New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-23

|
don to avoid contributing to disturbance here.
| good many out-of-town customers who have
been called upon for margins will be heard from
In the morning and their remittances will be
calculated to help things. The reserve Of the
Clearing House banks Is now sl7.OOo,OOO in excess
Of the legal requirement. whereas in 1893 1t was
! far below the legal requirement. Consequently
there is enough money to meet demands. AS for
| the talk that the Government cannot 5el, bonds
for gold tho country. when it comes down to that,
would not be ruined II It went on silver basis,
| would 1t? If the Government wanted to 1t could
| sell $500 oOO 900 of bonds for greenbacks.'
Stocks are pretty low" said Mr.. Savin. Il
would not care to sell them at these prices Stocks
| are mostly in the hands Of rich men. who are
able to carry them. matter what takes place.
| The main point is whether money is made strin-
| gent by lenders II 1t is not, stocks would appear
to be about at bottom figures"
"The President didn't kill many ducks on his
last hunting trip" said Peter De Witt but ne
famed lot after he got back"
people are about over their scare" said p. B.
Veiller "and anticipate an immediate advance
in stocks"
GREAT FACTOR IN THE SITUATION.
A. B. Hepburn president Of the Third Ma
tional Bank and formerly Controller of the
Currency, in discussing the financial outlook,
said:
"The Venezuelan Commission may report in
three months and II may not report In eighteen
months. More or less doubt must exist until
1t does report, but. as has been pointed out
II the character Of the Commission is high, APP
prehension will be allayed There is this about
tho talk Of foreign conspiracy to take all
the gold out OF the United States Treasury by
returning 20 this country American securities
held abroad: If European fnancers made up
their minds to take away our gold they could
do it by calling the loans they have outstand-
ing here. They would not have to sell stocks
and bonds. There is no foreign conspiracy, but
there is a distrust of our currency"
Il used to go or twice year 10 hear the
San Francisco minstrels when they We're in ex-
stence" said S II. Kneeland "On one occa-
sion. I remember. Billy Birch said to the mid
die man: 4 jest cum back frum Phillamu-
delphy. where I made great success. People
so pleased they presented me with prck
house. Yes. sir brick house. Only trubbe
vuz, they frew it at me-a brick at time
busy lodging things. The story Of the parrot
and the terrier is also apropos. The parrot
said: Seek EN-" to the terrier. and when IT
crawled back on its perch minus its feathers,
1t shook its head ruefully and said: The
trouble with me is. talk too d much.
IF you draw line" said c. p. Huntington.
"and say to every one who approaches, Don't
you dare step over that line it is safe to say
that nine out Of every ten men would step
over II. suppose you tdlu. lou VIII OpiSe
me very much by not crossing that line; have
reason for making this request then nobody
would cross that line"
One broker said: II do not think that Presi
dent Cleveland realized how the bears would
take advantage of his message to make a raid
in the Street. know whole lot of astute
men who. when they saw stocks tumbng and
could have done something to stay the tide.
let them go for the reason that they knew
there would be a reaction and they only want
ed to wait until this reaction did come and
then they would be ready to with the
return flow Many shrewd investor was
down in the Street before the close Saturday.
buying right and left Perhaps, this is what
made the tide turn just before the close. They
that the worst had been reached and that
@ snd 20 s eas tar o the on
ready to catch on the minute the rise began.
REACTION EXPECTED.
"This will do double amount of good All
this talk about gold being withdrawn by the
Rothschilds and j. p Morgan & Co.. and Rus
sell Sage was part of the bear raid. These
men that are buying for rise will not only
strengthen the market, but great deal of
money that has been tied up in safe deposit
vaults and lying unused in banks will be
brought into circulation, and think that there
will be almost much Of boom as there was
of decline"
Other brokers talked in the same VEIN Con-
fidence was largely restored by conversation
ana those VINO nave been timOrous and fearful
for the strength of the market have veered
around. You cannot find man now who talks
war, but, on the other hand. all Of the Wall
Street men are deprecating the war talk and
strong In the belief that there is to be
no further complication. are ready TO back ND
their opinions by carrying the stocks that have
been hammered the worst.
Another broker said: Il don't zee what js the
use use OF getting scared or crying until you are
hurt All man has to do is to watch the
market to see that there is no real danger
Take the stocks like the New-York Cen
tral and the other stocks controlled bv the Van
derbllts; then look at Missouri Pacific and
Manhattan and Western Union which the
Goulds carry then look at the stocks in which
J. r. Morgan ~ interested. The message came
so quickly that before they had time to realize
II. the bears were down upon them like a
wolf upon the fold. They didn't throw un their
hands, however. They rallied and IL mon Of
this kind who reputable and the bulwar,s
Of the Street are not afraid to hold their stocks
which aggregate millions. there is no use of the
little fellows crying"
One Of the most prominent fnanciors 4, a.,
country said In speaking Of the way stocks had
tumbled II see that Senator Chandler bae
said that stock which could NOT stand rn !
under assault upon ii which invoIvee thn |
Nations honor is not worthy Of a place on the |
stock list judge that the men who own |
margins on stocks. who use stocks az coll teral
to carry on business, or who use stocks n bor
row money on, wish that they would stand !
the hammering. but that is small comfort for
those who have been wiped ONT The non,a
in the Street. so far il has gone Is n natural |
result Of such a message as President CIeve |
land issued. and it is natural that the bears
should take advantage of the opportunity We |
have seen the worst OF 1t for the present
think that stocks will return full and stroro. |
within the next day or so but there ie onn
great question involved and upon II depends |
the complexion Of the stock market That |
question is as to who shall be appointed upon |
the Commission provided by Congress Tpon |
the characterstics Of the appointed de- |
pends everything. If such men as ex- Secretary
John W Foster. ex- Senator Edmunds. ex-MIr. |
lister Phelps and others who are known IN ha !
conservative. broad-minded men, were named |
the pubic would Mt once be satisfied that The |
matter was IN good hands and be content"
A MORE HOPEFIIL FEELING