Birmingham state herald., 1895-12-24
DIRK CLOUDS DRIFTING And the Sun Shines Once More
 < on Wall Street.
 S
 /T DIS IUNTLED SPECULATORS Y Yesterday Wearing Smiles of Self. Congratulations sl .H KEDT pIICN
IND KEPT BUSY COUNTING PROFITS
Capitalists Have Their Eyes Turned to Washington and Say That a Bond Issue Must Come Without
 Delay.

which have hung heavily over New Yorks 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 part ing clouds was joyously welcomed by those whose interest lay in that direc- tion. Indeed it was a radical change that came over the financial situation today, the tendency throughout the whole mar ket being for a steady advancement, which greatly encouraged operators and served to impart a great feeling of relief and restore confidence in operations. Certainly Wall street men wore very happy expression upon their counte- nances, which clearly showed which way the tide was turning. Bankers. brokers, investors and speculators were mex pressibly relieved. Those whose security showed them immense losses were happy that some of the loss was regained; those who were upon the ragged edge of ruin Saturday night were placed upon their feet again by the rising tide, and others who had foresight 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 profits.
 The market enjoyed sharp recovery at the very beginning, due principally to a favorable change in London, the prompt steps taken by the associated banks to relieve the money pressure by providing for an issuance of loan cer- tificates and the possibility of new gov ernment bond issue. First prices Tor the stocks which suffered the most loss last week showed gains of from to 5 points over Saturdays closing prices. Ofcourse, as ipbf ha aXnaCtpd irreQulaT1IX followed but in the afternoon the ten dency again became upward. The cnleI 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 opin- ion of these investors, unusual opportu- mites for good and profitable invest ments. The covering of the shorts was another noticeable feature. Altogether the day was one for congratulations among Wall street men, and many Of the operators who came to business in the morning with fear and trembling left Tn the evening with light heart ana ~ prayer of thanks. It was undeniably ad- mitted that the action of the banks and trust companies in regard to the money market did much to relieve the Sltua- tion The leading institutions supplleu their regular customers among the prok- CTS at per cent. But on the stock ex- change in some instances, from 10 to ID per cent was paid for call loans. on the whole there was comparatively nt- tie tightneSs in the money market, ai- though it was quite exciting at times, and loans which ran out today were re- neWed at per cent before regular rate was quoted Holders of good securities had little difficulty in supplying ther wants. ..
 The large amount of money brought into the street by the outside public 10 nurchase bonds and stocks was greatly welcomed and did much to relieve the pressure. - .,..-
 The two failures of the day-one on the stock exchange and one on the consoh. dated.-were of little importance and had no bearing on the marsset. Settlements through the New York stock exchange clearing house developed no weakness on the part of any brokerage firm, althougn it was well understood that several houses in the street which had been 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 conhdenco restored today some favorable acton on the money question must at once pe taken by congress Apprehension stiit exists in the street that congress Will shirk its duty, and it is predicted that ID this is done another disaster in the stock
 
 comes to the rescue.
 The new bond issue question has taken strong hold in Wall street, and already bankers are holding informal confer ences as to the emission. The feeling IS that if congress does not heed the presi- dents financial message MT. Cleveland himself will take the matter in hand ana declare a bond issue without delay. Some rumors had it today that this lat ter action would be taken tomorrow, but this is not reasonable, inasmuch as 1t is known that the ways and means com- mittee have relief measure under ad- ylsement which will likely be reported to congress some time this week.
 Chauncey M. Depew. who was a vis- itor in the street today, said he would venture the prediction that there would be bond issue within five days.
 The engagements of gold for Wednes- days steamers fell below estimates, only s550 .0O0 having been ordered for shipment for the day mentioned. Up to late hour but $250. 900 gold bars had been spo- ken for at the sub-treasury. The depos- its of gold at the sub-treasury were $l0O,- GOO by the Phenix National bank ana $50, ,O00 by the Bank of America. The withdrawals were $350000 by the British American Mortgage company, $50,0OO by the Bank of British North America ana $1O0,000 by the Merchants bank of Can-