The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-12-26
NQ|ke| Reports.
FINANCIAL.
STOCKS AND BONDS.

New York, Dec. 23.-The all-important
consideration affecting the stock market
was the decision arrived at by the clear
ing house committee at meeting Sun
day Mt the house of President Tappen
of the Gallatin National bank and cabled
at midnight to London to recommend
that the issue of certificates of clearing
house loans be made at once if necessary.
There is good authority that this timely
action turned the sentiment in London to
the bull side of securities and anticipated
the panic here. The engagements of
gold to Europe on Wednesday also was
attributed to this influence. Today's
operations exhibited decided and whole
some contrast to the panic of Friday
and Saturday. The volume of business
was well distributed, but the dealings
skunk to an aggregate of about 100000
shares below Fridays grand total. The
main interest before the opening hour
centered in the London prices for our
securities, and as the cables recorded ad-
vances up to 2 3-S per cent good rally
in the local market was confidently eX-
pected. 1t was also known that large
buying orders had been received for for
eign account to be executed in this mar
ket. Accordingly amid considerable ex-
rapidly up, the advances in the first few
minutes ranging up to q per cent in New
Jersey Central. The rise had been so
sudden as to prevent the fulfillment of
any of the many London orders, and af-
ter the first quarter of an hour realizing
sales checked the movement. Sugar and
Susquehana and Western sustained loss
es of = IL; Western Union, 2 3-S, and
Southern preferred, st. Paul and New
Jersey Central Is per cent. The re-
action was shortlived, but the subsequent
dealings were irregular. The market
again took decided upward turn around
L p. IN. A feature was the execution
of an unusually large amount of small
investment orders for cash purchases.
This was also, it will be recalled, po-
tent factor in ending the 1893 panic. In
this movement the best prices of the day
were made as rule. The gains at the
top figures We're:
Pullman Rubber preferred, s IL:
Consolidated Gas and Alton and Terre
Haute, 8; Chicago Gas, Z; Lake Erie and
Western preferred 6 IL; Rock Island,
q II; Lackawana, Metropolitan Trac-
ton and New Jersey Central, 6; and
Cordage guaranteed, IA: Louisville,
New Albany preferred, 81 Colorado Fuel,
4 5-S; st. Paul, 4 IL; Sugar, 4 Burling-
IL, i
cent.
Coverings of shorts were large ON the
general rally and induced by the COM
paratively light engagements of gold,
amounting to only S1000,000. 1t had
been announced that the assay office
would be closed at noon tomorrow, and
this encouraged the expectation that the
export would be limited to that sum.
Later, however, the order was counter
manded, and thus full day will be al
lowed TO would-be shippers of the pre-
cious metal. Most of the large gold
houses have expressed unwillingness to
ship at this time. The course of money
was erratic, and as high as 70 per cent
was paid on a moderate line of money.
Much lower valuation was quoted event
ually, however. The market closed at 3
per cent.
The satisfactory completion of the
enormous clearings of the financial en-
barrassments excited decided favorable
comment. Only a single failure, and
that small one, was announced on the
New York exchange. An equally unim-
portant suspension occurred on the Con
soldated exchange. The open opinion
that the issue of bonds is imminent has
been generally expected in banking cir
cles: The speculation in bonds was
again of large proportions, the transac-
tons aggregating $3,201, 000 The spec
ulative issues were in good demand and
only, scored material advances. The
market was governed by the influences
noted in the review of the share specu-
latlon. Some of the less active mort
cages have, however, sustained sharp
declines. COrdage lists rose II 1-2 per
cent to "a, reacted to 20 and rallied again
to rs - at the close.
Among other gains were Kansas and
Texas seconds, 4 IL; Atchison adjust
ment As, 4; Southern 5s and Atchson
is, 3 81; Iron Mountain 5s, 3; Atchson
seconds. 2 81; Texas Pacific lists and
st. Louis and Southwestern DDS. 3 ~
and Texas Pacific seconds 2 per cent.
-, Government bonds receded sharply on
the probability of new issue impend-
ing. The recessiOns amounted to from
l to IL per cent. the last in the IS
coupon, of which $4,000 bonds were sold.
The other securities were not traded in.