF outright purchases by out
side" investors. as Is customary in con-
ditions that prevail in times like these.
the market affording. in the opinion
of these investors, unusual opportuni-
ties for good and profitable invest
mcnts. The covering of shorts was an
other noticeable feature. Altogether,
the day was one for congratulations
among Wall street men.
The buying was stimulated by the
action of the New York Clearing House
association. which decided at meet
ing held at noon to issue loan certifi-
Gates II required. This means that
no brokerage concern with anything
like marketable collateral need pay
fancy rates for money and IS of the
greatest importance TO the street. AL
most simultaneously with the official
announcement OF the clearing house
action there were heavy offerings OF
money by j. Pierpont Morgan a. CO.,
Flower d Co. and other prominent
firms, and call loans which had COM
manded as high as rs per cent on
pledge of fancy stocks as collateral
dropped quickly TO six per cent. on the
regular dividend payers, and finally
fell TO three per cent. A feature OF the
days business was the picking up OF
stocks for cash. The fact that the set
Elements at the stock exchange clear
ing house passed through successfully,
and a belief that President Cleveland
will act promptly In the matter OF re-
,,lenishing the gold reserve In case con-
gress should delay both acted as a sus-
tanning influence.
The two failures Of the dny--one ON
the stock exchange and one on the Con-
solidated--werc of little Importance
and had no bearing on the market.
The eyes Of Wall street are now
turned toward Washington. Financial
men say that in order to keep up tho
confidence restored some favorable ac-
ton on the money question must ut
once be taken by congress. Apprehcn-
sion still exists In the street that COM
gress will shirlx this duty. and IL Is pre-
dicted. II this is done, another disaster
in the stock market will result unless
the president comes to the rescue.