The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-12-20
REJECTION on Ntll Street
Cshapiste Revolution In sentiment
Ana Calnsr Juaxment shows
That the Panis Of Monday wss
WitAout Any Real Justification.

NEW YORK, Dec. 1s-There was COM
plete revolution OF sentiment In Wall street
today and the latter part of the session OF
the stock exchange witnessed something
Hike panic among the bears, who were
making frantic efforts to secure stocks TO
cover short contracts and bidding prices up
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 sacri-
dced their holdings In the pandemonium
yesterday were also eager buyers, in the
hope OF retrieving losses. Beside these ele-
ments there was a large contingent Of bar
gain hunters. made up OF people with ready
money looking for investment and who buy
outright to hold. Some such revulsion of
feeling was a natural consequence Of the
violent decline Of yesterday which overran
itself.
Market wen Supported.
The issue Of the speculative conflict was
by no means certain until about midway OF
the session, and yesterdays tide OF disaster
was not stemmed without titanic exertions
on the part Of most OF the powerful finan-
cial interests IN the country acting in con-
cert Millions of dollars In money were
forthcoming for the extension Of credits to
buyers Of securities The clearing house
banks supplemented their yesterdays con-
trfbution OF 100000 by another of the
same amount to be loaned at the market
rate. Tho announced determination of the
secretary Of The treasury to increase gov
promise Of relief from the start and funds
estimated at 1900 900 became available from
this 40urce before the market closed.
yesterdays panic rates for money were at
no time approached but the demand for
loans made inroads on the supply with
vent e per cent but steadily Deemed hasd
from that point under the offerings OF sue
ceasive millions until It was forced down to
g pes cent and n the late afternoon fell 70
as the stringency relaxed: II became mani
! fest that the pressure OF liquidation was
released and the market fell into calm
the constant huriy- buriy since yesterday
morning.
Sensational Recoveries In Price.
When the money rate fell to an easy
ba1&s, prices began to rebound. and some
ciA11y In the mercurial specialties. The
sidsrabis profit taking BY the traders in the
sns an ths ose wcS sso%sd suS
The early hours Of the trading witnessed
yes{erdsy's process process S q recuperatio o but IT
there was no approach to the panic condi-
tons Of yesterday at any time. The cx-
tensfve and elaborate preparations made
to meet the crisis were evident at the
opening, and prices opened at large ad.
vances all through the list.
Th, result vas helped fy the hishsr
the stock exchange had q false rurnor OF a
partial retrieval by Gen. Buffer of his re-
cent disaster. Tho high prices for Amer
icana in the London market were doubt
less due in part to manipulation of orders
cabled from this side. in furtherance OF
the general plan to sustain and protect the
market.
Tha opening advance was met by an av.