Show LATEST TELEGRAMS r THE MARKET How Saturday Passed in New York Money Circles New York 261Vall street and the Stock Exchange were in a whirl of excitement at the opening but the market grew stronger under the impulse im-pulse ot the treasury redemptions What promised to be a memorable financial panic proved to have been happily averted at least for the present At the close of business yesterday the street in the language of a broker was on end and many wild rumors were circulated circu-lated foreboding stirring and exciting ex-citing scenes today Long before the doors of the stock exchange were opened for business ew and Wall streets in the vicinity of the exchange ex-change were filled with knots of anxious brokers who discussed the situation in an excited manner Men from up town who rarely visit the lower regions were there business busi-ness men who do not speculate in stocks but were in want of money were there customers were out in force at the opening of the market faces which before had been gloomy were wreathed in smiles Prices were above closing figures but whether the buoyant condition was due to the secretarys order of yesterday was unknown It was doubtless due in part to that announcement but the moral effect of the knowledge knowl-edge that did the exigency arise the secretary had 16000000 of reserves re-serves to exhaust in payment for additional 5s and 6s and that in addition ad-dition he would purchase 25000 000 worth of called bonds as announced an-nounced went a long way further All evidence of the panicky condition condi-tion in the stock and money markets had passed away by 2 oclock There was a good deal of mourning among lambs whose margins had been wiped out by the terrible break in stocks yesterday afternoon and a large number of sorrowful looking curbstone operators were to be seen in New street and Exchange Place The sharp recovery in prices did no good to those who were cleaned out and they sadly moralized moral-ized on what might have been The enormous sales yesterday at panic prices show that some oft of-t e large operators on the bear side of the market must liave realized fortunes on turn today The decline de-cline was rapid and tempestuous The money that was made in the streets within the last twentyfour hours was made in rapid recovery The Express says the bank state ment was more favorable than generally gen-erally expected the loss on reserve being smaller than was looked for under the circumstances It should be borne in mind however that the statement is made up on averages and that the full effect of the weeks transactions is not rellected in the figures put out by the clearinghouse clearing-house today The large loss in specie shows that banks have put gold into the treasury to retire the bank circulation to a great extent in consequence of the scarcity of legal tenders The increase in legal tenders is probably the result of an influx in consequence of the high rates for money at this point The decrease in circulation is not as large as was anticipated but as we have said before should be borne in mind that statement is made upon averages The decrease in de posits is enormous being about 7 00 iOOO greater than the combined decrease in loss of specie and circulation circula-tion The loss in surplus reserve is S H2l900 which leaves banks with 431483323 above the legal ilmit In reference to bank averages the Commercial remarks We have reason to believe that todays bank averages are about the last that will be reported complete through the clearing house several banks will undoubtedly decline to make their averages acknowledging no obligation to the clearing house to report their condition othi than on the periodical call by the bank comp troller at Washington The practice of weekly averages is lawless like wild and reckless certifications for stock brokers and the resolution repudiating silver as a legal tender Under the incoming administration of the treasury the Stock Exchange will have to change the rule of speculation to cash sales and purchases pur-chases and to sales and purchases for account The SlCO0000 0 a das of certifications by national banks in utter violation of law will have to cease If it be said that the bank comptroller sanctioned the certifications certifica-tions last yaar tbe reply is that the i comptroller is a subordinate of the treasury and will not be allowed to violate the specie law against banks corporations We predict that Saturdays averages of more than one prominent bank will not be sent to the clearing house and tha concern will have to give over their impertinent interference with the conditions of their members The scandalous experiences of this week will have done the business for the clearing noose as a ruling canning power The Fourth National Bank in which Gould has his account and the Importers and Traders Bank of which Mr Sage is vicepresident will probably decline to make averages to the clearing house next week The Continental and other banks will take the same course byway by-way of protest against the mischievous mis-chievous and lawless interference I of the clearin house with the responsibility re-sponsibility solely due five times a year to the treasury department It is intimated tous this afternoon that if any banks decline to make the weekly averages they will be turned out of the clearing house This is all bosh The membership of the clearing house will be protected pro-tected by the courts if anything of tnis kind is attempted The original purple of the clearing house of associated as-sociated banks was to make and settle daily interchanges Nothing more or less Said one of the largest operators this afternoon after-noon Confidence has not been shaken The people have not sold out because they wanted to but because be-cause they have been compelled to against their wishes They have been unable to carry stock and have thrown it over without regard to its value There is a dispatch from Boston saying the banks are full of customers cus-tomers and anxious to buy stocks but banks will not buy on margins As soon as the hanks will taka orders stocks will be purchased with a rush That shows how they feel in Boston and there is much the same feeling here Of course we may have a temporary reaction reac-tion on Monday but we can end now There is a feeling that the funding bill will be vetoed by the President if it should pass Congress Con-gress and a new bill put in a shape which will be satisfactory to all I parties There are buyers enough in Wall street today to carry uptime up-time price if brokers were in a position I posi-tion to carry stocks and just as l soon as we are at a point where I brokers can get accommodation at i banks we shall see stock go beyond anything seen vet The weak holders hold-ers have been shaken out and stocks are in strong hands |