New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-23
THE WORST OF 1T OVER.
FEELING IN REGARD TO THE STOCK
SITUATION.

IMPROVEMENT on THE EXCHANGE EXPECTED To-
FURTHER OPINIONS OF FINANCIAL MEN.
Whenever and wherever two spectators met
Yesterday their first words invariably We're:
What will stocks do Tomorrow While replies
to this question were conflicting. the unanimous
belief was that the panicky feeling had been
largely eliminated from the financial situation;
or In other words, that the scare had subsided.
II was agreed that the heavy decline had more
than discounted the adverse market conditions.
and that stocks were cheap. their merits con-
edered. The real question, so far as the course
of values to-day concerned. was considered
70 be the attitude Of dealers in American secur
.ties In London The better part OF the business
in London will be over before transactions begin
In New-York so that gauge of foreign specula-
tive sentiment will be obtained by the time the
operators and brokers reach Wall Street. no mat
ter how early they arrive.
Should the London quotations be better. as most
brokers thought not improbable in view OF
the large purchases of stocks for foreign account
in the late trading Saturday the New-York
prices will pick up rapidly. On the other hand.
there can be no great fall should London come
lower" because the iquda ton has been extern
sive, and the pressure on stocks would be almost
entirely derived from SHUT edieS-
The stock dealers said ii longer fear Of
war that affected prices but fear Of currency de-
probation by reason OF an exhaustion OF the
Treasury gold reserve. Heretofore. on as the
reserve has fallen below 500 O00 the idea has
been engendered abroad that the United States
was In danger OF going on a silver basis. Just
now the European notion-or. to be more exact,
the British noton-many brokers said yesterday.
was that the Government would be unable TO dis
pose Of bonds for gold TO replenish the reserve.
On this point Wall stree. man with connections
the other side said:
when the Government gets ready to emit
bonds II will have no difficulty In disposing OF
them for gold in the first place. Congress will
undoubtedly be quick to grant authority to issue
low-rate gold bonds but If 1t should not long-term
coin bonds can be sold in any amount In Conti-
mental Europe and even in England So far as
that goes. they could be sold at home for gold.
II is estimated that the gold holdings Of the banks
and other financial Institutions Of America and
the hoardings Of individuals amount to $75ooOO.-
900. The Government could have every dollar OF
this gold II 1t required H."
SIZE OF THE BOND ISSUE.
The talk was that the next issue of bonds would
be 5000 900 000 which was considered ample for all
present and prospective needs. both for restoring
the gold reserve and for meeting the deficiency In
the National revenues.
In the gathering at the Windsor Hotel yester-
day were Ex-Governor Roswell p. Flower Fred
S. Flower Frank w. SavIn, Isidor Wormser
George RutIedge Gibson. George NJ Pullman
Reginald H. Ward. Leopold Schepp Edward Was
sermann. p b. yeiller. Stephen Little. Peter De
Witt, Walter Watson and Jacob Rubino.
THE sentiment seems to be improved eaid ex-
Governor Flower II should say stocks would be
higher tomorrow. They ought to be- do not
believe people on the other side are going 70 try
to make matters worse here. When there Is
trouble In London the effect Is felt here. ohouo