Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-02-28

point where brokers can get accommodation
at the banks we shall see stocks go beyond
anything seen yet. Weak holders have beer
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 strlngen
cy is is in sight; that the public confidence is
not shaken; that buyers are nervous and prices
will advance with a 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 refundlng
bill is as good as killed and / do not anticipate
ary further serious trouble. Besides, in adj
dition to the S1OO,0O0,000 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: ''Ihe 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 sub-treasury has taken IN during the
week about S13, 10000 in lawful money, and
has paid by bond purchases less than half that
amount, holders of the $50, 600, 5000 of bonds
which the treasury offers to buy having been
dilatory about presenting them, they not be-
ing persons who suffer by a money pinch,
whether caused by raid of Congress on the
national banks or for any other reason.
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 3H per cent. funding bill.
The whole business could have been finished
in ten days, but now l don't know how it is
coming out. There is good deal of difficulty,
| fear"
Assistant Secretary Upton talked very finely.
He said few kilograms had been received from
people crying out for aid, but there was moth
ing more to be done. The whole difficulty in
Wall street was not lack of money but a feel
ing of uncertainty and desire to bear the
end. The banks had furnished good reason
for the passage of bill taking away their
right. They acted very foolishly indeed.
THE BANK WITHDRAWALS.
WASHINGTON, Feb. 26.--The legal tender de-
posts made since the 10th by National banks
to retire circulation, is as follows: Connecti-
cut, 81 ,OO4, 300; District of Columbia, $1,000;
Illinois, $4353, 500; Indiana, 1891 900; Kansas,
$1,000; kentucky, 100000 Massachusetts,
$1,115,100; Michigan, S27 1000; Minnesota,
S135 ZOO; Missouri, $4,000; Montana, $4,000;
Nevada, $535 900; New Jersey, 1887, 900; New
York, 81, 557 900; Ohio, 1881 33o; Pennsylvania,
So, 464, 800; Rhode Island, 1882 900, Virginia,
$4,000. Total, S14,112;93O. Number of
banks 80.
THE RELIEF OF THE MARKET.
New YORK, Feb. 26.-The Times says:
"The indications are that the spectators
panic is over. After day of wide fluctuations
and general feverishness the stock market
closed with money loaning at six per cent, and
stocks far on the way to the highest quota
lions yet reached. The market opened one to
ten per cent. above the closing prices of Fri
day. This was quickly followed by reaction
of one to one and one-half per cent, due
largely to false reports which seemed to have
been purposely spread, at the same instance,
that four reputable firms were in difficulty.
These were promptly denied, and 81, 900 reward
offered for evidence that would lead to DIS
covery of their originators. 1t is
proposed by the stock exchange to
have an investigation and punish
severely whoever the offense may be brought
home to- In addition to the actions of Secre-
tary Sherman looking to relieve the money
llldTkeI, large Suus, tStllllaicu W dSSlcSdtc
$4,000, 900, arrived by express from Canada,
and other large sums poured in from Buffalo,
Chicago and other parts of the United States,
attracted by the high rate of interest These
found their way into the hands of brokers.
The brokers were also enabled to be accomo-
dating and several of the big bulls, like Gould
and Vanderbilt, sent into the market and pur-
chased stocks right and left The bank state
ment was much more favorable than expected
and there was a general feeling on the street,
based on numerous private kilograms from
Washington, that the new funding bill will
not become q law. That there
are no more failures is considered remarkable
in view of the fact that two-thirds
of the brokers are themselves spectators. All
these lost heavily, but it was the outside public
that was most badly scorched. In thousands
of cases the profits and savings of the last two
years of prosperity melted away like snow in
the sunlight. The stories published in some
that brokers refused to do bust
ness on margins during the past two days is
bosh. They have declined small margins from
persons whom they did not know to be re-
sponsible, but that was ALL 1t was said
yesterday that some brokers in Fridays panic
threw overheard stocks which they were carry
ing for customers while the latter margins
partly unused and brokers werecom-
PEELED to buy back on their own margins yes
terday at advanced prices, thereby entailing
LARGE losses to themselves. -