The San Francisco call., 1895-12-24
Bankers, Brokers and Investors
Relieved by the Turning
of the Tide.
MARKETS SHARP RECOVERY.
Now the Men of Money Are Confident
of Beneficial Acts by
Congress.

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 geam of sunshine which
came creeping through the parting clouds
was joyously welcomed by those whose in-
terest lay in that direction. Indeed, it
was radical change that came over the
financial situation to-day the tendency
| throughout the whole market being for
steady advancement, which greatly en-
couraged operators and served to impart a
great feeling of relief and restore conf
dence in operat ions.
| Certainly, Wall-street men wore very
! happy expression upon their countenances,
which clearly showed which way the tide
was turning. Bankers, brokers, investors
and specula tors were inexpressibly re-
! leved. Those whose securities showed
them immense losses were happy that
some of the loss was regained; those who
were upon the ragged edge of ruin Satur-
day night were placed upon their feet
| again uy the rising tide, and others who
had foresight enough to see that the crisis
had been reached with the close of busi-
ness Saturday noon and bought in at the
lowest prices were exultant with Joy and
busy counting their profits.
The market enjoyed sharp recovery at
the very beginning, due principally to
| favorable change in London and the
prompt steps taken by the associated
banks to relieve the money pressure by
providing for an issuance of loan certif-
Gates and the possibility of a new Govern
ment 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 expected, some irregularity
| followed, but in the afternoon the ten
dency again became upward. The chief
features of the market itself were the very
large number of outright purchases by
"outside" investors, as is customary in
conditions that prevail in times like these,
the market affording, in the opinion Of
| these investors, unusual opportunities for
good and profitable investments. The
covering of shorts was another noticeable
| feature.
| Altogether the day was one for congratu-
| lations 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 light heart and
prayer Of thanks. 1t was undeniably adj
mitted that the action of boards and trust
com panies in regard to the money market
did much relative to the situation. The
leading institutions supplied their regular
customers among the brokers at 6 per
cent, but on the stock exchange, in some
instances, from 10 to IS per cent was paid
for call loans. On the whole there was
com mparatively little tightness in the money
market. although it was quite exciting at
times, and loans which run out to-day
were renewed at per cent before regular
rate was quoted. Holders of good security
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.
Stock Exchange and one on the CONSOLE.
dated-were of little Importance and had
| no bearing on the market.
Settlements through the New York Ell.
change Clearing g-house developed no weak
ness on the part of any brokerage firm,
although it was well understood that sew
eIdl HOUSES III tuc StIcct, WuiCu Adu pScn
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
toward Washington. Financial men say
| that IN order to keep up the confidence re-
stored to-day some favorable action on the
| money question must at once be 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 would result
unless the President comes to the rescue.
The new bond-issue question has taken
a strong hold in Wall street, and already
bankers are holding informal conferences
as to the matter. The feeling is that il
Congress does not Immediately heed the
Presidents financial message Mr.. Cleve-
land will himself take the matter in hand
and declare bond issue without delay.
Some rumors had it to-day that this latter
action would be taken tomorrow, bnt this
| is not reasonable, inasmuch as it is known
that the Ways and Means Committee has
! relief measure under advisement, which
will likely be reported to Congress some
| time this week.
Chauncey M. Depew, who was visitor
in the street to-day, said he would venture