The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-12-24
ONE THING HELPED
ACTION OF NEW YORK FINANOIERS
STEMS THE TIDE


as in the Last Panic, with Results Inn
mediately Apparent in the London Mar
ket, SO that Business, Both There and OF
this side. Makes the Beginning Of . Re
turn to Normal Conditions Again--Golc
Shipments Less Menzcing-B Bond Issue
Probabilities
New York. Dec s6The all important
consideration affecting the stock mar
ket today was the decision arrived al
| by the clearing house committee at q
meeting on Sunday at the house OF
President Tappan OF the Gallatin Ma
! tional hank and cabled at midnight 70
London, 10 recommend that the issue
OF clearing house loan certificates be
made at once II necessary. There is
excellent authority for the belief that
| this timely action turned the sentimen;
in London TO the bull side OF our securi-
/ ties and incidentally stemmed the semi
| panic here. The very disproportionate
| engagements Of gold for shipment 10
| Europe on Wednesday 10 the previous
| large estimates were also attributed 70
| this influence. The days operations
| exhibited a decided and wholesome con-
| trast 10 the panic OF Friday. The vol
| ume Of business was well distributed,
| but the dealings shrunk 10 an aggre-
gate OF about $50, 900 shares below Fri
days grand level. The main interest
| before the opening here logically CEN
| tered in London prices for our securi-
| ties and. as the cables recorded ad-
vances UP TO SIS per cent IN St Paul.
| forecasts of a good rally in the local
! market were confidentially made II
| is also known that large buying orders
had been received for foreign account
| 10 be executed in this market Ac-
| cordingly.. amid considerable excite
ment. the initial prices were moved
rapidly upward. the advances in the
| first few minutes ranging up 10 s per
cent in New Jersey Central The rise
| had been so sudden as to prevent the
| fullfiHment OF many of the London or
| ders, and after the first quarter OF an
hour realizing sales checked the i'm
provement. Sugar and Susquehanna
| Western preferred sustaining losses OF
| 2Is per cent; Western Union. 2Ss per
| cent, and Southern preferred, St. Paul
and New Jersey Central, 2ls per cent.
The reaction was short-lived. but the
/ subsequent dealings were irregular.
The market again took a decided turn
| upward around ! p. m, feature being
| the execution OF an unusually large
amount of small investment orders for
cash purchases. This was also. IL viii
be recalled. potent factor in ending
the 1898 panic. In this movement. the
| best prices OF the day were made as a
rule. The gains at the top figures are:
Uullman, per cent; Rubber preferred.
S12 per cent; Consolidated Gas and Al
ton and Terre Haute, s per cent; Chi
cago Gas. per cent; Lake Erie and
Western preferred, 6Ia per cent; Rock
Island. Ga per cent. Lackawanna,
Metropolitan Traction and New Jersey
Central, 6lz per cent; Cordage gUaran-
teed, 81 per cent; Louisville and New
Albany preferred. 5 per cent: Colorado
Fuel, AS per cent; St. Paul. Az per
cent; Sugar, 4 per cent: Burlington. 3@s
per cent. and Northwest, IA per cent
Covering of shorts was large on the
general rally, and was also induced by
the comparatively light engagement Of
gold, amounting to only $1,000. 600. 1t
had been announced that the assay Of
flee would be closed at noon tomorrow.
and this encouraged the expectation
that the exports would be limited to
that sum. Late in the day, however
the order was countermanded and thus
a full day will be allowed to would-be
shippers of the precious metal. Most
willingness 10 ship az this time.
The call money market was erratic.
and as high as IS jer cent was paid on
a moderate line Of money. Successive
~ lower figures were quoted eventually
and money was offered freely at 4 per
cent in the late dealings and closed at
per cent. The successful com letiOn
of the enormous clearings of Friday
and Saturday without important finan-
favorable comment. Only a single fall
ure, and that a small one. was announc-
ed on the New York stock exchange.
An equally unimpOrtant suspension Oc-
CURED upon the Consolidated exchange.
The opinion that an issue of gold bonds
is imminent, and probably before the
end Of the present week. is general in
banking circles. The market left of
strong and close to the best prices OF
the day.
The speculation in bonds was again
Of large proportions. the transactions
aggregating 3.20I, 900. The speculative
Issues were in good demand and scored
material advances. The maket was
governed by the influences noted In the
review OF the share speculation. Some
of the less active mortgages. however.
sustained sharp declines. Cordage
firsts rose IL per cent. to 81 per cent.
reacted 10 % per cent, and rallied again
TO 2Sl2 per cent at the close. Other
important gains were. Northwest
debenture fives OF 1903 and Savannah
and Western frsts trust receipts. 3 per
cent; Wisconsin Central first trust re-
ceipts. 5iz per cent: Kansas and Texas
seconds. Az per cent; Atchison ADJUST
nent Tours. 4 per cent: Atchison fours,
ga per cent: Northern Pacific cOnsoi
fives and Iron Mountain fives. per
cent; Union Pacific, Denver and Rio
Grande. Northern Pacific collateral
trust SKIES and Atchison seconds. p.
per cent; Iron Mountain fves. per
cent; Texas and Pacific first and St
Louis Southwestern seconds. 2iz per
cent; Texas Pacific seconds. la Glede
Gas fives. and Chesapeake and Ohio.
AZ per cent; Burlington consols. AtchI-
son fOuTs trust receipts. 2 per cent. and
Chicago and Northern Pacific trust
trust receipts. l per cent. The sale OF
Southern fives al 81 per cent on Satur-
day was enormously reported by the
stock exchange. the best price being s.
per cent.
Government bonds receyied sharply
on the probability OF a mex issue I'm
pending. The recessious amounted %
TO = per cent. the fast In the fives
coupon. q which bonds 10000 were
sold. The other issues we're not trad
ed IN
LESS PANTCKY N LONDON.