The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-12-20
COMPLETE
REYULSION
OF SENTIMENT.
vas shown in the Dealings on the
New York Stock Exchange
Yesterday.
MONEY AT Two PER CENT.
Panic Conditions Of Monday Gave
Way to a More Healthy
Condition.

NEW YORK. Dec. 19.-There was
complete revolution Of sentiment in
wall street to-day and the latter part
Of the session of the stock exchange
witnessed something like panic among
tbe bears, who were making frantic eff
{or,s 90 secure stocks to cover short
contracts and bidding prices upon
tbemselves. The professional traders
took the long side OF the market and
hid up prices to take the market away
from the bears. Many operators who
had ruthlessly sacrificed their holdings
IN the pandemonium of yesterday were
also eager buyers III the hope of re-
tr,evIpg losses. Besides these elements
were a large contingent of bargain
hunters. made up Of people with ready
money looking for investment, and who
buy outright to hold. Some such revul-
sion OF feeling was u natural conse-
ouence Of the violent fall of yesterday,
which oyerran itself. The issue OF tho
specuIatlyc conflict was by no means
certain until about midway of the ses-
sion. and yesterdays tide OF disaster
vas not stemmed without Titanic exer-
tons on the part OF the most powerful
financial interests in the country act
ING In concert. Millions of dollars in
money were Forthcoming for the ex-
tension of credits to buyers of securit-
les.
The announced determination OF the
secretary Of the treasury to increase
government deposits in depository
banks gave promise of relief from the
start, and funds estimated at SI,OOo'OOO
became available from this source be-
fore the market closed. Under the In
fuence OF this abundance, yesterdays
panic rates for money were at no time
approached, but the demand for loans
made inroads on the supply with seem
,ngly Unsuitable appetite. The rate
went to % per cent but steadily de-
clIned from that point under the offer
ings OF successive millions until It was
forced down to per cent and in the
late afternoon fell to 51s, g, 8 and nt
last to per cent.
AS soon as the strlngency relaxed 1t
became manifest that the pressure OF
liquidation was released and the mar
ket fell into calm that seemed pro-
found by contrast with the constant
rurly-burly since yesterday morning.
When the money rate fell to an easy
basis prices began to rebound and some
sensational recoveries were shown. es-
peciaiy in the mereurlaI speclalties,
The advances were so large as to In
vte considerable profit taking by the
traders in the final dealings. but the
undertone continued strong until the
close. which showed substantial net
gains all through the list. The early
hours of the trading witnessed very
heavy lIquidation in continuance OF
Yesterdays process of recuperation. but
there was no approach to the panic
conditions Of yesterday at any time
The extensive and elaborate prepara-
tons made to meet the crisis were over
that at the opening and prices were
opened at large advances all through
the list This result was helped by the
higher quotations sent over from Lon
don. where the stock exchange had
false rumor OF partial retrlcval by
General Butler, OF his recent disaster
The high prices for Americans in the
London market we're doubtless due In
part to manIpulatIve orders cabled
from this side. in furtherance OF the
general plan to sustain and protect the
market
The opening advance was met by an
avalanche of llquldatlng 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 indescribabie con-
fusion Of sentiment. The steady abb
sortlve powers OF the buying was
bound to have a reassuring effect, and
the manner In which the liquidation
vas brought to standstIll was highly
impressive. Even before noon sufficient
stability had been established to face
the report OF a failure by brokerage
house in Boston. which would have
boon sufhricut to demorali2e yester-
days market.
With the subsistence Of the panic con-
dt.ons a saner and quieter view OF con-
dItIous developed. A study OF the facts
IN connection with the trust company
which came to grief yesterday, and Of
The securities with which 1t was In
vaIyod, showed them to be uiquc and
not to be taken aB Iustifying the whole
sale fear and dIstgust which were felt
yesterday not only OF all trust compan-
ics but all Industrial securities.
A comparison Of prices with those OF
Saturdays close show that the level is
aull materially lower. though very
substantial recovcrIes were made Of
Yesterdays extreme loss. The days
advances range all the way from two
10 twelve points in the prominent Hc-
1.-Two ,lUFLoru