The Cheyenne daily leader. [volume] (Cheyenne, Wyo.) 1870-1884, 1881-02-27
COOLED OFF.
The Excitement Among Capitalists
Subsidies.
Arter Consideration the Banks Let
Up Somewhat
Uuele SANS PoeketboOk Too Large
for the Smaller reekefboohs
OF New York Bankers
chicago Frsw.s Upon the sireat Me.
tr0poIis-
The West stand. by the Government.


The New York stock Market
New York, Feb. 26.-At IL a. NJ.
the stock market opened strong, and !
to 8 per cent. higher for the general list.
while the Reading opened at an advance
of ten per cent. Most of the leading
shares recorded further advance of 1
to 2 per cent, but before long the spec
ulation became unsettled, and fever
ish tone prevailed. The Western Union
after selling up to 107 fell off to 101I,
and rallied to 1861. The Union Pacific
rose from 81 to IL, and reached to III.
The New York Central fell from 100 to
97t; Lake Shore receded from 100 to
1904. Toward IL o'clock the market
became firm. with an upward tendency
to prices.
There is still feeling Of doubt and
uncertainty, mingled with hope that
the worst is over. All agree, however,
that this is correct statement, in a
nutshell, of the condition of affairs.
If the secretary of the treasury can
relieve the great stringency in the
money. market, or if relief can be found
in any other way, stocks will advance,
but otherwise the market cannot hold
up.
Up. m.-Stocks continue to advance.
but not rapidly. At 1890 the SUBJ
treasury had bought s4.700,000 in
bonds. Money is easier; about per
cent. The English markets are report
ed as closing firm at p. m.
The Post says the highest rate for
money this morning was six per cent.
per annum and l per diem; now it is
plain 9. The weekly bank statement
is of course unfavorable; but less so
than expected. No national banks have
to-day deposited to give up their circu-
lation, and 1t looks now as if that busi-
ness had ceased. Nuighboring cities,
and even Montreal and London, are
sending money here, and it is likely the
crisis is passed.
The secretary of the treasury has or
dered that the S25. .000, 900 Included in
the 101st call bonds, be paid the princi-
pal and interest on demand, here, and
thus has greatly simplified matters.
Therefore the treasury is in the market
as buyerut par and interest of thirty
five million in bonds. Probably in
short time the treasury will have paid
out as much as the banks have paid out
since the senate passed the refunding
bill. The chances now are said to be
against the funding bill. In the event
of its failure to pass the banks would
probably withdraw their demands for
retirement Of circulation, should it be-
come a law the banks could not after
wards give up their note circulation,
and contraction would not be possible,
and the probabilities are, therefore,
for a very easy money market from now
on. 1t takes one hundred million less
to carry stocks now than before the re-
cent decline. t
The Post thinks that congress has
raided the banks and broke down the
speculation, but thinks the result in
Wall street was salutary lesson. The
weaker class of speculators have to-day
turned in and bought back the stocks
they threw overheard yesterday.
The second national bank Of New
Haven countermands the withdrawal
of $3.50, 900 of its circulation.
Latcr-Wall street was seldom more
panicky and interested than this morn
ing, and operators who never before
came down town early, were on the
field long before business hours. Sec'y.
Sherman's action, the more accommo-
dating disposition Of the banks, and the
general reaction, alone saved frightful
disasters and panic, and brought about
healthy condition of monetary affairs.
Since noon there has been steady ad.
vance, ranging from ] to u.
Tinkering Mt the Funding Bill.
Washington, Feb. 26. The ways and
means committee of the house, after a
session OF three hours, instructed Rep
resentative Tucker to call up from the
speakers table the funding bill, and as
chairman of the committe, move a
concurrence in the senate amendments
together with the amendments agreed
to by the committee at their last meet.
Ing, with one exception, and the amend
ment adopted by them to-day. The
latter amendment, proposed by McKin.
ley, is to add the following at the end
OF the fifth section:
Provided, That nothing in this act
shall be construed to repeal, or in anv
manner affect or modify, sections 5220.
1929, 1928, 5224 Of the revised statutes
The amendment adopted at the last
meeting, extending the date mentioned
In the fifth section from July LIST to
Sept. LIST was to-day stricken out.
Conger offered an amendment to-day
to strike out Of section five the words,
and provided further, that section four.
of the act Of June Goth, 1874, entitled
an act fixing the amount Of United
States notes, providing for the redistri.
button OF national bank currency, and
Tor other purposes, be and the same is
hereby repealed. The amendment was
not agreed to, but Conger was author.
ized by the committee to offer his