Show BY TELEGRAPH UNION UMON TELEGRAPH urn AMERICAN NEW YORK 26 wall street and the stock exchange were in a whirl of excitement at the opening but the market grew stronger under the impulse of the treasury sury redemptions led emption ons ong what promised to be a memorable financial panic proved to have been happily averted at leat for the present at the close of bubines bu sines yesterday the street in the language an guayo of a broker was on end and many wild rumors were circulated foreboding stirring and exciting ng scenes today to day long before the doors of the stock exchange were opened for business bu sines new and wall streets in the vicinity of the ex were spero filled with knots of anxious brokers who discuss discussed edthe the situa situation anan n an excited man manner fier fler men froni from up town who rarely visit the lower regions region were nvere there business men who do not speculate in stocks but were in want of money were there customers we were re out oui in force at th the open ing I 1 of the market faces which before had been uen gloomy were wreathw wreathed in smiles Prices were above closing figures bug but bu whether the buoyant condition was due to the Secre seere 8 order of yesterday was unknown it was doubtless due in part to that announce announcement mont but the moral effect of the kno knowledge W that did the exigency arse arise the secretary had reserves to exhaust in payment for additional as and gsand that in ad he would purchase worth of called bonds as announced went a long way nir Vir further thee all evidence of the panicky condition in the stock and money markets had passed away by 2 then rhen thene there Ther ewas was a good deal of bf 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 on out t and they sadly moralized moralizer zed on what might have been the enormous sales yesterday at panic prices show that some of the large operators on the bear side of the market must have realized fortunes fortun eson esou on turn today the decline was rapid and tempestuous the money that was made in the streets within the last 21 hours was made in rapid recovery the express says bays the bank statement was more favorable than generally expected the loss on ou resen reser reserve W being smaller than was looked for under the circumstances it should be borne bome in mind however that the statement is made upon up on averages and that the full effect of the weeks transactions Is not reflected in the figures put out by the clearinghouse clearing ho house apse today to day the large loss in specie shows that banks have hive put gold into the treasury to retire the bank circulation to a great extent in consequence bence of the scarcity of legal tenders lers the increase in legal tenders is probably result of an influx in consequence af pf if the high rates for money at this point tile decrease se in circulation is not as large as was anticipated but as we have said before it should be bome borne in mind that the statement is made upon averages the tae decrease in deposits depoi depol sits lits is enormous being about 7 greater than the combined decrease in loss of specie and an th loss in surplus reserve is which leaves banks with above the legal timit limit in reference to bank averages the commercial remarks we have reason to believe that to days bank bahk averages are about the last that will be reported complete through the clearing clearinghouse house several banks will undoubtedly decline to make mahe their averages acknowledging no obligation to the jD learing clearing house to report their condition other otheir than thail an the periodical call by the hank bank comptroller at washington the practice of weekly averages is lawless like wild and reckless certifications for forstock 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 a to cash sales and purchases a and nd to sales and purchases for account the a day certifications by national banks in litter utter violation of law will have to cease if it be said that the bank comptroller sanctioned the certifications last year the reply lylis is that the comptroller isa subordinate subordinate of the treasury and will not be allowed to violate the specie law against banking corporations we ired jred predict lct let that Satur Batur saturdays days daya averages of more than one prominent bank will not be sent to the clearing house and the concern will have to give over their impertinent interference with the conditions of their members the scandalous s experiences of this week will have done the business for the clearing house ss fc a ruling banking power the tile fourth national bank in which gould has his account and the Im importer porters and traders bank of or which mr imi sage saga is vice president will probably decline to in make alie alfe averages to the clearing house next week the continental and other banks will take the tho edme course by way of protest against fa the th 0 mischievous and lawless interference of the tile clearing housewirth House with the responsibility solely due fix nive five ti tim in es ps a year to the treasury depa department anant it s intimated to us this afternoon that if any banks decline t to make the weekly meekly averages they f will bo be turned out of llie the clearing house T this his is all bosh the membership p of the clearing dearing i house hoube will be protected by tile the c anything of this vils kind is attempted the original purpose of the clearing house of associated banks was to nike make and settle daily exchanges nothing more or less said one of or the argest opera olera operators tors this bas has not been shak shaken efi the people have not sold out because they wanted to but because they have llave been compelled to against ains t their h el r wishes they h have av e ue been unable u to t 0 carry catry stock and have thrown it over without regard to its value valued there alsa is isa a dispatch from boston sa saying ying the banks are full of custo customers m and anxious to buy stocks but banks will not buy on margins As ass soon as the banks will take orders stocks will be purchased with a rush that shows how they feel in m boston and there is much the same fee feeling lini ilni liere here of course we may have a temporary reaction 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 and a new bill put in a shape which will be satisfactory to all parties there are buyers enough in wall street to today day to carry up the price if brokers were in in A a position to carry stocks and just as soon as we afe aie are at a point where brokers can get accommodation at banksie bank banks sWe we shall see stocks go beyond anything seen yet the weak holders have been shaken out and stocks are in strong hands wall street was seldom more panicky and interested than this morning and operators who never before dome pome down town early were on tile field ong dug before business hou hours rs secretary Shern Shem ians rans action the more accommodative disposition of banks and the general reaction alone saved javed frightful disasters anda panic and brought about a healthy condition of monetary affairs since iamon noon the there has been a steady advance ranging from froni J to LD aj 7 the post says the highest rate for money this morning was 6 per cent per annum and I 1 per diem i is now plain 6 the weekly bank statement is of course