The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-12-23
We RE ALL RIGHT.
But Panicky London Is Still
Making Us Presents
of Millions.
CLEARING HOUSE TO THE RESCUE
No More Trouble on Wall
Street-Stoeks Rising and
Investors Buying.
POET WATsON's QUEER APPEAL
English Press Modifies Its Tone
Congress Brought to Time
by the President.

NEW YORK, Dec. %, 1SS5.-It has been
long time since the Stock Exchange
has witnessed such a lively opening as it
did this morning. The brokers were in
better spirits and long before the open
ing it certainly seemed that strong
reaction had set in and that the market
would see a sharp recovery today. Sell
dom has Wall street been SO active at
such an early hour as it was today.
Financial people generally were at their
offices early, and the floor of the Ex-
change, half an hour before the begin
ming of business, was crowded with a
bustling throng of brokers and attend
ants.
Up in the galleries there was another
large gathering of sight-seers, who view
ed with great interest the scenes on the
floor. There We're a large number of
ladies present, too, who seemed mysti-
fled by the apparently wild antics of the
operators The good feeling manifested
on the Exchange this morning was at
tributed to the better tone for Americans
in London; the statement that the Clear
ing House would, at a meeting at noon
today, recommend the issuance of loan
certificates, if necessary, and the efforts
now making at Washington to relieve
the Treasury situation.
The opening of the market was excited
and attended with a greater strength
than for some days past.
The largest crowds were in st. Paul.
Rock Island Chicago Gas. New Jersey
Central, Burlington and Quincy and
Sugar.
The feature of the opening of the
market was the enormous number of or
ders from ''outside" investors. Almost
every broker had his share of their
business, and as the purchases were
outright, tended to steady the market,
give confidence to the brokers and make
them happy inasmuch as the dealings
relieved them from further responsible
ity of the orders
Practically all the foreign houses had
buying orders this morning. The orders
came from al parts of the Continent.
and in the aggregate ran into the thou
sands of shares. The fact that all the
settlements to the Stock Exchange
Clearing House were completed before
half-past ten A. NJ, was another devel-.
opment which tended to inspire the
Street with confidence. As the settle
ments were carried through success
fully, the sensational rumors which
were current late Saturday about i'm
pending failures to big stock exchange
firms were at once set at rest.
Prices in the first hour brushed up
anywhere from l to 6 per cent. Pull
man rose 61s to 1924. Jersey Central 6,
to 80; Sugar 4, to 81 a 95i4; Alton ard
Terre Haute 61s, to 5S1s; Atchson 1as,
to 1875; Tobacco 2A, to 72z a IN; Big
-Four 2, to "a; Burlington and Quincy 2,
to "A a 735s; Chicago Gas 37s. to 61% a
611s.
A further rise in prices was recorded
after eleven O'Clock and brokers with
Vanderbilt and other strong connections
were buyers of the market
New York Central rose to 971s, Alton &
Terre Haute to 60; Canada Southern to
471k; Big -Four to "a; Chesapeake & Ohio
to Is; Burlington & Quincy to 47s;
Chicago Gas to e314 Consolidated Gas to
1431s; Lackawanna to 160; Lake Erie &
Western pfd. to to Sc: Lake Shore to
l42; Metropolitan Traction to 95A; Atchi-
son pfd. to 2015; Kansas & Texas pfd. to
aS24 Lead to %; Pacific Mail to 241s:
Tennessee Coal to 25sz; Cordage pfd to 8;
do guaranteed to 17l4, and Leather pfd
to g.
The sdvan;- ttugh. about realization~
by operators who had bought for turn
and there was reaction of 1@2 per cent.
Speculation near noon was active and ir-
regular.
AS considerable anxiety has prevailed
in regard to the export movement of
gold this week. a tour of the foreign
houses who usually figure in this trade
was made this morning. The best OBJ
tainable information is that little gold
will go Wednesday, but all the firms
seem to wish to go on record as desirous
of avoiding shipments. Lazard Freres and
Barring Magoun and Company said they
would not ship any whatever. but L.
Won Hoffman & Co. will be compelled to
forward a little OF the metal probably
on Wednesday. The Phoenix Bank of
this city this morning turned 100000
gold to the Sub-Treasury in exchange
for currency.
The Stock Exchange has ruled that
securities in the name or guaranteed by
insolvent members. are good delivery
until further notice. This win prevent
considerable friction in deals between
members.
The Clearing House Association held
a largely attended meeting at noon to-
day. Great interest was shown In the
meeting. all the prominent banks of
the city being represented. The session
was very short, lasting only seven min
utes. A number of the prominent MEM
bers met at the house of President
Tappan, of the Gallatin National Bank
last night and decided upon a course to
be pursued This was to appoint Loan
Commission with power to. issue GER
fificates to an unlimited amount, at the
rate Of 6 per cent with a one-sixteenth
commission.
hf+ar poireS info session the follow
ing resolution was Immediately adopted =
sResolved. That a committee of five
he appointed by the Chair. with the
President. to receive from bank members
Of the association, bills receivable and
other securities. to be approved by said
committee. who shall be authorized to
issue to such depositing banks loan GER
tsficates bearing interest at six per cent.