The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1881-02-27

IUlIlOl, ne WOulu purchase oZ0,UUU,
, 600 worth of. called bonds, as an
{ nounced, went a long way further
All evidence of the panicky condi
ton in The stock and money market!
had passed away by o'clock. Their,
! was good deal of mourning among
lambs" whose margins had beef
wiped out by the terrible break il
stocks yesterday afternoon, and {
large number of sorrowful looking
tombstone operators were to be seer
IN New street and Exchange Place
The sharp recovery in prices did nc
good to those who were cleaned
out, and they sadly moral
lied on what might have
been. The enormous sales yesterday
at panic prices show that some OF
/, the large operators on the bear side
I of the market must have realized
fortunes on turn to-day. The de-
cline was rapid and tempestuOus
THE money that was made in the
streets within the last twenty-fouI
hours was made in rapid recovery.
The Express says the bank state
Iment was more favorable than gen
lerally expected, the loss on reserve
being smaller than was looked for
under the circumstances. 1t should
be borne in mind, however, that the
statement is made up on averages,
and that the full effect of the week s
transactions is not reflected in the
figures put out by the clearing
house to-day. The large loss in
specie shows that banks have put
gold into the treasury to retire the
bank circulation to a great extent,
in consequence of the scarcity of
legal tenders. The increase in legal
TENDERS is probably the result of an
influx in consequence of the high
rates for money at this point. The
decrease in circulation is not as
large as was anticipated. but, as we
have said before, it should be borne
III mind that the statement is made
upon averages. The decrease in de-
pOsItS is enormous, being about ST.
100000 greater than the combined
decrease in loss of specie and circula-
ton. The loss in surplus reserve is
IS ,321, 900, which leaves banks with
81 ,4S5.325 above the legal limit.
IN reference to bank averages the
Commercial remarks: We have
reason to believe that to-day's bank
averages are about the last that
viii be reported complete through
the clearing house. Several banks
VIII undoubtedly decline to make
their averages, acknowledging no
utilization, 70 tho a1narinrr hnY,rn -,
report their condition, other than on |
the periodical call by the bank comp |
trOller at Washington. The practice
Of weekly averages IS lawleSs, like |
wild and reckless certificatiOns for
stock brokers, and the resolution
silver as legal tender.
Under the incoming administration
Of the treasury, the Stock Exchange
will have to change the rule of
speculation to cash sales and pur-
;hases and to sales and purchases
Tor account. The S1C0,000,0 a day
IF certifications by national banks,
n utter violation of law, will have
% cease. If it be said that the bank
sanctioned the certifica-
ions last yaar, the reply is that the
is a subordinate of thel
treasury, and will not be allowed
o violate the specie law against
,anks corporations. We predict
hat Saturdays averages of more
han one prominent bank will not
'e sent to the clearing house, and
he concern will have to give over !
heir impertinent interference with 2
he conditions of their members. 2
1he scandalOuS experiences of b
his week will have done a
he business for the clearing
Ouse, as a ruling bankingl
over. The Fourth National Bank,
n which Gould has his account, and
he Importers and Traders Bank,
f which Mr. Sage is vice-president,
rill probably decline to make
verageS to the clearing house next Z
Teek. The Continental and other !
anks will take the same course by e
ray of protest against the mis- b
hievous and lawleSS interference r,
f the clearing house with the re-
solely due five times a
ear to the treasury department. 1t
intimated, to US, this afternoon, y,
nat if any banks decline to make p
ne weekly averages they will be v
lrned out of the clearing house. v
his is all bOsh. The membership r
f the clearing house VIII be pro- N
.cted by the courts, if anything of
lis kind Is attempted. The original
lrpcSe of the clearing house of as s,,
,ciated banks was to make and r
tile daily interchanges. Nothing NJ
ore or less. Said one of n
lie largest operators this after u
Don: coincidence has not been NJ
laken. The people have not sold d.
1t because they wanted to, but be- y
use they have been compelled to
sainst their wishes. They have e
zen unable to carry stock and have
irown it over without regard to its
ilue."
There is a dispatch from Boston G
wing the banks are full of Gus ne
merS and anxious to buy stocks, hI
II banks Will not buy on margins. OF
5 soon as the banks will take u
ders stocks will be purchased with Nc
rush. That shows how they feel M
Boston, and there is much the
me feeling here. Of course, we an
ay have a temporary reac- ev
IN on Monday, but we can DO
d now. There is a feeling that 80
e funding bill will be vetoed by!
e President if it should pass Con-
ess, and a new bill put in shape
lich will be satisfactory TO all
rites. There are buyers enough
Wall street, to-day, to carry up
e price if brokers were in a posi- the
n to carry stocks, and just as tor
Dn as we are at a point where To
okers can. get accommodation at %
nks, we shall see stock go beyond Il
ything seen vet. The weak hold We
have been shaken out and stocks 'nS
: in strong hands.
The Brooklyn Eagle states, as it
inns. authentically, that Garfield