The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1899-12-20
Money Ruled Much Lower But
Trading Was Of a Feverish
Nature.
Those Supporting the Market AS
sisted by Buyers For In.
veStment.
ApprehenSiOnS Somewhat Allayed
by the Action Of Secretary
Gage.

to Wall street during the morning
hours. Besides the usual throng Of
brokers, clerks and regular frequenters
Of the financial district, the elevated
trains. surface cars, and private con.
veyances brought their quota of curl
osity seekers of all conditions and both
sexes. Some had interests at stake and
were on hand to watch news and devel-
opments. but the majority We're pres
emit simply as sightseers. The galleries
of the Exchange were filled to their
utmost The measures already taken
for relief Of the money market and
other measures projected, including
the expressed intention Of the secretary
of the treasury to increase the govern.
ment's deposits with national banks
had their effect in allaying apprehen-
sion.
An Undertoue Of strength
Speculation was very feverish, but
there was an undertone of strength
manifest throughout the dividend pay
ing railroads. The downward rush
after the high opening forced prices
down anywhere from , to ! points,
Metropolitan street railway leading.
Good buying then appeared and prices
bounded upwards, American Tobacco
recovering o.. There were many con.
~spicuouslv weak points. industrial spe.
cialtles lacking support and giving way
frequently. In the minor railway stocks
special groups forged steadily down.
ward, notably the Southwesterns and
the bituninous Goals shares. Hooking
Valley preferred sagged 3la. At IL
o'clock the market, while quleter, was
very unsettled, but generally speaking
the 1nternationals and Changers were
fairly we'll held. while the industrial
shares, except for a few Of the high.
priced leaders, Were being hammered
theoretically.
The brokers on the floor were in a
state Of wild excitement and the tur.
MOL as the signal sounded for the
opening was in~describable. The course
Of the market ebbed and flowed many
times in the course of the first houl
and became wildly irregular at times.
prices mounting buoyantly at some
points, while breaking anew at other
points. Those who had set themselves
the task of supporting the market. evi.
IDENTIFY had their hands full and had to
absorb a seemingly unending stream o.
offerings IF large blocks.
Assistance From Investor.
The powerful financial influences
wha.a effort II y-oS 70 Sr-faip an1 "A
vance prices found important assistance
from investment buying on a large
scale, which was particularly manifest
in the bond department. Buyers o.
this class displayed no interes, in sus.
tanning prices and any considerable re.
covery IN prices caused a falling off, bu,
after a decline and a succeeding up
turn, they came IN force. The buying
by bears 10 cover shorts was also il
large volume at such times. The ava
lanche of selling orders was so steadil,
absorbed that the standard railroad
stocks began TO afford a point Of resist
ance to decline. There We're exception:
here and there and Metropolitan
Sugar. Peoples Gas and some Of the
Iron and Steel stocks kept breaking
through the line like a powerful foot
ball player trying for a goal. In tn,
second hour the pressure became les.
severe.
1t became manifest as the day pro
gressed that the pressure of liquidation
was over. Additional supplies OF
money forced the ate down to 5 pc,
cent. and prices for stocks began t
move up. Something like a PAM,
among the bears developed. A thron.
Of bargain hunters who had beer
eagerly watching for a turn in tn,
market, also absorbed large blocks 0
the standard railroad stocks. At tn,
close call money loaned at : per cent.
second Clearing House Loan.
NEW YORK, Dec. 90. AT a meetin,
of the clearing house committee. a sec