Evening star. [volume] (Washington, D.C.) 1854-1972, 1881-02-26

A DAT OF PANIC AMONG rHB Bulls IN WALL
srREKT-MoSEY UP AND STOCKS DOWN.

A DAY or PANIC AMONG The BULLS IN WALL
sTREKT-MoNEY UP AND STOCKS DOWN.
The stock and money markets were greatly
excited yesterday IN New York ard all over the
country the disturbing influences were felt.
Soch scenes In Wall street have not been wit
messed since the days OF the JAY Cooke failure,
eight years ago, nor has such a great fall In
prices been recorded. Western Union declined
,I 1o llS 10 30 New York Central from lt6S 20
80, ano Reading from S5 90 50. Money was
quoted at per cent bonus; that Is 20 say. loans
MsIe nlaae at 81 per cent per annum. the Dor
ssrS ns. 8, so,hpeiled 70 pay per cent for one
cent per annum. The telegram wfres xsne
nooced all day with all sorts OF contradtctory
teet Us a rner &C. can oe no doubt however
uan OF the national banks OF New York Is the a
per cent funding bill twill be remembered that
previous loans were placed by The government
through the mediation OF synd ate, promine IT
among whose members was the First National
bank OF New York. Quite neat little sum In
commissions was realized by the syndicate.
advancing values According 70 the terms OF
this loan, n may not be placed by y syndicate,
but is tirst offered directly 10 the people. This
OF itself, whatever might be the rate OF interest
on the losD, WAS 10, ked upoa VI dis avor by
the syndicate and It's friends And mucn more
serious matter was the fact that per cent. was
decided upon as the rate or interest, instead OF
81, which was considered by the banks 10 be
the lowest reasonable figure. the more psrJtcu-
isFis as one OF the provisions OF the ON required
me odtks 10 exchange their maturing per
cents and per cents for the 3 per cenis And
virtually compelled them " retire their circu A.
non sIter certain date only over The counter.
"A rush was mace 10 retire Us much circulation
az was possible at once under the stlR
existing law; Up to yesterday lI,ll6.-
1873 or circulation had been withdrawn
by concerted acton, it is claimed, the BANKS,
Ia opposition 10 the loan locked up funds de.
clned 10 loan money, and by one means aud
another. frightened the market. YeS'er iay
they called in temporary loans amounting 10
millions or dollars, and IN consequences the rate
as noted, ran up 10 per cent per diem COM
Bal per cent per annum. At once there was
great rush 70 sell stocks. Prices declined rap
| idly, and panic seemed imminent. Mr.. Sher-
man telegraphed TO New York 10 pay cash for
for the sinking fund IL they were pre-
scented, the interest 10 be adjusted here
after. This caused temporary reaction, and
| prices rose from 2 TO per cent. The hold OF
| the banks upon the money market was too
great, however, and during the last hour OF
dealings the widest excitement prevailed AZ
is always the case, the decline caused by safes
Tor account OF large dealers brought the &C
counts OF the margin operators into jeopardy,
ana they were slaughtered 10 pitfui extent
thus adding fuel 10 the fire. AT one lime IL
seemed not to be at all question OF price, but
simply OF safes. In one minute the tape re
corded 1900 Reading at s.; 300 at 81; 1890 at So
Western Unien, within I'VE minutes,
was l04. 30 ana 1851. New York
was calling loudly, on all other cities
| Tor margins; brokers everywhere vera
making corresponding appeals 10 their custom
| ers. AS the market closed there was something
| like Improvement. The rate for money droDpfd
! 10 4 per cent per diem, aud at last Dnexsl,
Morgan & 60. offered large block at 8 Der
| cent Within TWO hours after the Oil cIal clos
| lDg or The exchange quotations for some OF tue
| stocks We're and per cent higher, and people
| breatbed more freely, though there was sun
! uDeaslness. On ell sides the panic is attributed
| 10 the action or the clearing house Eaaks OF
| New York. OF the sl0 900 go BONDS bid for by
| The L. :. Treasury -, 100000 were sod, and,
III Is said, $1,000 900 or these We're from Lhu
| First National bank. That any OF this 81 O00,-
| 600 Will 20 TO the assistance OF the street is
| Kill. II possible, the per cent bill is manifest.
| IL was thought that the fright would prevent
| us passage 10y the House, or at least Induce
the president TO veto II.
! THE SCENES BEFORE AND AFTER SECRETARY
! SHERMAS'S ACTION.
| The New York HeTa,d OF to-day says: Brokers
ran from bank TO bank ana from one money
| lender 70 another, vdinly seeking TO borrow
Despair was written In many faces aud the
| usual laughing crowds found the lu1ch coun-
| tiers at Delm0nic0S were rot I'm their acruS-
| toned mood. Foreign exchange became utter
| ~ denoraliZed, so that bills representing ex-
| ports or domestic products could not be sold
| Tie excitement eliminated at about half-pasC
! II, when the outlook was threatening ia the
! extreme. No failures had up 10 that time been
1 reported but a general smash seemed TO pa
| expected, and brokers and brokers boys rushed
| fTantically about the streets from on ,e TO
! Office. AT a half hour before noon the dis
| patch (printed In yesterday 5 STAB from Secre-
! tary Sherman was received az the ub-Treasury
and quickly promulgated by Gen. Hlllhouse. A
reaction TOOK place Immediately, and. although
! only -, 800 worth OF bonds were of red Ia
response 10 This ORDER, ana the effect OF The Sec
rotary 5 ehoeayor 10 relieve the striugeucy of
| money was not aS satisfactory as mad hael eX.
peCted, yet served as a decided benefit
.