The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-20
Millions of Dollars For hcomine
for Extension of Credit.
MANY NOTABLE ADVANCES
S9ms OF the Prominent Stocks GAN q
Dcgsn Ponts-Great Exc tement
Prevails ThrC ughout the
Session.


witnessed something like panic
among the bears, who were making
frantic efforts to secure stocks to cover
short contracts.
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 of re-
trieving losses. Besides these elements
there was a large, contingent of bar
gain-hunters. made up OF people with
ready mor' ling for investment,
and who right to hold. Some
such revui II feeling was natural
consequence vi the violent decline OF
yesterday, which overran itself.
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
out titanic exertions on the port OF
most OF the powerful financial inter-
Millions of dollars in money were
forthcoming for the extension of cred
It's to buyers OF securities. The clear
ing house banks supplemented their
yesterdays contribution of S10,00O,O0t
by another of the same amount to be
loaned at the market rate. The an
nounced. determination of the secretary
of the treasury to increase gold de-
posts in depository banks gave prom
Use of relief from the start. and funds
estimated at $1,000, 900 became available
from this source before the market
closed. Under the influence of this
| abundance. yesterdays panic rates Tor
money were at no time approached
but the demand for loans made inroads
on the supply. AS soon as the string
ency relaxed it became manifest that
the pressure of liquidation was releas-
ed, and the market fell into a calm
that seemed profound by contrast with
| the constant hurly-burly since yester-
day morning.
When the money rate fell to an easy
basis prices began to rebound and
| some sensational recoveries were
shown, especially in the mercurial spe-
calties. 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 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-
| tior5 made to meet the crisis were evil
| dent 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
| dom 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
/ -tro,,I ~tS ~s - VA
| 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
| = faw stocks showed evidences OF posi-
| tive weakness, and the first two hours
| of trading were given up to furious
activity and indescribable confusion of
sentiment. The steady absorptlve power
| Of the buying was bound to have re-
| assuring effect and the manner in
| which the liquidation was brought to
a standstill was highly impressive.
| Even before noon sufficient stability
had been esta blishcd to face the report
| Of a failure by brokerage house In
| Boston, which would have been suff1-
cient to demoralize yesterdays market.
With the subsistence of the panic
| conditions { 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 it was involved, showed them
| to be unique and not to be taken as
| justifying the Wholesale fear and dis
| trust which was felt yesterday, not
only OF all trust companies, but all in
| dustriai securities. Nevertheless, there
| was abundance Of precsution and dis
| nrir f1a iV CT ~ "a
| lndustrials, and especially in the plac-
| ing of loans. They were not accepta-
BILE as collateral and money was not
easily procured for the purpose of sup
porting them In the market.
1t was reported that the financial
| powers concerning measures Of relief
We're not altogether in agreement as to
the length it was desired to go, some
of them holding the opinion that no
real benefit would accrue from sus-
tanning some of the industrial securi-
ties. But the danger disclosed by yes
terday's events on the whole fabric of
| values carried the day In favor of the
relief measures. The decision of the
| banks was to place all their available
resources at the dispo-al of borrowers
without regard to the effect on the sur
plus reserve. The kncwledRe OF this
| determination Rad much to do with al
laying the apprehension. The higher
|
were due to discrimination on account
| Of the character Of collateral where
| in1ustrials were included.
The clearing house committee was In
session during the day, but by the time
the market closed had come to the con-
clusion not to call meeting for to-
| n1orrew.
Yesterdays unprecedented events or
the Stock Exchange attracted imme1'-
sicily throngs to the financial district
this morning. The galleries Of the ex-
change were inadequate to meet tbs
| demands upon them and great crowds
Of all sorts and conditions of m"r and
| women surrounded the approa chez
| The strain upon the brokers and opera
tors was a severe one and the scramble
and turmoil upon the floor OF the ex'
change made scenes of ineXtricable con-
fusion.
A comparison of prices with those OF
Saturdays close show that the level Is
still n,s terlally lower, though very sub
| stantial rec0veries We're made of yes
terdav's extreme loss. The days adj
vances range all the way from two t