The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-02-28
TRADE REPORT.
CONDITION OF THE VARIOUS MAR.
KETS SATURDAY.
Honey and stocks OIL wheat, Corn
and RlOur-BeeE Pork and Lard
Dry Goods and GrOceFIOS-
Produce, Cotton, Wool,
whisky, &C., dc.
FINANCIAL AND COMMERCIAL.

NEW YORK, February 26,-MoBEY-SiX per
cent per annum and hak per cent per diem,
closing at 0 per cent Prime mercantile paper
5faH per cent Sterling Exchange bankers
bills weak at 81 7SIS; demand 81 SOX,
wall street and the Stock Exchange were
~ q whirl OF excitement at the opening but
tne market grew stronger under the impulse
o. he Treasury redemption. What prom.
ised 70 DO memorable financial panic proved
70 nave peen happily aVerted ut least ior the
present, At the close OF businessayestpr
Wall street, in the language Of broker was
"on end and many wild rumors air.
to-day. 'S'''s'
Long before the doors of the Stock Fx.
change were opened for business New and
Wall streets In the vicinity Of thu EXCHANGE.
were hlled with knots OF anxious brokers " ho
discussed the situation in an excited manner,
Men from up town who rarely visit tho lower
regions were therei men who had not stecu-
we're there. ''i
Customers were out In force at the openinv
Of the market Faces which before had beet1
gloomy were wreathed In smiles, Prices
We're above the closing figures. Whether the
Ou9yAnt condition was due 10 the Secretary's
1IuSr OF Yesterday was unknown. II was
doubtless due In part 10 that announcement,
put the moral effect OF the knowledge that,
uld an exigency arise, the Secretary had six.
zen nllIion reserves TO exhaust In payment
l9r additional tivss and SKIES and that In al.
aluon ne would purchase twenty-five millions
worm OF called bonds as announced went q
icsy condition In the stock and money mar.
KEY had passed away by two o'clock.
There was q good deal Of mourning among
Lhe Lambs whose margins had been wiped
out by tue terrible break In stocks yesterday
afternoon, anu large number OF soFroWfnl
,looking cuFbstone operators were TO be seen in
new street and Exchange Place. The sharn
recovery In prices did no good TO those who
were cleaned out, and they sadly mOralized
on what might have beeG. The enormous
saIes Yesterday at panic prices show that some
o. we large operators on the bear side Of the
market must have realized fortunes In tbe
turn to-day. The decline was no rapid and
tempestuuus that II Is not probable It was dis.
ooulteu 70 any extent Notwithstanding tho
report that the bear clique with lnrge
snort interest had started break wltl, tTs
OBJECT OF squeezing well known largo ons.
rator9 like Jay Gould who were Known In
nave long line stocks on hand.
Inc money that was made In the strset
Wlthin the last twenty.fouT hours was made
In the rapid recovery.
80. - Pieo1 says tnHt tne bank statement
was more favorable than was exppoted. the loss
on the reserve being smaller than WAX looked
Ior under the. circumstances, Il should be
borne IN mind, however, that the statement
~ made up on averages, and the full etIeot
ol tne weeks transactions Is not reflected In
tue figures put out by tue clearing houses IN,
DAY; The large loss In specie shows thst the
1ankS have put gold Into the treasury to re,
Ilre tue bank circulation 10 great extent In
consequence SG OF the scarcity OF legal tenders.
me increase IN legal tenders Is probably the
result ha OF the influx In consequence OF the
nigh rates OF money at this point,
The decrease IN circulation Is not as large
as was anticipated, but as we have said before
u should be borne In mind that the statement
IS made up on averages. The decrease In de.
poslts Is enormous, being about seven mil.
lions greater than th9 combined decrease In
loans, specie and circulation. The los In
surplus reserve Is 1884 0OO, which leaves the
6anks with " ,4S6r376 above the legal limit,
IN reference 10 bank averages. lie CONNER
9lal remarks I'VE have reason to believe
that to;days bank averages are about tho last
Lhat VA, WIN De reported complete through the
clearing house. Several banks will undJubt-
edly decline to make their averages, acknoSl-
edgilig no obligation TO the clearing house 10
report their condition other than on the peri
odical calls OF the Bank Comptroller
at Washington. The purchase OF weeFiy
averages Is wholly lawless, like wild
and reckless certilcations for stock broEers
and the resolution rspudiating silver as
legal tender Under the incoming admins.
ttation OF the treasury the Stock Exchange
VIII nave 70 arrange their rule Of speculation
to cash sales and purchases and 10 thles and
purchases for account The 500 0t0, ,06O NJ" a
day OF certiiations by national banks In
utter violation Of law will then have 10 cease.
y 1t be said that the Bank Comptroller sane
TONED the certiflcations last year the reply Ia
that The Comptroller ls asub0rdnate OF the
treasury and will not be allowed 10 violate
thesptrit Of the law against bank CertiHcations,
We predict that next Saturday an average OF
more than one prominent bank will not be
sent 70 the clearing house, and that concern
w1ll nave 70 give over their impOrtsnt inter-
terence Win the condition Of their members.
Inc scandalons eI perieIces OF til week will
have done the business for the clearing house
as the ruling banking power. The Fourth
National bank, In which Gould has his nc.
count, and the Importers andTTraders' bank,
Of which Mr.. Sage Is vlce.prtsdent, will
probably decline 10 make averages 10 The
clearing house next week. The Continental
and other banks will perhaps take the same
course, by way. Of protest against the mis-.
chievous and lawless Interference OF the
eNHiHR uOuSe WIN tne responsibility solely
due, live times q year, 10 the Treasury Depart.
msnt. II Is intimated 10 us, this afternoon,
that i any Of the banks decline to make their
weekly averages they will be turned out OF
The clearing house. This Is all bosh
The metnbeslllp Of the clearing house will
be protected by the courts II anything Of ihis
kind Is attempted. The original puTpose Of
ihe clearing house associated banks was To-
make make and settle their dsily interChanges,
nothing more, nothing less Said one Of lie
argest operators this afternoon. Confidence
las no! pen shaken. The people have not
,old out because they wanted ~ but btcanse
Ihey had been compelled 10 against their
wishes. They have been unable 10 carry
tleif stock and have thrown IL overheard
without regard 10 value. Here 10 dispatch
rom Boston saying that The banks are full Of
anxious 10 buy stocks, but The
banks Will not buy on margins As soon AZ
The banks Will take orders stocks will be pur.
chased with rush. That shows how they
iieel In Boston, and there Is much the same
feeling here, OF course we may have TEN.
pofaty reacliOn Monday but We can see the
end now"
There Is feeling that the Funding bill will
be vetoed by the Prtsident II ~ should pass
Congress, and new bill will be nut In shane
which will be satisfactory 10 all PARTIES,
Thtfe Bfe buyers enough In Wall sifeet tO-
day to carry up the price II brokers we're in
position TO carry stock, and Just as soof, az go
are At point where brokers can Ret accom-.
mOdatiohs o. banks, we shall see stocks 20 be.
yond anything we have seen yet The weak
ht lters have been shaken out and stocks are
In strong hands"
Jay Gould is willing 10 be put on record as
saying that the end OF the money sttlhaency
is IN sight that public confidence is not
shaken that buyers are numerous and bfines
VIII advance with rush. A quieter feeling
ives reported from county banks, and Tho
opinion Of bAAk officers Is that the worst IL
now over.
President Dowd, Of the bank of North
Ametic., when. questioned concerning tho
financial condition, said "The Reiundina
bill y as good % killed and don't anticipate