The record-union., 1895-12-24

Announced in a Few Days.
NEW YORK. Dec, 23.-The dark
clouds which have hung heavily over
New York's financial interests for the
past few days began to break and roll
away this morning, and the gleam of
sunshine which came creeping through
the parting clouds was joyously well
coined by those whose interest lay in
that direction. Indeed, it was a radical
change that came over the financial sit
uatiOn to-day, the tendency through
out the whole market being for steady
advancement, which greatly encour-
aged operators and served to impart
a great feeling of relief and restore
confidence in operations.
Certainly Wall street men wore a
very happy expression upon their coun-
tenances, which clearly showed which
way the tide was turning. Bankers,
brokers, investors and spectators were
inexpressibly relieved. Those whose Sc
curities showed them immense losses
were happy that some of the loss was
regained; those who were upon the rag
ged edge of ruin Saturday night were
placed upon their feet again by the
rising tide, and others who had fore
sight enough to see that the crisis had
been reached with the close of business
Saturday noon, and bought in at the
lowest prices, were exultant with joy
and busy counting their profits.
The market enjoyed a sharp recovery
at the very beginning, due principally
to d favorable change in London, the
prompt steps taken by the associated
banks to relieve the money market by
providing for an issuance of loan GER
tificates, and the possibility of a new
Government bond issue. First prices
for 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 irregularity followed, but in
the afternoon the tendency again be-
came upward.
The chief features of the market it
self were the very large number of out
right purchases by outside" invest
ors as is customary in conditions that
prevail in times like these, the market
affording, in the opinion of these in
vestors, unusual opportunities for good
and profitable investments. The COW
ering of shorts was another noticeable
feature.
Altogether the day was one for con-
gratulations among Wall street men,
and many of the operators who came
to business in the morning with fear
and trembling left in the evening with
a light heart and prayer of thanks.
Ill Il 4n6 hot fbn
action of the boards and trust compa-
MES in regard to the money market
did much to relieve the situation. The
leading institutions supplied their reg
ular customers among the brokers at
6 per cent, but on the stock exchanges,
in some instances, from 10 to 70 per
cent was paid for call loans. On the
whole, there was comparatively little
tightness in the money market, al
though it was quite exciting at times,
and loans which run out to-day were re-
newed at 6 per cent. before a regular
rate was quoted. Holders of good secur-
ity had little difficulty in supplying
their wants.
The large amount of money brought
into the street by the outside public to
purchase bonds and stocks was greatly
welcomed, and did much to relieve the
pressure.
The two failures of the day were of
little Importance, and had no bearing
on the market. Settlements through
the New York Exchange Clearing
house developed no weakness on the
part of any of brokerage firm, although
it was we'll understood that several
CT Vrh
pinched by the big decline last week
were not too sound. The rally perhaps,
saved them from the disastrous storm.
The eyes of Wall street are now
turned to Washington. Financial men
say in order TO keep up the confidence
restored to-day some favorable action
On the money question must be at once
taken by Congress. Apprehension still
exists in the street that Congress will
shirk this duty, and, it is predicted,
if this is done, another disaster in the
stock market will result. unless the
President comes to the rescue.
The new bond issue question has
taken strong hold in Wall street, and
already bankers are holding informal
conferences as to the emission. The
feeling is that if Congress does not i'm
mediately heed the Presidents financial
measure Mr. Cleveland will himself
take the matter in hand and declare a.
bend issue without delay. Some ru-
mors had it to-day that this latter ac-
ton would be taken tomorrow, but this
is not reasonable. inasmuch as it is
known that the Ways and Means Com
mittee has a relief measure under ad-
visernent which likely will be reported
to Congress some time this week.
Chauncey NJ. Depew, who was a vis-
itor in the street to-day, said he would
venture the prediction that there would
be a bond issue within five DAYS.