The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-12-24
SUNSHINE IN WALL STREET.
PRICES SCORE A SHARP ADVANCE
ON EASIER MONEY.


Large sums OF Money at Per
Cent.
New York, Dec. 23.-The dark clouds
which have hung heavily over New York
financial interests for the past few days
began to break and roll away this morn
ing and the CLEAN of sunshine which came
creeping through the parting clouds was
joyously welcomed by those whose inter-
est lay in that direction. Indeed, it was
a radical change that came over the finan-
cial situation to-day, the tendency
throughout the whole market being for
a steady advancement, which greatly en-
couraged operators and served to impart
a great feeling of relief and restore CON
fidence in operations. Certainly Wall
street men wore a very happy expression
upon their countenances, which clearly
showed which way the tide was turning.
Bankers, brokers, investors and specula-
tors were inexpressibly relieved. Those
whose securities 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 ris-
ing tide, and others who had foresight
enough to see that the crisis had been
reached with the close of business Satur-
day noon and bought in at lowest prices
were exultant with joy and busy count
ing their profits.
The market enjoyed a sharp recovery
at the very beginning, due principally to
favorable change in London, the prompt
steps taken by the associated banks to
relieve the money pressure by providing
for an insuance of loan certificates and
the possIDlllty OF new government bond
issue. First prices for the stocks which
suffered the most loss last week showed
gains of from | to points over Satur-
days closing prices. OF course, as might
be expected, some irregularity followed,
but in the afternoon, the tendency again
became upward: The chief features Of
the market itself were the very large num-
Der of outright purchases by outside
investors, as is customary in conditions
that prevail in times like these, the mar
ket affording, in the opinion of these in
Vestors, unusual opportunities for good
and profitable investments. The cover
ing OF the shorts was another noticeable
Altogether the day was one for con-
gratulations among Wall street men, and
many operators, who came to business
in the morning with fear and trembling
left in the evening with light heart and
prayer of thanks. 1t was undeniably
admitted that the action of the bank and
and trust companies in regard to the
money market did much to relieve the
situation The leading institutions sup,
piled their regular customers among the
brokers at per cent, but on the stock ex-
change in some instances from 10 to as
per cent. was paid for call loans. On the
whole, there was comparatively little
ughtness in the money market, although
1t was quite exciting at times, and loans
per cent. before a regular rate was quot
ed. Holders of good security had little
difficulty in supplying their wants.
Inc large amount of money brought in
20 the street by the outside public to pur-
chase bonds and stocks was greatly wei
coined and did much to relieve the pres
The failures of the day-one on the
stock exchange and one on the conson-
dated-were of little Importance, and had
no bearing on the market.
The settlements through the New York
stock Exchange clearing house developed
no weakness S on the part of any broker
age firm, although it was we'll understood
that several houses in the street which
had been pinched by the decline last week
We're We're not too sound. The rally, perhaps,
saved them from disastrous storm.
The eyes of Wall street are now turned
towards Washington. Financial men
say that in order to keep up the confidence
restored to-day, some favorable action on
the money question must at once be taken
by congress. Apprehension still exists in
the street that congress will shirk this
duty, and it is predicted, if this is done
that another disaster in the stock market
viii result, unless the President comes to
the rescue.
The new bond issue question has taken
strong hold in Wall street and already
bankers are holding informal conferences
s
congress does not Immediately heed the
PRESIDENTS financial message, Mr.. CIeye-
land will himself take the matter in hand
and declare a bond issue without DELAY
Some rumors had it to-day that this latter
action would be taken tomorrow but this
ls not reasonable, inasmuch as it lis known
that the ways and means committee have
a. relief measure under advisement which
nkely VIII be reported to congress some
time this week
Chauncey NJ. Depew, VINO was.a visitor
street to-day g WOnln
the prediction that there would be a bond
issue within five days.
The engagements of gold for Wednesdays
steamers fell below estimates, only $3.50. 600
having been ordered for shipment on the
uaX named. OF this Muller Schall & Co.
viii forward 100000 and J.. Won Hoffman
q Co, S250,000 Up to late hour but $780,
wv gold bars had been spoke for at the
sub-treasury. The deposits of gold at the
Sub-treasury were 100000 by the Phoenix
National Bank and $4,000 by the Bank of
America. The Withdrawals were S35OOOO
ny the British American Mortgage Co
America and 100000 BY the Merchants
Banks of Canada
The market to-day received its first i'm
pulse from London. where American Sc
curlties opened with gains extending to
per cent. in some instances. Our market
iionoWed quickly and in the initial trad
ihs snarp rises were recorded in the entire
nst. buying orders on a large scale then
Hidde their appearance in the market and
d, d steady appreciation in values followed
Ul the New York Clearing House Associa-
ION which means that no brokerage con-
,erh with anything like marketable col
ldteral need pay fancy rates for money
auu IS or the greatest Importance to the
sGeet Almost simultaneously with the
binclal announcement Of the clearing
nouse action We're heavy offerings of
money by j. Pierpont Morgan X Co
lower d Co.. and other prominent firms
AN loans, which had commanded as high
y9 as " per cent. on the pledge of fancy
locks as collateral. dropped quickly 10
per cent. A feature Of the DAYS bust
Z Zness WAS the picking up OF stocks for
ceash; Ihe fact that settlements at the
LICK Exchange clearing house passed
Tlsoush successfully and be-
- ~ tlat President Cleveland will act
rhomptly IN the matter of replenishine
~ soia reserve in case congress should
ag' porn acted as a sustaining in0u-
f'o1, Late IN the day the failure on L.
~, i-ahsshr was announced on the ex-
,.Hilbt Ine concern IL small. The im-
ToFenent IN prices ranged from / 10 q
', ."ni.. i.. and "a the close the gain was
81 thaintained. The important advances
o.lom. Pullman Palace Car COMPANY
,'-f y tonaos dated Gas s. Rubber pre-
NHaaHa.