The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-02-22

| Mountain SECONDS preferred income ECsh W OF
from S5h; Manitoba tirsts to Ill from ITO, and
New York Elevated frsts TO 100 from llsh
international and Great Northern seconds In
come fell To % from 9Sk; jersey Central In
come to 1906 from l0i: Kansas & Texas con-
sails accented 10 l07H from l0SH; Texas 4
Pacific income land grant Aeyens 10 s6K from
SIX, and later recovered To 81. Erie seconds
consuls active and steady ut lOOalO09S; Ameri-
can dock improvement seYens strong and adj
yanced to 1888 from 1911.
SrATE goNDs.- Fairly active; Louisiana con-
sails rose per cent and reacted N per cent
Louisiana Consoll.,.. VirEiniA sa.,...,..,,. 80
Missouri 6l---.,,,-...ell9 Do nsW,...,,..,,''''' 90
&, Josoph.-,...,,.,,.-l01 ConsolS ....'.-llt
Tennessee % -'r,,'.~ o. DeleTToa.''.'' ~
20 neW,.',,,,''r'.''-''''' o.
STOCKS The market was weak in the early
dealings. and prices declined To ~ per
cant nashville, Chattanooga Texas leading
the downward movement, This was followed
by recovery 0t 4 to 81 per cent, in which
the above named shares were most prominent.
Before noon, however, speculation Sgaln be-
came weak, and prices again took DOWN ard
turn, the market continuing feverlsh and I'M
settled throughout the afternoon The lowest
prices OF the day were generally current ut the
second board, when the decline from the high
est point ranged from X TO 6h per cent, the
latter IN Nashville, Chattanooga, Chicago, st,
Louis Il New 0rlears Union Pacific, Coal
StOcss, Texas Pacific, New York Central,
Lake Shore, and Hannibal aud St, Joseph We're
also prominent In the decline. Toward the
lose a somewhat frmer tone prevailed and
The general lat rallied 4 10 ~ per cent, Ore.
gou Navigation, after an early decline of 2h
per cent, rose to 10 Ier cent. Louisiana Mis-
soud River roe 5 per cent and reacted per
cent,
The Post says the amount OF United States
legal tender notes to- day paid into the Treas.
ury here to withdraw the National bank note
circulation was about 81 600 600. A total Of
IS 1900 in legal tender notes have been
withdrawn from tha banks since the Senate
passed The rtfundlng bill.
On the other hand dispatch from Wash.
ingtOn says the Treasury has Il surplus OF
twelve million dollars which the Secretary
wi Use 10 buy hves and skies provided the
National banks continue TO withdraw their
circulation.
Another dispatch which had lis influence
on the stock market this afternoon, says that
the Treasury will begin bond purchases oil
Wednesday, Tomorrow being legal holiday,
From the Express: The contraction scare
on the Funding bill was renewed this morn.
ing, and oCcaslOned lower prices on the stock
Exchange, but there seemed 10 be some re-
Covery from the scare late In the day, when a
better feeling prevailed. ! he city banks, for
their own account, and that OF outOi.
town institutions, deposited on Saturday In
the suhtreasury here, Sl,8l0,00O cash, mostly
gold and $270,0.0 In checks. 10 retire the cir.
Culation. To-day they deposited 81, 10000
In cash aud $6j6,60O IN checks for the same
purpose; Ds against this contraction move.
mcnt the Treasury has $4,000, 900 surplus
with which to buy bonds for the sinking fund,
and under the Senate funding bill the secro.
tary can purchase $5OOOO0OO worth OF bonds
from the fund Of gold and silver In the Treas.
ury. Again, the Secretary can issue $500, 900.
600 In Treasury notes, which would float
rs money for long time before sufficient In |
tereSt would accumulate to induce the people |
to hoard them. All this Ia imitation, and will |
far more than offset any contraction OF CirCu-
lation by the banks.
The Graphic on the same subject saws! The |
action Of d few city banks which Saturday, |
decided TO withdraw their circulation because |
of the tax and low rate interest on tho new |
bonds, Is the subject Of considerable discussion |
in the stock Exchange circles where the |
operation Is much ridiCuled, and generally re-. |
garded as extremely III advised and hasty. 1t |
Is ClAim.d tuat one OF these institutions which |
has been arealy benefited and favored in the |
past by Government Otlicialsls short Oi four |
per censt IN the stock market and II Is there |
fore making as much opposition to the new
three per cents as possible, and IL Is also en-. |
deavOring to induce other banks to Oppose |
the msasllre and withdraw their circulation. |
Conservative bankers, however, believe |
these banks will all ultimately conclude 10 |
rG.iepOsit per cents and take out their cirCu. |
lation again within three months. II Is un. |
herstoud that there Is 10 DO an amendment |
offered In the House 10 the bill providing r |
the isslie OF greenbaCks TO take the place OF |
bank circulation that may be withdrawn
II this sensible preCAutiOn Is taken, II will In.
sanity restore confidence and take perna. /
nently away from the banks this fearful |
power to withdraw In one day all their bills
from circulate II, or what Is worse, lock up an |
equal amount Of gold and legal tenders and
leave the street utt rlY without means OF |
doing business. Such terrible power no SIT Of
men should for one instant possess.
Russell Sag said to reporters ~ believe
the howl by theorists and Spectators In bank. |
Ing will fall still born within very few days
Our hankerBRre not going TO be frightened into |
the folly ami names Of " thdrawing their
four and fOurand.A.half Per cent bonds and /
lhrustng them on the market as has been |
intimatCd would be done by the class OF bank.
era to which have referred. II would be /
madness and suicide for them 10 Withdraw |
these securities that pay thirty.three and one
third per cent more than bonds which this /
bill has created and which are made 10 bear
what Is 10 DO the standard interest Of this |
Natl n. Our bankers are not going 10 saCri- |
flee their st0ckholders interests as w9nld be |
done by the course which some are disposed |
loan can be hoatGd we ought to be |
Glad that the credit OF the Co eminent Is |
= cd enough to enable us 10 fund our debt at
per cent think II can be done with q
slight modification Of the section, and d re.
ductIOn OF the tax imposed on National
banks, which 10 oppressive and unjust be.
lIeye II the President does not interfere TO cor.
rent this wrong II will he corrected by the IN.
coming Conptesss aud administration. Publi-
cntion Is made that according tO 4 Washing
ton dIspatCh, the Pacific Railroads. commit.
tee did not con ider the Northern Patlhcques-
ton, and II Is not probable It will come UP
again tho present session. The report OF the
Sub committee, that the lands OF the company
are not liabls TO forfeiture, aud the mortgage
placed thereon valid will stand as the opini n
Of the committee, motion TO reeOmmit hay
ing been defeat, d last Thursday
The Union Pacific earnings increased $ll2,.
900 the first fortnight In February and 1t Is
agnin rtmOfed, aCCDriingtO the Graphic, thSt
the company will finally decide to tender TO
the government The whole sum Of It's indebt-
edneRs, the necessary funds 10 he obtained IN
the propO cd mortgage issue OF AZ or 6X per
cents on It's proprietary roads which are
valued at s4O,OUO,0JO Its thought that the
stock loan would be taken up III London IN
lwenty.four hours. A publication Nss also
made In The Express that tile directors OF the
Louisville & Nashville road In suecial meeting
officially deny all statements published that
any lease OF the Nashville and Chattanooga
road with guarantee NJ dividend or other.
wise or consolidation with that road bsS ever