The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-03-04

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sTocEs-The market opened weak and
prices declined u to 2per cent, but specula.
ton soon became strong and a sharp advance
In prices was recorded. News OF the veto OF
the Funding bill caused slight reaction, but
the depression was OF very brief duration
and an upward movement In prices speedily
resumed. Speculation continued strong
throughout the afternoon, the highest prices
Of the day being reached after the second
board, when the improvement from the lowest
point OF the morning ranged from Y 10 OK
per cent, the latter in Western Union which
was bought freely, on the report that the
company's right To issue It's certificate Of in.
dGbtednesI for ASK per cent increase on its
capital stock was admitted by the court that
had granted an injunction against the consol-
idation. Subsequently reaction OF Y TO
per cent ensued, the latter in Western Union,
but in the final dealings the market again be-
cred.
The Assistant Treasurer to-day received
$4,000 TO retire national bank circulation,
and bought ST., In bonds.
The Denver and Rio Grande Railroad earn
lngs for the fourth week OF February were
39i, 1853, against $4,000 the same week OF
the previous year. Total earnings for the
month OF February sSlI8sl; same month
last year, $l2S, 291.
Toe Graphic says Not q few people came
down this morning expecting II sell stocFs
and reap profit on the passage Of the Fund.
ing Pill. From the very opening, however,
there were orders 10 take all offerings, and in.
stead OF weakness there was strong tone
which developed TO bouyancy, when at the
end Of the Hrst half hour the news came
that the veto Of the Funding bili had been
written out, and Just hero one OF the incon.
sistenCies that characterized the course Of spec.
ulatlon manife1ted itself, Those who had
bought stocks In the hope OF the passage Of
the Funding bill as measure OF imitation, be-
gan To buy on vetoing, The shorts took alarm
and were driven to cover by the manipula-
lions OF an operator who yesterday and the
daY before was the principal buyer OF stocks,
There Is little doubt that the advance to-day
was due mainly to the closing out OF short &C.
counts, for the report was freely circulated
that the funding amendment shorn OF all Its
obno xious features would be tackled on to the
Deficiency bill and passed to-day. The situa.
ton in other respects has not chonged.
10 great has been the increase In the mum.
6er. OF messages offering here that the Western
Union Company has been compelled 10 Dor.
row operators for It's main office from the
American Union and Atlantic q Pacific
offices, All the companies have had all the
business they could do for tho last fortnight
which is sign that spring business OF every
KIND throughout the country Is ilourishing.
Ths Express says that the funding bill was
the pivot upon which everything In financial
circles turned. AT every opening OF business
there was timd feeling OH the Stock Ex-
change, and prices were lower for fear that
the banks might again deposit large amount
70 retire their circulation pending the action
Of the President In regard to the bill. This
feeling. however, was OF only short duration,
and In q very few moments the tone OF all the
markets changed from depression 10 buoy.
ancy. The veto OF the funding hi was accept.
ed by speculators as removing any further
cause OF agitation, Notwithstanding the fact
that many Of them wanted the funding bill az
an incentive 10 higher stock values in the
future.
The Commercial Bulletin financial article
says: The day opened at the Stock EXCHANGE
on the news that tho Refunding bill had
passed the House In the same form II came
from the Senate, which made stocks weak
Then tue news came that this Treasury will
buy lat II Is supposed market priCes) Ave mil.
lion dollars worth Of 8 and 6peF cent bonds
next "wednesday. This strengthened The
market az cid tie late news that the Presl.
dent had vetoed the Refunding bill, Later
10 the day the decision OF Judge BlatclfOrd
refusing T. grant an injunction to restrain The
tho reiort that Jsdge ssedswicE lad n a tSr
modified the recent injunction granted
by him, that 4Sh per cent OF scr!p d. elared
asa dividend 10 the Western pnion'TeleRraph
stockholders gould be issued gave great
strength 10 telegraph stocks, and the result
was Q general rise In the stock market, rang.
Ing from to IL per cent for the leading
stocks United States bonds advanced X to
4 per cent, the latter per cents, oil The az
peoted demand from The hanks which have
given UP their NOE circulation, and which
they now want tot take out again. The money
market was easy. A few loans cost commits. |
sion In addition To 0 per cent but 0 per cent
was the full rate most OF the day, and In jhe |
brokers'
The Treasury In the laAt ten days has taken
ABOUT $ls,OOO,OOO OF lawful money, placed |
ton. II has paid out Tor bonds bought about
5000, 0C0, 90 u retains about 100000
which has been taken from bank reserves,
This money, II II remains In the Treasury, will
cause a stringent loan market, and The uues.
tion is how to get II out. A report was cur.
rent that the Treasury would return II TO the
banks which have given up their circulation
Of lawful money which they had deposited
to redeem their notes.
later II was officially ANNOUNCED that he
will return the gteenhacks 10 those banks
which may have deposited them, provided
the bonds which secured their circulation
still remain on dep Sit and none OF the circu.
lation Of the bank las been redeemed from
deposit lie declined, however, 10 surrender
the greenbaCkS on the redeposit OF the bonds
II the 6per cent bonds are again deposited,
new certificates must be Issued. II money
cannot be got into tile banks in this way, than
the only other way Is 10 buy the bonds al The
market price 10 the extent Of about $4,000.
O0O. This would restore the banks 10 lie
condition they were In ten days ago, or be fore
the Senate passed the Refundlns 6lll. II The
Treasury buys more than $l2, 900, 900 then The
amount beyond will make The banks plopor.
llonately better of than ten DAYS ago.
Transactions $40, 900 shares
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