The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-12-20
Operators Who Sacrificed Stocks Dur
ing the Scare of Monday Eager
Buyers on the Rising Market.
SOME INDUS'raIALS STUNNED
BANKERS REFUSED TO TAKE THEM
AS SECURITY FOR LOANS.
Another Contribution of Ten Millions
More Added by the Government.

NEW YORK Dec. 19-There was a COM
plete revolution of sentiment in Wall street
to-day, and the latter part of the session
of the Stock Exchange witnessed some
thing like a 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 sacrificed their holdings in the
pandemonium of yesterday were also eager
buyers in the hope bf retrieving losses. Be-
sides these elements there was a large con-
tingent of bargain hunters, made up of
people with readyi money. looking for in
vestment and Wild buy outright to hold
Some such revulsiSn of feeling was a nat
ural consequence of the violent fall Of yes
terday, which overran itself.
The issue of the speculative conflict was
by no means certain until about midway
of the session, and yesterdays tide of dis
aster was not stemmed without titanic ex-
ertions on the part of the most powerful
financial interests in the country acting in
concert. Millions iof dollars in money were
forthcoming for the extension of credits
to buyers of securities. The clearinghouse
banks supplemented their yesterdays con-
tribution of sl0qo,ooo by another of the
same amount, to- be loaned at the market
rate. The annolhiced determination of the
secretary of the treasury to increase gov
ernment deposits in depository banks gave
promise of relief from the start, and funds
estimated at s7OOO.OOO became available
4 he orlya cln ca6
Under the influence of this. abundance yes
terday's panic rates for money were at no
time approached, but the demand for loans
made inroads on the supply with seemingly
Unsuitable appetite. The rate went to %
per cent, but steadily declined from that
point under the offerings of successive mill
lions, until Ii was forced down to per
cent. and late in the afternoon fell to 51a,
s. and at last to per cent. AS soon as the
stringency relaxed it became manifest that
the pressure of liquidation was released
and the market fell into a calm that
seemed profound by contrast with the con-
slant hurry burly since yesterday morning.
SENSATIONAL RECOVERIES.
When the money rate fell to an easy
basis prices began to rebound and some
sensational recoveries were shown, espe-
cially in the mercurial specialties. The ad-
vances were so large as to invite consider
able profit taking by the traders in the
/ final dealings, but the undertone continued
strong until the close, which showed sub
stantial net gains all through the list.
The early hours of trading witnessed very
| heavy liquidation in continuance Of yester-
days process Of recuperation, but there
was no approach to the panic conditions
of yesterday at any time. The extensive
and elaborate preparations made to meet
the crisis were evident 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 a partial retrieval by General
Butler of his recent disaster. The high
| prices for Americans in the London market
were doubtless due in part to manipulation
orders cabled from this side in further
| ance of the general plan to sustain and
protect the market.
The opening advance was met by an
avalanche of liquidating sales, which
promptly drove down prices, in spite of the
utmost efforts to sustain them. Not few
1
ness. and the first two hours of the trad
| ing were given up to furious activity and
indescribable confusion of sentiment. The
steady absorptive power of the buying was
bound to have a reassuring effect, and the
manner in which the liquidation was
brought to a standstill was highly impress
sive Even before noon sufficient stability
had been established to face the report of
| a failure of a brokerage house in Boston,
which would have been sufficient to de-
moralize yesterdays market.
| SANER VIEW OF AFFAIRS.
With the subsistence of the panic condi-
| tions a saner and quieter view of the con-
| ditions developed. study of the facts in
| connection with the trust company which
came TO grief yesterday and of the securi-
ties with which 1t was involved showed
| them TO be unique and not to be taken as
| justifying the wholesale fear and distrust
| which were felt yesterday, not only of AL
| trust companies, but all industrial securi-
ties Nevertheless. there was abundance OF
| precaution and discrimination shown to-
day against many of the industrials. es-
| pecially in the placing of loans. They
were not acceptable as collateral, and
| HoileS "dS hOe % SoSiiS PioSuieu ioi Tux
purpose of supporting them in the market
1t was reported that the financial powers
concerting measures of relief were not al.
together in agreement as TO the length II
was desired to go. some of them holding
the opinion that no real benent would &C.
crue from sustaining some Of the industrial
securities. But the danger disclosed BY
yesterdays events on the whole fabric OF
values carried the day In favor of the re.
lief measures. The decision Of the bank.