The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-02-26
CONDITION OF THE VARIOUS MAR
KETS YESTERDAY.
Money and Stocks OIL : wheat, Corn
and PlOuF-BeeE, Pork and Lard
Dry Goods and GrOeeFiOs-
Produce, COttOn, WOOL.
Whisky, &C., dc.
FINANCIAL AND COMMERCIAL.
New York Money and stocks.

Dry goods imports for the weak 81 ,6SS, 900.
GOVERNMENT BoNDs-Weak for all issues
except lives, which advanced u per cent
NxGS declined u per cent; fouF-and.a.halis
9SaN per cent, and iOurs Max per cent.
Hntsa stAtea u OF 1851
New Four and halls
Nov Pours oon
Paddle ~ o. lsp9
RAILROAD BoNDS-Weak and lower, es.
pecially for speculative issues.
STATS BOHDs-Dull.
Missouri Gs-...,..,,~lO9 Do loW.....,,..,.,,.... 50
u, Joseph... Console, ,,,,,,,.lI9
Tennessee q -,..... 50 Deferred ..,,,.,,...S i6N
Do acknowledgement" 81 'OHIed.
STOCKs-The market opened week and lower
and In the early dealing prices fell off sharply
under the severe strain OF the hardening q
the money market, Toward midday the deal,
ings became somewhat ilrmer In tone and q
partial recovery ensued. Speculation, how.
ever, was ieverish and unsettled, and during
the afternoon prices gradually declined. In
the last half hour speculation became wild,
and under this most intense excitement
prices broke rapidly throughout the entire
list.
Quotations dropped from 10 2per cent at
the time and q downward movement was
continued till decline ranging from 2 to II
per cent had been recorded Reading being
the most prominent therein. Canada South
ern fell l6I<, Western Union 10, Union Pacific
l3h, 81. Paul \ Omaha preferred 12N Louis
ierred II, common TX, Denver & Rio Graude
l0k, Northwestern, Lake Shore, New Jersey
Central, st, Joseph common, and Nashville l.
Chattanooga, each or, st Paul S9S, Delaware,
Lackawanna & Western SM, Iron Mountain
| TX, Pacific Mail, New York Central aud
Michigan Central, each OK, Kansas g. Texas,
Central Pacific, g. U. al, and Louisiana 4
Missouri river, each 6H Chicago, Burlington
b Quincy Q, Erie preferred 5N, and common
AZ. In the final sales easier money brought
In buyers, whose purchases resulted In q re-
covery Of Il 10 OK, the latter In Western
Union. New jersey Central, Canada South
ern, Lake Shore, Wabash Pacific and Iron
Mountain being also conspicuous therein.
February 26tlI, 1881, will be memt rable
day In the history OF Wall street. The lull
that followed sherman's announcement 10
purchase the bonds was followed by "a fall that
bordered on panic. All through the after
noon stocks fell. The excitement was intense.
On WallBroad and New streets, small groups
Of excited men gathered, discussing the sltua-
tion. On almost every face there was an
anxious expression and many hand that
took;th tape trembled wlthsu suppressed excite.
ment. 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 10 the govern.
ment, Just so soon were they deposited with
tile sub-treasurer to retire their circulation.
At230 the situation was decidedly critical.
Every moment theHannouncemen that some
one or SOME house had stocumbed was ex.
peCted, and the constant suspense and doubt
and uncertainty aggravated matters beyond
all description Fortunately there was not a
single failure; at any late there was no publl-
cation OF one. In the meantime, however,
the market continued 10 fall and the minutes
to the closing Of the day were anxlousIy
counted. Money was one per cent bonus
over night The banks refused oil loanf, and
were calling In their loans as rapidly as hu.
man industry could. Some Of the best men
Of the street found for the first time their per.
Bonal applications for loans refused.
The neatest and most concise explanation
Of the situation, according tJ the Commercial.
Advertiser, was expressed by Geo. B. satter.
lee, President Of the Mining Exchange, In this
wise ut Is question In my mind whether
the clique Of bankers Is TO dictate TO Congress
and 10 the country what Is for the best inter.
est Of the country, and 10 manipulate the
money market In order to dspreSs the stock
Market"
OF the money market itself this may be
said, that 1t was very stringent again to-day,
with frequent fluctuations In rates for call
loans. At the opening Of business there was
q general wish TO borrow money and one pei
cent per diem and interest was paid with re,
ports that even as high as n per cent had
been paid privately. This was followed by O
decline 10 Y per cent per diem, which was
the ruling late for considerable length oI
time. Just previous 10 midday the following
telegram was received by General HillhouSe
Assistant Treasurer:
II WASHINGTON, February 25.
Kr. LiiihottSe, ASIistaat 7tedsursr:
; You are authorized 10 purchase fer The
sinking fund not exceeding ten millions dol
lars Of The or per cent uncalled bonds ol
1881 at par. with accruing interest to the
date Of payment.
[sgned.l JoHN SHERMAN, secy.
This caused some improvement In the sittia
tion and was counted on 10 bring gradual re.
lief, although the opinion was freely ex.
pressed that the Secretary should have asked
FOR proposals and bought bonds in the usual
way, instead OF fixing an arbitrary price. Al
soon as II became known the Secretary wal
; willing to take tincalled and per cent bondl
: OF 1881 at par and accrued interest TO date
some OF the holders began 10 turn them Id
and many brokers secured the street and
bought what bonds they could get immedl
/ ately at something above the SeCretAry's
price. The loss which they apparently slit
fered by this Transaction represented the
benus paid for t1oley, which In most caseI
was less than the commission, III addition Il
the legal interest charged in open market
But they served two purposes: First-They
got what money they wanted SecOnd-They
turned loose from the Treasury money which
heretofore was practically locked up
Notwithstanding this appsreht relief money
worked Q oser again from y per cent pei
diem 10 lk per cen: per dietn with Til, latest
transactions at X per diem. The effect OF liil
condition Of the nionGs market was felt out
side OF Wall street. Foreign exchanges were
completely demOraizsd. The important
movements In prOdice. especially for export
was brought 10 stAiitl.still. Mercaheile 6ns
fiels was unfavorably AlIectsd, and "in fact
legitimate interests 0i the country says The
Express were being injured by tie action Ol
o few national banks and the ineftlciency oil
Secretary sherman"
, Tie Graphic says: There is excellent au,
thofity for lhe statement that the great sttin'
gency has been secretly assisted BY large ope'
tAtofs on The bear side, who are still bitterly
fighting Gould. Mr.. Gould takes the stun
| llON Vi hUATH very Cull lplhCeHuyl hHu quleIly
: ASSURES his friends II they hold o u theft
. stock for about fortnight they will doubt
} less SECURE profits OF 10 10 10 per cent above
! the present prices The bulls think that con
sdefing the excessive leaning rates the stool
. market was we'll sustained daring the pss
/ few days, and some Of the bears admit this
, but that easier funds must follow very
soon IA the general verdict, OF crash in ID,
street be inevitable.
Prominent houses yesterday paid "a hiRh Al
j w per cent premium for q loan OF 1900, ,OOi
until to-day, and number Of brokerage con
Germs were unable 10 make up their bank Nc
counts At al. II ls said that pfominerl
d house unable 10 borrow funds on zoo,
securities was Obliged 10 take t6O0,O00 Il
securities to ib bank. This Is what Il calle,
Tying down. on the bank" and "a seldom
lone. sound business houses generally pre-
=, ief 70 sell their securities for whatever tho,
Will bring 9nFaA lAadfn0 V10II stsaaS ~ ~ ~