, 1881-02-27


Yesterday vas urisHo"n. 1t WAS. tlnI'oilcSs,
G;;e III part u that announcement. ont tEe
}1,,;;.l effect If the knowledge thai. tua AZ
exiae,!cy arise, the Secretary had Sl,:oJo.VS3
reserves IL EXHAUST IN payment 1"f atl'lltltlta,
IS and 1s. aud that, III addition. he would
uurc. .la,r -. .03o, ,0jo worth of called bonds,
as an,,ul,l,cct, went 4 long way further All
cyitIel,ccs Of Il pancky condition III the stock
and money markets
HAD PASSED AWAY
by . o'clock. fTkere was i good deal OF
mourning among tie ''la'Ahs wn"Se margins
stocks yesterday afternoon. and Il large NUM-
Iu.r of sorrouf,ll-looking ctrbstulle opera.
tors were to be seen in New street and
Exchange place The sharp ,,ors. recovery ',ti,!,
~. ,Ver., cIrt,ed out, and they sadly noralzed
Oh what might nave been. The enormous
sales yesterday at pallc prices SHOW t!iat
soEic OF the large operators on the pear slue
OF the market must lave realized fortunes
ol, the t,,r., to-day. The decline was so rapid
aid tcu1pestuous that it is not probable twas
discounted II any extent rlotw:tlas.a.ld III
the report that tile brar clique, with large
Snutt interest, started the break Will The Oh
ject Of squeezing large operators.
like Jay Gould. who were known II haze i
long line of stocks on hand. The money
THAT was made i'll tic street within the last
twcnty-four hours was made In the rapid
recovery. a....--,
TIE EA1'l:lSS
says: 1.-THE bank statement was more favor
able than generally expected, the loss IN r.
serve being smaller than was loulstd lor
Under the circumstances. 1t should By borne
il. mind however. ti.aI tilt: silaeMcl!; II niaste
,p OH averages, and that the fnl! effect OF ale
figures put out by the clearinghouse 10
day The large loss il, specie shows ll.at inc
banks have put gold into the Treasury 70 re-
tire bank circulation to Ertat GAtent, H.. ~
consequence OF the scarcity u Observation-Disclosures ~:
The increase in lt;,al-tcnders is probably tne
result ot the influx, the consequence III hlSA
rates Tor nloney at this point. The decrease
in circulation is not as large as was .t.itiy4
patcd, hut, as we have said beforc- u saoniu
be borne in mind that the statelnent Is llaue
~, M averages The decrease i'll deposits IS
enormous being about ;. .UD.0oo greater t1la1i
the combined decrease i'll fOal!s, Specie anu
circulation The loss i'll surplus reserve IS
ST. 3Sj S,5 above the legal umlL IL TeAel-
ellce 10 bank averages,
THE COMMERCIAL
remarks: 1--WE have reason TO believe that
1o-day's bank averages are about tue LAST
that will he reported complete through the
Clearing House. Several banks will un-
acknowledging no obligation to the Clearins-
House to report their condition other than
on periodical calls of the Bank-Contro!ler at
Washington. The practice Of weekly aver
ages is lawlcss. like ule wild ana reekless
ceTtitications for stockholders and the reso-
luton repudiating silver as a leeal-tender
Under the incoming administration OF the
Treasury the Stock Exchange will have to
change the rule of speculation to cash sales
and purchases and o to saiss Si @ a1a nd Gnx IF
certifications By National banks. IL utter VIC,
latIou Of law, will have to cease. II 1t BIZ salu
thai the Bank-Controller sanctioned the certi-
cauons last year. the rely is that the
r,,ie 1NA n Is3[
and will not be allowed to violate tile
suirit Of the law against bank ceEtlhca-
tions- We predict that the Saturday aFeT
ages of more than one prominent Danh Wlli
not be sent to the Cearlns-iiouse. ; a'ia 1ds tne
concern will have to CIV. over their i., imper-
tinent interference with thecondlt1on ot their
members The scandalous experiences of
this week will have done the business for the
Clearinghouse, as tie ruling ba1lklnE-pow-
ers-the Fourth National Bank, in which
Gould has his account und the Importers t1
Traders' Bank, of which A1r. Sage is Vice
President-will probably decline to make av-
erages te <he Clearing House next week The
Continental and other banks will take the
same course By way Of protest against the
y1isclieyous and lawless Interference OF
the Clearing-Hou with q responsibility
solely due five times a year TO the treasury
Department It is intimated to us this alter
noon that If any of the banks decline to
make weekly averages, they will be turned
out Of the Clearing-House. This IS all bosh:.
The membership Of the Clearing-House will
be projected By the courts, II anything OF
this kind is attempted The original pur,
pose Of the Clearing House of the associated
banks was to make and settle daily inter-
changes, nothing more or less" Said
ONE Of THE LARGEST OPERATORS
this afternoon: "Confldence has not been
shaken. People have not sold our because
they wanted to do so, but because they have
!, been compelled against their wishes. They
f,nt- EfnHk.
thrown it over without regard to It's value.
There is dispatch from Boston saying that
the banks are full OF customers anxious 70
buy stocks. but the banks will not buy on
margins As soon as the banks will take
orders. stocks will be purchased with rush:
That shows how they feel in Boston. and
there Is much the same feeling here. Or
course, we may have temporary reaction
is a feeling that the Funding bill Will be
vetoed BY the President, if it should pass
Congress, and a new bill will be put in a
shape which will be satisfactory to oil par. +
ties. There are buyers enough in wall
street to-day to carry uD the price. If the
brokers were i'll q position to carry the stocks,
and just as soon as we are at point where
the brokers can get accommodations at the
thing seen yet The weak holders have been
shaken out, and stocks are in Strong hands, ~
JAY GOULD
is willing to be put on record as saying that
the end Of the money stringency. is in sight; !;
that public confidence is not shaken; that
buyers are numerous and prices will ad-
vance with rush.
A quieter feeling was reported from coun-
try banks, and the opinion Of bank officers IS
that the worst Is over. President Dowd, Of
the Bank Of North America, when ques-
toned concerning the financial condition,
said: ''The RefundiDg bill Is as good as
Eilled, and I don't anticipate further serious
sfouble. Besides. in addition to the $40, ,0oo,
600 paid for the uncalled bonds, which is
beginning TO circulate, the Government
owes the Clearinghouse S4,o00,000, which
will help the nlarkrt.''
President John Thompson. of the Chase
National Bank, said: 1.-THE crisis is past
The banks will no longer strive to protect
their reserves, but they will strive to protect
their customers. This, with other move
nlents nndet way, will restore confidence.
There is no danger Of another Black Fri
day."
TIE "posr'
is cautious and says: "a large short interest
was made yesterday, and it has been mostly
covered to-day, the buyers at low prices yes
teruay having to-day been selling to those who
sold yesterday. Although all danger of the
panic extending beyond tie stock market has
passed. it Is notat all unlikely that, as soon as
the short interest OF the stock market is fully
ce-cred, prices will react froul the advance