Omaha daily bee., 1899-12-20
MILLIONS OF MONEY IN SIGHT
New York Clearing House Banks Keep the
Market Rate Down.
WALL STREET FURRY PASSING AWAY
Professional Traders Take Long side
of Market and hid Prices Up--In-
crease OF Government De-
posits Promises Relief.


NEW YORK. Dec. 19-There was a com.
plete revolution of sentiment in Wall street
today and the latter part OF the session
of the Stock exchange witnessed something
like panic among the bears. who were
/ making frantic efforts to secure stocks ia
cover short contracts and bidding prices ur
on themselves.
The professional traders took the long
side of the market. and bid up prices to
take the market away from the bears Many
| operators who had ruthlessly sacrificed their
| holding in the pandcmonium OF the day, were
eager buyers in the hope OF retrieving losses.
! Beside these elements there was "A large
contingent of bargain hunters, made up Of
! people with ready money looking for in
vcstment and who bought outright to hold.
/ Some such revulson of feeling was natural
after the feeling of yesterday The specu-
lative situation was by no means confident
until after about midway of the session.
Millions of dollars of money were forth
coming for the extension of credits to buyers
| of securities. The clearing house banks
supplemented their yesterdays contribution
of $1O,0OO,00O by another of the same amount
TO be loaned at the market rate. The an
the treasury to increase government de-
posits in depository banks, gave promise of
relief from the start and funds estimated
at $7,OOO,OOO became available from this
source before the market closed.
Heavy Demands for Money.
Under the influence of this abundance
yesterdays panic rates for money were at
no time approached, but the demand for
loans made inroads on the supply with
seemingly Unsuitable appetite The loan
rate went TO 25, but steadily declined from
that point under the offerings of successive
millions until it was forced to 6 per cent
and in the late afternoon fell to 51a, 5, 3 and
at last TO 2l9. Az soon as the stringency
relaxed it became manifest that the pressure
of liquidation was released and the market
fell into a calm.
When the money rate fell to an easy basis
prices began to rebound and some sensa-
tional recoveries shown, especially in the
mercurial specalties. The advances were
so large as to invite considerable profit to
merchants in final dealings. but the under
tone continued strong to the close, which
showed substantial gains throughout the list
The early hours of the trading witnessed
very heavy liquidation in the continuation
of yesterdays process OF recuperation, but
there was no approach to the panic con
ditions of yesterday at any time.
The extensive and elaborate preparations
to meet the crisis were evident at the open |
ing and prices were opened at large ad-
1Rnces all through the list. This was helped
bShfIa 'nwor quotations sent over from
11ot{uun, wnero the Stock exchange had al
false rumor of retrieval by General Butler
of his recent disaster. The high prices for
Americans in the London market were |
due in part to manipulation orders !
cabled from this side, in furtherance of |
the general plan to sustain and protect the !
market.
The opening advance was met by an ava /
lanche of liqudating sales, which promptly !
drove down prices in spite of the utmost |
efforts to sustain them. Not few stocks
showed evidences of positive weakness and /
the first two hours of the trading were
given up to furious activity and indescriba-
BILE confusion of sentiment. The steady
absorptive power of the buying was bound
o have a reassuring effect and the manner
II which the liquidation was brought to a
'tandstil was highly impressive.
Failure Does Not Affect Market.
Even before noon sufficient stability had
been established to face the report of a
allure by a brokerage house in Boston,
which would have been sufficient to de-
noraize yesterdays market. With the sub
dence of the panic conditions a saner
md quieter view of conditions developed.
study of the facts in connection with
he trust company which came to grief yes
erday and of the securities with which it I
vas involved showed them to be unique and
lot to be taken as justifying the fear and
istrust which was felt yesterday, not only
# all trust companies, but of all industrial
ecuGities. ,
There was abundance of precaution and
discrimination shown today against many
# the industrials, especially in the placing I
f loans. They were not acceptable as col
ateral and money was not easily procured q,
or the purpose of supporting them
n the market. 1t was reported
hat the financial powers concert :
ng measures Of relief were not alto !
ether in agreement as to the length it was !
esired to go, some OF them holding the j.
piniOn that no real benefit would accrue !
rom sustaining some of the industrial Sc |
urities. But the danger disclosed by yes
erday's event on the whole fabric of values
arried the day in favor of the relief meas
res. The decision of the banks was to {
lace all of their available resources at the
isposal of borrowers without regard to the
fleet on the surplus reserve The knowl-
lge of this determination had much to do
ith allaying the apprehension. /
The clearing house committee was in I
ession during the day, but by the time d
le market closed it had concluded not 10 y
old a meeting for tomorrow, but further p
sssions can be called as needed.
Yesterdays events attracted large crowds b
the financial district today. Great crowds h
all sorts and conditions of men and b
omen surrounded the approaches to the "
Lock exchange. The strain on the brokers "
ld operators was a severe one and the
,rambe and turmoil on the floor added to
le confusion.
A comparison of prices with those of Sat II
rday's close show that the level Is still d
aterially lower, though very substantial o
were made of yesterdays ex- a
eme losses. The days advance ranges r.
ON to 12 points in the prominent active
ocks
ORE CONFIDENT TONE IN LONDON. $,