The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-02-26


bate, and 1t Is hoped that Sherman will do
this at once, Assistant Treasurer Hillhouse
said the Secretary was fully resolved to afford
relief II he has means and the present ad.
ministrAtion Is determined not 10 go out OF
office with panic raging in Wall street.
From the Express; Early In the day the
market depressed and there was sharp de-
zine from the quotations OF yesterday, The
fall in prices ranged from to ~ per cent,
shortly before neon II was announced that
the Secretary OF the Treasury had instructed
the Assistant Treasurer here TO purchase at
par aud accrued interest any OF the uncalled
and 8 per cent bonds Of 1881. This had
buoyant effect for short time and prices re-
covered to AZ per cent from the lowest
point OF the morning. After this there were
frequent reactions and rallies, and the market
was In . feSerlsh condition, being influenced
by the changing course Of money and various
reports from the sub.treasury In regard TO the
amount Of bonds being turned In for redemp.
ton. and the amount Of gold and legal ten.
deS being deposited to retire the National
bank circulation.
After the second board there was renewed
pressure to sell, which carried some stocks
down still lower. The tranSaction,s s1n the
Stock Exchange during the last hour VI bu4'
ness were simply enormous, and the widest
excitement prevailed, Prices were on de-
Clining scale throughout, and the downward
movement was 50 rapid as to amount almost
to the condition Of panic The fluctuations
between sales were in many instances fully
one to two and even five per cent, and the
decline Tor the day ranged from to lax per
cent The decline was checked few minutes
before the close, and In some Instances there
was slight recovery. There was q large
business done on the ook Exchange In the
way pf mining stocks, and the difference be-
tween ca,h and regular ranged from 4 10 X
per cent, mostly ut Il to per cent,
Brokers, unable 10 get money this afternoon,
freely threw the stocks overheard, and not
only were the lowest prices Of the day made
In the last hour, but the lowest prices for
many months, The market closed In the
condition Of panic. The closing rate for cal
loans at the exchange was 0 per cent, plus Va
Il Of per cent per diem, Many leading
ttoGk exchange houses paid only o per cent
to-day, but many stock brokers In good stand
money was differed at 9 per cent without any
commission.
The disbursements OF the Treasury for bonds
purchased to-day were not sufficient In
amount TO relieve the money stringency, and
not . few stock brokers this afternoon, In the
last hour, paid as high as one per cent per day
Tor money, In addition to six per cent per an.
NUM-
"rhe indlcatonsn ,ays the Post, ''are that
that the WORT OF the money Stringency has
been seen, and rates will begin 10 Wane To-
morrow ltdepen Is on whether the depos-
It's OF lawful money 10 withdraw circulation
continue or not. There was heavy falling
ottin these today. Secondly, II depends on
the promptneSs with which the holders OF five
per cent bonds and SIX per cent bonds present
them for payment The indications in this
respect are that the entire $l0,000,00O will be
supplied TO the Treasury and that that amount
OF new money will be In the banks before The
close Of business tomorrow, 1t isalso riason.
able TO expect that Mr., Sherman, II he finds
that $lO,000,00O Is not enough TO relax the
stringency will use his entire surplus Of reve.
nueS to buy bonds.
Fortunately, too, also says the Post, ior the
business interests Of the country, the
present Congress has only few more days Of
life.
The Treasury to-day paid out for and 0
per cent bonds, the plrcla'e Of which was
authorized by Secretary Sherman's order OF
to-day. $3,6Oi, 800 lawful money.
Tho Treasury, to-day took In lawful money
to the amount Of S775, $780, deposited by the
National banks giving up their circulation
There Is also TO be counted In to.day's depos.
Its 81 9OO, $50, collected at the clearing house
on checks deposited yesterday. This makes q
total deposit ut the, New York sub.tieasury,
slco the Senate passed the Funding bill, Of
$i260l,23O
The Pest says: Respecting the weekly bank
statement tomorrow It must be very unlor.
tnnate one and very likely II will show that
the banks are below the legal limit OF the 25
per cent required by the National bank act.
The reserve VI the bank Is for use on extraor.
6inary occasions, and II II be found In To.
morrow's statement that part OF II has been
used 10 avert the general panic, such as would
set back the mercantile and industrial busi.
ness OF the country, II will cause no surpfiss
and should cause no rerroaCh. At one time
to-day II was impossible 10 move by the sale
Of foreign bill Of exchange our exportAble
domestic products 10 remove such block In
the way Of any National bank would be en-.
tirely Justified In overlapping It's reserve
lines, the same as the State bank now has au.
tlIority 10 do an amount OF reserve which the
State bank keeps, being left discretionary
with It's otllcels or managers
Kernan's news agency sends outthe follow.
lug:
WAHIISoroN, February 25.-The balance
required for The sinking fund for this year Is
fifty millions, and the Secretary says be can
purchase bonds 10 that amount.
v, +, Il. b. a M,..,.,,,,,.... 90