New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-26

authorized under this bill The bill also authorses
the Secretary Of the IeasIry az tls tme to time
prescribe to make similar exchanges OF tnese no.es
Tor foreign gold gold or silver bullion oehVereo
Representative Morton presented In the House TO
day the petition Of 1000 merchants, msnuIactur
ers, mechanics and Others, of New-York CITY, pray
ing for the repeal Of the tax on bank deposl'S'
EXCITEMENT IN WALL STREET.
YEATUREs OF THE OPENING AND THE CLOSE OF THE
MARKET-ACIIoN OF THE SECRETARY OF III"
NEUTRALITY-SUSPICIOUS. OF WHAT MAY
TAKE PLACE TO-DAY.
Excitement marked the opening and the close OF
the Stock Exchange yesterday. In the morning the
uncertainty about the action of the Treasury De-
partment, whioh had held out vague promises
of relief the night before, coupled with the
known tightness In the money market created greae
uneasiness There was a constant pressure to mar
ket stocks, under which prices rapidly declined.
marked difference was made between the regular
and the cash prices; this difference Indicated the
general apprehension that felt in regard 10 tne
rates of money, The heaviest decline, now
ever did not exceed per cent, and prices
of many stocks were comparatively steauy,
Shortly before noon q dispatch was receNou
at the Sub Treasury from the Department at Wasn-
iupton authorizing the purchase for the sinking
fund of not more than 10000 900 uncalled nVe anu
ak per cent bonds at par and accrued interest 10 'ne
date Of payment.
The announcement Of this action OF secre'ary
Sherman was received with shout on the hoor OF
the Exchange The excitement became still greater
than 1t had been before. but the inclination to
sacrifice stocks was satisfied and prices
ouicky rallied. At the Sub-Treasury many
holders of these bonds presented them
| for sale. aud within an hour the
Assistant Treasurer had paid out about 81 5000
| in compliance with the Secretary's order Ihe cash
denosts TO retire bank note circulation amounted at
the same time to over S8V0oV i0er mSt . rsceiveS
| TO the close of business was only $3.50 I,oOO.
Among the bonds early presented for payment avn were
made by the Department on Monday; The payment
Of these was refused because the Sub-Ireasury had
not been authorized to redeem them. The amount
by many persons at the the secretarys order to
Ruy Se entire iOt auhorzsd by order
would be offered during the day. These predictions
not realized but h;H% despite tbs se S1ed S0Sd.
were were presented. prices at the Stock Exchange
were sustained until after the time for the regular
stock deliveries For nearly TWO houIs u.s. 'ne a
neared feverisb, the slight changes in prices had
been toward higher figures. ,....
| excitement prevailed. The utmost strlneency ex,
listed in the money markets the banks We're obiIged
| Al
| them were able to extend accommodation to their
customers Under these conditions rates for call
| loans advanced to high figures, and altnougn
they did not exceed l per cent commission
on the floor of the Exchange, still higher rates were
paid IN the street after the close of business The
| leading broker banks were the scene Of much con-
fusion. Long lines of messengers stood at the win
| dOws of the certihcatiOn clerks and the receiving
tellers. These carefully scrutnzsd the accoGs od o,
s. the Scrutiny SSs'fi issuissd sd s'''1
| deiav More than one angry deposition protested
st the delay in certifcati0n but bank officers were
| ipfexible. The foreign exchange market mean.
While WAS Es az
| were made attracted no business. ana were wholly
nominal; ,,, .o.;od o5 ,,i,oD hr
the Secretary of the Treasury proved serious dls,
| appointment. The monetary contraction caused
by the retirement OF bank crculatSn haa sd assneG s
the Government inadequate to correct the evil
In consequence of these prices at the Stock
Centra Tss1elnf from % i45s to iG5 Erie from 47s isa
1851 to l1S, Michigan Central from 114l2 to
jersey 55sS VS csS5ra from 5Sis ID 70 xSS pa%ys5 @
I25 10 III, st. Paul from 1904 to 1O1l2 and Can;
ada Southern from S0l4 TO 60. There was indeed
no exception to the general rule, Spectators, who
| fortunes saw the profits of long months
disappear In as many minutes. Small capi-
tasts long retired from acLlVt OusDebS
| 70 add 20 their yearly incomes by hyer IN
stocks and yesterday they saw crumble before their
ewes even the capital which 1t had taken years to
| hoard.
In the last few minutes of business the havoc was
stopped and prices closed generally at a recovery OF
| a few per cent above the lowest figures. AS the
chalrmans mallet raped an end to ne days busi-
| ness, prices began to droOp and the close was
| welcomed by all with sigh of relief.
| The decline occurred too late to cause
| any failures among members Of the Board. Their
| regular deliveries OF stock had been made before,
| aud consequently no trouble was announced. There
were rumors that several rnshsd been embarrassed
but they could not be verified. Many brokers
| fonDd il difficult to make good their accounts.
The banks examined their loans. and In many cases
demanded the deposit Of additional securities. The
| gravest apprehensODs were expressed about the
course of the market to-day. 1t was admitted gem
erally that there was danger OF further decline
unless the banks should extend more aid than they
had already done.
| The recorded transactions In stocks yesterday
amounted to 721 600 shares and the actual business
| exceeded this sum by more than the usual proper
ton The sales of Erie were the largest, being
rs 700 shares and in Union Pacific were 62, 200 and
in Lake Shore 81 ,060 shares.
The breadstuts market yesterday was in sympa-
thy with the feeling in Wall Street, prices closing
| feverish and at decline from the opening 1t was
said that owing to the uncertainty concerning the
| Funding bill and the strngency of the money
| market exchange is unsalable, and shippers hesi-
tate to do trading as advances are not 80 free as
usual
THE ACTION OF THE BANKS.
! COMPLAINTS FROM BROKERS AND THREATS OF
| pvypxnp-WUlT THE RANK OPFiCRRS aAY--