New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-20
BETTER TONE IN STOCKS.
ASSURANCE THAT THE WORST is OVER
APPARENTLY ACCEPTED IN
THE STREET.


THE STREET.
wall Street men went down to business yes
terday morning with natural feeling OF APP
nreheneion and disquietude. in view OF the ais
as,rous occurrences Of Monday in the stock
market: but il soon appeared that those pioH''-
nent and sagacious hnanciers who on MONDAY
afternoon declared il TO be their cahdld oPih'o"
that the worst was over and that the pahiV
had reached its climax during the tumultuous
bour. Of that DAYS trading were justified Of
their Judgment No failures following the CLOS
ing OF the doors Of the Produce Exchange Trust
COMPANY and the suspension OF Henry Aueh
g. CO. on Monday we're announced yesterday
London prices came higher. the reassuring IN
,auigence was spread abroad that the banks
had nlaced an additional S10o00OO at the dis
nosal Of the market and that the Secretary OF
rho Treasury had decided TO give measure OF
relief by depositing internal revenue receip's
with the local depository institutions ana az
Ter a temporary decline like deep INSPIRATION
preliminary to renewed and vigorous endeaVor
the market began to rise and continued It's ad-
vance 10 the end OF the day. noteworthy net
gains being registered in the prices OF many
active issues.
MANY SPECTATORS ON HAND.
The Stock Exchange galleries were crowded at
the opening of business yesterday morning, nun
dreds OF men and women having been attracted
by the prospect OF witnessing scenes or panic
and uncontrolled excitement on the floor or the
Board Room Three times as many persons
tried TO get in by the public entrance in Wall-st
ss the big galleries could hold. The scene on
theSn floor below was lively enough when the
chairman's gavel fell at 10 o'clock, the hour OF
opening business The floor was crowded with
brokers The sound of the gayel was instantly
met by the sound Of many voices at the shouting
pitch and the days work had begun
Gables reported advances in the London mar
ket of IA to pa points in the leading inter-
national stocks. including St. Paul. Louisville.
Reading New-York Central and New-Jersey
Central showing decidedly better tone Of that
market.
The local market opened moderately active.
the first stock to appear being Federal steel
common. of which four hundred shares were
ouoted at Az a decline oss1a point from Mon
DAVIS close Next came a thousand shares of
Sugar at 12S an advance of 4 points. The
standard stocks all showed material advances,
New-York Central selling up Az, Rock Island
81 Union Pacific common 21s, Atchison pre-
ferred . Texas and Pacific !, Northwest l1s,
Northern Pacific IL. Pacific Mail !, Southern
Railway preferred IL. Southern Pacific q, Balu-
more and Ohio preferred "a and Continental
Tobacco Az.
The local traction stocks also showed inn
proved prices Manhattan moving up one point
and then another while Metropolitan made
gain of ). This improved feeling was not shown
in the entire list, however not "a few Of the
industrials recording initial declines of from
y to points
A DAY OF GREAT ACTIVITY.
great activity. Although the market opened
higher and with recovery from Mondays
panicky condition, there was a general relapse
later, as II the elements Of support were not
/ strong enough TO hold the market up Through
y the whole Of the feverish movement. however,
could be seen an upward tendency. which
showed itself in pronounced manner toward
noon. when the announcement came that a
group of banks had subscribed SlOCO0O0 TO be
loaned on call for the relief of the market. The
recent bears turned TO the long side of the mar
ket Mr.. Keene being credited with the pur-
chase of many thousands OF shares Of stock on
the advance. The news of his change of posi-
tion caused heavy buying by the lesser bears
with the object Of covering their short contracts
"A little later in the morning this element put
out new short lines. but 10y afternoon they had
again turned. and were purchasers at advanc-
Ing prices. There also extensive pur
chasing movement on the part OF the commits
sion houses toward the close of the day
The bargain hunters were out in force, and an
unusual feature the presence downtown of
many veterans Of the Street. including such men
as Frank Work. Mr. Work is reported to have
declared that not even the most astute traders
could have fOreseen the occurrences of the last
few days. He and some of his friends were
quietly picking up bargains, and the announce
ment that such conservative interests were in
the market added to the better feeling all
around.
The strength Of the market increased as the
hours wore on. the last hour Of trading wit
Messing the most rapid advances of the day
Some Of the most marked gains shown by
the subjoined table: