The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-20

Precedented events on the stock ex-
change attracted immense throngs to
the financial district this morning. The
galleries of the exchange were made
quate to meet the demands upon them
and great crowds of all sorts and con-
ditions of men and women surrounded
the approaches. The strain upon the
brokers and operators was a severe
one, and the scramble and turmoil upon
the floor OF the exchange made scenes
of inextricable confusion.
There was a complete revolution of
sentiment in Wall street today, and
the latter part of the session of the
stock exchange witnessed something
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 VINO had
ruthlessly sacrificed their holdings in
the. pandenonium of yesterday were
also eager buyers. in the hope of re-
trieving losses. Besides these elements
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.
Tide of Disaster Stemmed.
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 with
cut titanic exertions on the part of
most of the powerful financial interests
in the country. acting in concert Mil
lions OF dollars in money were forth
coming for the extension of credits 10
buyers OF securities. The clearing
house banks supplemented their yes
terday's contribution of $40. .000, 600 by
another of the same amount to be
loaned at the market rate.
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 ST. 600 coo
became available from this source be-
fore the market closed Under the in
fiuence 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
irgly Unsuitable appetite. The rate
went to % per cent, but steadily de-
clined from that point under the Of
feringS of successive millions. until it
was forced down to per cent. and in
the late afternoon fell to 51s, s. 3 and
at last to per cent
As soon as the stringency relaxed it
became manifest that the pressure of
liquidation was released and the mar
ket fell into a calm that seemed pro-
found by contrast with the constant
hurly-burly since yesterday morning.
Fall of Money Rate.
When the money rate fell to an easy
basis. prices began to redc1nd and
some sensational recoveries were
shown. especially in the mercurial spe-
cialties. The advances were so large as
to invite considerable profit-taking by
the traders in the final dealings, but
the undertone continued strong until
the. close, which showed substantial
gains all through the list.
The early hours Of the trading wit
messed very heavy liquidation in con-
tinUance of yesterdays process of re-
cuperation. but there was no approach
TO the panic conditions of yesterday
at any time. The extensive and elab-
crate. preparations made to meet the
crisis. We're evident at the opening, and
prices were opened at large advances
all through the list.
This result was helped by the higher
Quotati tionS sent over from London.
where the stock exchange had a 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
of 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 liquidation sales. which
promptly drove down prices, in spite
of the utmost efforts to sustain them.
Not a few stocks showed evidences of
positive weakness, and the first two
hours of trading were given up to flu
ricus activity and indeScribable confu-
sion of sentiment.
The steady absorption power of the
buying was bound to nave a reassuring
effect and the manner in which the IL
quotation was brought to a standstill |
was highly impres sive. Even before |
noon sufficient stability had been es- |
tabisned To. face the report of a failure |
by brokerage house in Boston. which |
would have been sufficient to demor |
alize yesterdays market.
Quiet Tone Prevailed.
With the subsistence of the panic con-
ditions a quieter tone developed. A |
study of the facts in connection with |
the trust company which came TO grief |
yesterday and of the securities with /
which il was involved showed them 10 |
be unique and not to be taken as justi
flying the wholesale fear and distrust |
which was felt yesterday. not only of /
all trust companies. but all industrial |
securities. Nevertheless, there was {,
abundance Of Drecaution and discrim-
nation shown today against many of
the industrials and especially in the
placing of loans. They were not ac-
ceptable as collateral and money was
not easily procured for the purpose of
supporting them in the market.
It was reported that the financial |
powers concerting measures of relief |
v ere not altogether in agreement as to
the length 1t was desired to go. some
of them holding the opinion that no
real benefit would accrue from sustain
Ing some of the industrial securities.
But the danger disclosed by yesterdays
events on the whole fabric of values