Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-02-22

per cent Prime m. rcantils paper 495
per cent. Sterling ex :hange bankers
bills steady at 4S3t; demand 4S6.
SILvER-At London 62.d per ounce; (;
bar silver here III; subsidiary silver
coin t(Sl per cent. discount
GovEsSNESrs-Steady for skies, weak
| and la per cent lower for other issues.
U o. NouPons ilssl
New ioes
New four-and-one-n
Pacific skies o! 70
RAILROAD BoSps In the railroad
market Iron Mountain seconds preferred
income rose to 81 from S5i; Manitoba
tirsts, to III from to Ito, aud New York
Elevated tirsts, TO l20 from 1871; Inter
national and Great Northern seconds, in.
come fell to Q. from 93i; Jersey Central
income TO los from l06; Kansas and
Texas con- os assented TO l07i from
1851; Texas Pacific income land grant
sevens. TO S6i from S7t, and later recov-
Q | TO 81; Erie seconds con o active and
steady at l00CalO0t; American Dock I'm.
provemsnt sevens strong, and advanced
10 1873 from l3l
STATE BoxDs-Fsirly active; louisa.
ma consols rose per cent. and e'cted
| per cent.
Srocxs-The market was weak in th'
early dealings and prices declined to43
per cent, Nashville, Chattanooga and
Texas leading the downward movement
This was followed by recovery OF | to
81 per cent, in which the above named
shares were most prominent. Before
noon, however, speculation again be-
came weak, and prices again took
downward turn, the market continuing
feverish and unsettled throughout the
afternoon. The lowest prices oil the
day were generally current at the second
board, when the decline from the high
est point ranged from 10 81 per cent,
the latter in Nashville and Chattanooga
Chicago, st. Louis and New Orleans,
Union Pacific. the Coal stocks, Texas
Pacific, New York Central, Lake Shore,
and Hannibal and NJ. Joseph were also
prominent in the decline. Toward the
close a some what frmer tone prevailed,
and the list rallied | TO It per cent
Oregon Navigation after the early de-
cline OF y per eut. rose to III per cent,
Louisiana and nsouri River rose ) per
cent. AMI reacoU41 per cent.
The Post says the amount OF United
States legal tender notes To day paid In
the Treasury here to withdraw the Ma.
tional bank note circulation vas about
81 600, 900; a total Of So zoo, 900 in legal
tender notes Withdrawn from the banks
since the Senate passed the ietundiny
bill. On the other hand q dispssvh
from Washington says that the Treasu.
ry has surplus OF sl2,CO0,0U which
the Secretary will use 10 buy
SIS and 6's, provided the Nation.
al banks continue tD withdraw
their circulation. Another dispatch,
which had its Influence on the stock
market this afternoon. says tha: the
treasury will begin the bond purchase
on Wednesi lay, tomorrow being O legal
holiday.
The EJpres. says: The contraction
scare on the funding bill was reviewed
this msrning. and occasioned lower
prices on the Stock Exchange, but there
seemed to be some recovery from the
scare late in the day, when = better feel.
ing prevailed. The city banks, for their
own account and that Of out o.-town In
stitutionR, deposited on Saturday in the
Sub. D.Tregsury here, slSi, 900 cash, most
~ gold, aud s270.OU IN checks
10 retire circulation. To-day they
deposited sl,9JO,0c0 in cash, and
Ss55. 500 in checks for he same purpose.
As against this contraction movement
the Treasury has l2,O0O,OOO 81 sur
plns with which to bny bonds Tor th'
sinking fund, and under the SenA't
Funding bill the Secretary can purchase
10000 900 Of bonds from the fund OF
cold and silver in the Treasury. Agar /,
the Secretary can issue 300 OOo,Or
Treasury notes which would hoat 70
money ior long time, before suffrient
interest would accumulate 10 indu,e
the people 10 hoard them. All this Is
inf alton and will far more than on set
any contraction OF circulation by the
banks
The GropLic on the same subject says:
The action Of a few Of the city banks
which Saturday decided TO Withdraw
their circulation because oil the tar and
the low rate Of interest on the new
bonds, 10 the subject OF considerable.
discussion in Stock Exchange circles,
where the operation is much ridiculed
and generally regarded % extremely ill
advised and hasty. 1t 10 claimed that
one OF these institutions, which has been
largely benefited and favored in the
past by the government officials, Is sho,t
OF 4 per cent In the stock market, and u
is therefore making a. much op
LA
possible, and is also endeavoring
10 induce other banks TO oppose the
measure and Withdraw their cin ulatisn.
| Conservative bankers, however, believ'
that these banks will all ultimately con-
clude 10 r-deposit the three per cents.
and take out their circulation again
| within three months. II 10 understood
that there is 70 be an amendment offered
in the House bill providing for the issue
| OF yreeubacks to take the place OF the
| bank circulation which may be with
drawn. II tLs sensible precaution
ia taken il will instantly
restore confidence and take permanent.
ly axav from the banks this fearful
power 10 withdraw in one day al their
bills lrom circulation, Or what worse,
lock up All equal amount ot gold and
legal tenders and leave the street utterly
without, the means Of doing business.
Such n terrible power no set OF men
should Tor one instant possess. Russell
saye said 10 q reporter: j hl'e,e the
hosl by theorists and speculstors In
banking will fal, stilI-born within lev
| DAYS Our bankers are not going 10 Be
frightened into the folly and madness of
Withdrawing their and ~ per cent.
bonds and thrusting them on the
market. ~ has been intimsted wouid bs
done by the class Of bankers 10 which j
have referrd. Il would be msdness
and suicide for them 70 withdraw these
securities that pay 33t per cent. more
than the b,rds which this ball has efes'
ted. and which are rnate 70 bear What 70
to be the standard interest OF this nstion.
Oar bankers are not ,oing TO sserInce
their stockbolders' interests. - vooid
be dcne by the course some are dsPosSo
to puIsue. II s3 per esnt losn can % =