Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-02-27

That today the Dank averages are aoOlib Lue
last that will be reported complete, through
doubtedly decline to make their average, ac
count now lodging no obligation to the clear
ing house, to report their condition, other
than on periodical calls of bank comptroller at
Washington. The practice of weekly averages
is lawless, like the wild and reckless certif-
Gates for stock brokers and the resolution re-
pudiating silver as legal tender.
the treasury, the stock exchange
well have to change the role of speculation to
cash sales and purchases, and to sales and pur
chases for account days The 100000, 900 q
| day of certificates by national banks in utter
violation of the laws will have to cease. If it
be said that the bank comptroller sanctioned
| certificates last year the reply is that the
comptroller is a subordinate of the treasury
and will not be allowed to violate the spirit of
the law against bank certificatlons. We pre-
dict that the Saturday averages of more than
one prominent bank will not be sent to the
clearing honss, and that concern will have to
give over their impertinent interference with
the conditions oftheir members. The scandalous
experiences of this week will have done the
business for the clearing house las ruling
baking power. The FOrty-eighth national
bank, in which Mr.. Gould has his account,
and the Importers & Traders bank, of which
Mr.. Sage is vice president, will probably de-
cline to make averages to the clearing house
next week. The Continental and other banks
will take the same course by way of protest
against the mischievous and lawless interfer-
ence of the clearing house with the RESPONSE
blity solely due five times year to the treas
ury department. 1t is intimated to us this
afternoon that if any of the banks decline to
make weekly averages they will be
turned out of the clearing house. This is all
bosh. The membership of the clearing house
will be protected by the courts if anything of
this kind is attempted. The original purpose
of the clearing house or association banks was
to make and settle daily exchanges, nothing
more or less.
AN OPERATORS TALK.
Said one of the largest operators this after
noon: "Confidence hasn't been shaken. Peo-
pie haven't sold out because they
wanted to do so, but because
they have been compelled, against their wishes.
They have been unable to carry the stock
and have thrown it over without regard to
value. There is dispatch from Boston, say
ing "The banks are full of customers anxious
to buy stocks, but the banks will not buy on
margins. AS soon as the banks will take
orders, stocks will be purchased with rush
that shows how they feel in Boston and there
is much the same feeling here. OF course we
may have temporary reaction Monday, but
we can see row there is feeling that the
funding bill will be vetoed by the President,
if it should pass Congress, unless the
bill be put in shape which will
be satisfactory. to all parties. There are
buyers enough in Wall street to-day to carry
up the prices, if brokers were in a position to
carry stocks, and just as soon as VIC are at a
point where brokers can get accommodation
at the banks we shall see stocks go beyond
anything seen yet. Weak holders have been
shaken out and the stocks are in strong
bonds. Jay Gould is willing to be put on
record as saying the end of the money stringen-
cy is is in sight; that the public confidence is
not shaken; that buyers are nervous and prices
will advance with rush"
BANKERS OPINIONS.
A quieter feeling is reported from country
banks, and In the opinion of bank officers the
worst is over President Dowd, of the bank
of North America, when questioned concern
ing the financial condition said: "The refunding
bill is as good as killed and do not anticipate
any further serious trouble. Besides, in ad-
dition to the 500, 100000 to be paid for un-
called bonds which is beginning to circulate,
the government owes the clearing house
81, 100000, which will help the market"
President John Thompson, of the Chase Ma
tional bank, said: ''The crisis is past. The
banks will no longer strive to protect their re-
serves, but they will strive to protect their
customers. This, with other movements
under way, will restore confidence. There is
no danger of another Black Friday"
THE STREET IS CAUTIOUS.
A large short interest was made yesterday,
and it has been mostly covered to-day. The
buyers at low prices yesterday, having to day
been sellers to those who sold yesterday. Al
though all danger of a panic extending beyond
the stock market has passed, 1t is
not at all unlikely that as soon as
covered, and prices will react from the advance
of this afternoon.
The sub-treasury has taken III during the
week about 10000 900 in lawful money, and
has paid by bond purchases less than half that
amount, holders of the SIS, 200, ,0000 of bonds
which the treasury offers to buy having been
dilatory about presenting them, they not be-
whether caused by a raid of Congress on the
national banks or for any other reason.
EXPRESS WEEKLY REVIEW.
The Express in its weekly review of events
in financial circles says: "The light market
unsettled foreign exchanges to an extent I'M
known for years, if ever before. The asking
rates for sterling were reduced day by day un-
til brought down * for each class. There
quently no tangible quotation. There were
no gold arrivals at the assay Offices during the
week and no payments on that account. Gov
ernment bonds shared the general depression
and the price fell of X to X the latter in
new rs. State bonds were dull. Railroad bonds
followed the course of the share List and
speculative issues fell off rapidly under lead of
Erie, Missouri, Kansas g. Texas, Texas
Pacific, and Chicago, Columbus & Indiana
Central issue. To-day, the depression con-
tinued at the opening, but later on, as in the
stock market, they recorded sharp re-
covery. Railroad and miscellaneous specula-
ton was characterized by great excitement
and an unsettled feeling prevailed almost
through the week. The depression was mora
severe Friday, when general scare resulted
in what virtually became panic. The 10 west
prices touched, showed a decline of to 90
per cent. and extended through the entire list.
TREASURY TALK
A Washington dispatch states that Secre-
tary Sherman, in conversation regarding the
financial situation, said there was nothing
further he could do. "What golden oppor-
tunity they have missed In Congress" he said.
''by not passing 5k per cent. funding bill.
The whole business could have been finished
in ten days, but now I don't know how it Is
coming out. There is good deal of difficulty,
fear"
Assistant Sacrafaru JTDfop taIl xu,ru Erayx,