Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1881-02-26
DOMESTIC.
Financial Affairs at New York-s'ock
Quotations.

NEW YORK, February 25th.-The CONNER
cal says: At 2 P. NJ. stocks were feverish
and irregular the banks still calling in their
loans, and it is next to impossible to make
loan with a No. l security. One house failed
to effect loan with unquestioned collateral
at twenty banks. There is considerable feel
ing against the promoters of the per cent.
bill in not pushing it through in its order,
and checking the retiring of legal tenders,
which will cease just as soou as the President
signs the bill. Stocks declined 2 to II per
cent under great excitement, but closed at
recovery Of I to 3 per cent.
Silver bars, 49, money stringent, closing
somewhat easier at 8; Governments weak
stocks closed at recovery of / to 3 per cent;
Western Union, 1919 Quicksilver, II; Pacific
Mail, 495 Mariposa, Wells-Fargo, us;
New York Central, 1404 Erie, 44s; Pana-
ma, 30; Union Pacific, 1917 bonds, ia
Central Pacific, so; bonds, lis; Sutro, Il.
The Post says: The Stock Exchange has
not been so thoroughly aroused for long
time as this morning. A panic was threat
eued early, United States bonds and stocks
declining heavily, and money advancing to
i per cent. per day, besides 6 per cent. an
nually. Foreign exchange became utterly
demoralized. and bills representing ex-
ports of domestic products could not be sold.
MEMORABLE DAY.
New YORK, February 25th.-February %,
1881, will be a memorable day in the history
of the street. The lull that followed Sher-
mans announcement to purchase bonds was
followed by fall that bordered on panic.
All through the afternoon stocks fell. The
excitement was intense on Wall Broad and
New streets. Small groups of excited men
gathered, discussing the situation. Ga almost
every face there was an anxious expression
and many a hand that took hold of the tape
trembled with suppressed excitement.
The conflict between the banks and
the Government seemed to favor the former,
for accordingly us the banks received their
checks for bonds that they sold to the Gov
eminent, just so soon were they deposited
with the Suh-Treasurer to retire their Circu-
lation. At 2:30 the situation was decidedly
critical. Every moment the announcement
that some house had succunbed was ex-
pected. and the suspense and doubt and I'm.
certainty aggravated matters beyond descrip-
ton. Fortunately there was not a single
failure; at any rate there was no publication
of one. Meantime the market continued to
fall, and the minutes to the closing of the
day were anxiousiy counted. Money was one
per cent bonus overnight The banks re-
fused all loans, and were calling ia their loans
as rapidly as human indu 3try could. Some of
the best men of the street found for the first
time that their personal application for loans
were refused.
The neatest and most concise explanation
OF the situation, according to the Commercial
-Adrertissr, was given by (ieorge B. Satterlee,
President of the Mining Exchange, in this
wise: "It is questionin my mind whether
a clique of bankers is to dictate to Congress
and the country what is for the best interest
OF the country, and manipulate tbs money
70 sto
The Graphic says ''There is excellent
authority tor the statement that the great
-sringency has been secretly caused by large
operators on the bear side, who are
-.ill bitterly fighting Gould. Gould
lakes the situation very complacently, and
quietly assures his friends that if they hold
On their long stocks for a fortnight they will
doubtless secure profits of 10 to Is per cent.
above present prices. The bulls think, con.
sidering the excessive loaning rates, that the
sock market has been very well sustained
turing the past few days, and some Of the
bears admit this but that easier funds must
follow is the verdict of all, or crash in the
street will be inevitable. 1t is said promi-
nenJ house was unable to borrow funds on
good security, and was obliged to take $780,.
coo in securities to its bank. This is what is
called Lying down on the bank" and is sell
dom done. Sound business houses generally
prefer TO sell their securities for whatever
they will bring. Some of the leading Wall
street bankers think it will be in the power of
the Treasury Department to allay the present
monetary distress by announcing the payment
Of S25, 100000 of called bonds without rebate,
anditis hoped that Sherman will do this at once
Assistant Treasurer Hillhouse said the Secre-
tary was fully resolved to afford relief, if be
has the means, and the present adininistra-
ton is determined not to go out of Office with
panic in Wall street. The transactions on
the Stock Exchange the last hour of business
were simply enormous, and the widest ex-
element prevailed. Prices were on the de-
clining scale throughout, and downward
movement prevailed so rapid as to amount
almost to a condition of panic. The decline
was checked few minutes before the Close
and in some cases there was slight recovery.
There was a large business done on the Stock
Exchange in the way Of mining stocks, and
the difference between cash and regular
ranged 4@14 per cent, mostly at I@1 per
cent.
The Chinese TrPatieS-A Memorial from
Boston Merchants.
WASHINGTON, February 25.h.-The Vice
President to-day presented to the Senate the
following memorial, and it was referred to
the Committee ON Foreign Relations:
BosTos, February %, 1881
To the President Of the Senate-Sir; We, the un-
dersigned, merchants and ship-owners OF Boston,
respectfully request that you viii convey to the hon
orable body OF which you are the head, our belief
that the subsidiary treaties recently negotiated with
China are injurious to the interests and COM
merce Of this country, unjust in their DIS
elimination against our vesssls in the
rying trade in China, and unwise and
called for by any circumstances in the existing
relations between tine two countries We would re-
spectfully urge its consideration, first, that
the terms of the political treaty derogatory
the dignity OF the United States in dealing with
semi civilized yet arrogant Government; second,
that the conditions OF the commercial treaty are
not only unnecessary and useless, our commercial
privileges being already established by previous
treaties the mutual satisfaction OF both countries
but are actually hurtful that the result of that
bassy sent from shores TO relieve Us from pre-
yious error IN diplomacy should be new agreement
to our own disadvantage in all its clauses, to
US as unprecedented as 1t is unfortunate.
The memorial is signed by John F. Forbes
& Co. and nineteen other mercantile firms.
Its positive and sweeping assertions, unsup-
ported by argument or specifications, are not
likely to excite any influence on the Senate
at large, but the memorial will doubtless
serve to stimulate the opposition already
threatened by certain Senators from New
England. 1t must be said, however, that the
near approach of the constitutional close of
the session and the great pressure of accumu-
lated business has now the effect of making
even a small opposition formidable. by reason
of the abundant opportunities for interposing
delays, and 1t therefore begins to look as if
the final consideration of the Chinese treaties
may after all be postponed for special ses-
sion of the next Senate. Chairman Eaton,
nevertheless, is still hopeful that he will sue
coed in calling them up for action before the
4th of March, and in this event their prompt
ratification may be considered certain.
The River and Harbor Appropriation
Bill.
WASHINGTON, February 25th.-The river
and harbor appropriation bill, as reported
from the Senate Committee on Commerce
to-day, contains all the amendatory items