The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1881-02-26
Last Nights Dispatches.
THE PEEIc IN NEW YoEK-Eo SUCH
SCENES SINCE 1873.

NEw YoRE. February 25. lssl.-This
will be notep as a memorable d =
in the history of Wall Street. The
lull that followed Sherman's announce
ment to purchase bonds was followed by q
fall that bordered on panic All through
the afternoon stocks fell The excitement
was intense. Ga Wall. Broad aud New
streets. small groups of excited men
gathered. discussing the situation. On
most every face there was an anxious ex-
preston. and many hand that took tape
treD bled with suppressed excitement.
The conflict between the banks aud gov
ernment seemed to favor the former. for
as the banks received their cheeks for
bonds that they sold the government. just
as soon were they deposited with the sub
treasurer to retire circulation. At $50
the situation was decidedly critical
Every moment the a1nouDcement that
some one or some house bad secumbed
was expected. and the suspense and doubt
and uncertainty aggravated matters beyond
description Fortunately there was not
single failure, A. any rate there
was no publication OF Que, mean
tune the u aTket continued TO fall aud the
minutes to the closing of the day ware
anxIously counted Money was per cant
bonus over night The banks refused al!
loans and were calling in their loans
rapidly as human industry could Some
of The best men OF the street found for the
first time their personal application for
loans was refused. The 1e2ttst and most
conclse explanation OF the situation accord
ing to The Com IL erciaI Advertiser was ex
pressed by George 3. Sstteriee, President
OF the Mining Exchange, in this Wis 1t
10 question in my mind whether tbs.
Il - Il
aud the country what is tor the best oter
ests OF tbs country, and to manipulate the
money market in order 10 depress the
stock IL arket.' The GrapEi: says there is
excellent aut hority for .he state nen. that
the great str!ugenay has been secretly as
sisted by large operators on tha bea- side,
who are still bitterly fighting Gou.d. Mr.
Gould taxes the situation very com pIacent-
iy aud quietly assures his friends il they
hold on to their long stocks tor fort
night they will doubtless secure pro6ts
OF 10 to Is per cent above the prescIt
prices The bulls think that considering
excessive loaDing rates ths stock market
has been very well sustained during the
past few days aud some bears adult ,hls,
but that easier funds must follow soon Ia
the verdict ct all or crash in the street
will be inevitable 4 prominent house
yesterday paid as high as Ii per cent
premium for a loan OF $50. 900 uutil to-
day, and number of brokerage concerns
were unable 30 make up their bank
accounts at all. 1t is said that promi
nent house, unable to borrow on good
securities. was obliged to take $500, 000 of
securities to its banks This is what is
called Lying down on the baGk" and il
seldom done Sound business houses
generally prefer TO sell their securities for
whatever they will briag. Some of the
leading Wall street bankers thiak it will
be 10 the power of the treasury depart
ment to ailay the present monetary distress
by announcing the payment of $25 600. 600
called bonds without rebate and tits hoped
that Sherman will do this at once Assist
att Treasurer Hillhouse said the secre-
tary was fully resolved TO afford relief if he
he's the means, and the present adminis-
tration is determined not to go out of Office
with q panic in Wall street.
The Express says: Early in the day the
market depressed and there was a sharp
decline from the closing quotations of yes
terdav, The fall in prices ranged from |
20 II per cent. Shortly before noon it was
announced that the Secretary OF the Treas
ury had instructed the Assistant Treasurer
here TO purchase at par and accrued iuter-
est any of the uncalled 5 and 6 per cent
bonds of 81. This had buoyant effect for
n share fimR and prices recOvered 4 TO A.