unfavorable but less so than was expected no rational banks today to day have deposited q to give up lip circulation and it ab looks ok s a aa if this business had ceased neigh 1 boring cities and even montreal and london are sending money boney here and it is likely the crisis is passed the secretary of the Tre treasury aurS has lifts ordered toda today to da day I 1 that the included in ape the tho loist call be paid principal and in interest ter e on demand here liere fiere and this has greatly g rs atly atis simplified matters therefore the treasury is in market marke L ash asa as a buyer at par and interest te rest of in bonds onn probably in a short time the treasury will have paid boutas out as much as the banks have paid out since ethe the senate passed the funding bill the chances are now said to be against 3 tho the of abe the funding bill in the event of which the banks bauhs would probably withdraw their demand I 1 the tiie retirement of circulation it become law the q banks aoud not no afterwards give up dp their note not e birdd lation and contraction would not be possible and the prospects are therefore for forn fora a very veny ver seay easy money market from now on it takes less tow tor carry earry stocks shocks now than before the decline the poss thinks Con cou congress cyress raided the banks and broke down speculation but thinks the rei suit in wall street was salutary lutary Ea the weaker class of speculators have turne turned d in today to day and bought back the stocks they threw over i board yesterday frota a world editorial trade and the general business of the country have been subjected to a strain during the past st week weak more severe than any which has been put t on them since 73 this declora deplorable dle tie state of affairs was brought about by a selfish conspiracy of a certain number of national banks bent on opposing the national will in the matter of establishing such lower national rate of interest as duly chosen representatives of the people hae have thought proper pro er to adopt our gov ern ment the people who who lua iua maintain in it have submitted to great sacrifices ac to afford all reasonable su support por t to national banks but babp banks 3 have not kept within reason reasonable aVle abie limits their demand for tor compensation a for such financial services comeens 69 as they have been a able abie hlo hio ble lo 10 lender jender the country A few of these banks have ilot not hes hesitated stated to invite lavite the i tion of the whole system and hild provoke popular anger by pu pursuing rabing the course which must inevitably force on american amerlean citizens tile the question whether legislative and i executive onni officers chosen to represent the people or or a few bank officers are to administer th the e financial destinies of tills this country it is ignot not probable natural resentment of tile the leal legislature slature against the attempted Ws conspiracy piracy will extend to uhe the condemnation of the whole national sy system stena stera nut but we have no doubt at tte tle same time that when indignation has cooled ot off these conspirators against the he prosperity and credit of the beju republic will b be subjected to such temperate and wholesome discipline as shall be a warning bothem to them and their kind for years yeara td come the commercial bulletin the dispatch from froin gin san sin francisco of thursday tiar liar stating ting that a sharp com corn 1 petition bad had I 1 broken out for the chinese trade is the subject of much comment among merchants in the china trade berei dome some om eare are of the opinion that thai this might 1 be the beginning 0 of a long war between the two I 1 lines iines elj specially je pee pec lall y as the phinese ih inese line is back ed by the imperial government it is known talat the china merchants company is a semi governmental concern and receives considerable subsidy then too the line will have the sympathy and support of many of the native merchants and being well officered by evro europeans there wag wai was nor no rea reason W why hylt it should not succeed it is j s also known that the line i is s so much in earnest as to have ordered three new hew IsI steamers damers to be constructed in scotland and which it is thought will be completed before august prest dim dik dickston houston iton ston of or the pacific d mail expresses abe dhe Ahe opinion that the C chinese filid fine line will bof not jye jyo be jie abla akle to compete buffo but very veny little extent unless thov theyan cah buy up the Overl overland aud dud railways until they can do t hotl tie lie thinks the competition will wll wil amount to nothing it was also aiso stated stabled that the chin chinese ase ese steamers were tall and not or ir to irr fir the pacific alto get herthe berthe pacific mail people treat the matter as af pf very small ancee given by thomas J bush before the ifie mew new york genealogical ea IQ aad biographical society upon the thal in genealogy with special reference to fhe ae the chinese question from prom thona thena the natu ilof rei of the case a good deal of fabii liar hai ground was gone one overmuch over sueh such as the caus causes es indi ludi inducing icing chinese emigration jo this thib country and how by cheap labar they are aro driving others from various spheres of employment rhe the problem he sald said was one of great and growing significance and a satisfactory solution could beatea be arrived ai as only by careful and just legislation la on the fact that the Mon mongolian gollan even ever retains the characteristics ties of his race and is by no means mean amen samen abib to 16 the usage and influence ino u e of civilized life was handled bandied with vigor various authorities being wing cited to sustain the lecturers view of the si situation tua fion tion ili iii ie argued that via t the thear ar rival bf hordes av eill Clil nWe flooding the country was sufficiently alarming inato to dpn if llo ifo not nob t dismay and aind said shiv that inthe if the chinese were to be admitted fo the rights tal tai of sullia e there should be an aduca dional qualification i imposed before they could can 1 pnat pent wed tolt toli WA I 1 raton 5 C pa the ahe committee committed of conference on the apportionment has d ag aggee ee democratic batore caucused caucuses caucus ed today but acrea were sworn to se cresy and say the proceedings will never become public A western press reporter saya says say the subject orthe of the organization of the new senate was discussed cu sed thurman whose duty it is to swear in new senator senators goes out with this session and the discussion was as to his successor but evidently nobody was agreed on another caucus will be held before march ath no action was taken on nomina eions of the president it wag the unanimous ile ise nure nuBe 0 o democrats should maintain colit control nol rol of the senate the conference committee having failed to effect a compromise on ib the apportionment bill democrats agree to allow the funding bill to come up first it stands 10 on the calendar and a single objection object lon ion will prevent proven its ts consideration oua out of order but the he house baylay may lay aside the other section if it is so disposed and thus in n a short time after concluding luding the sundry civil bill reach the funding bill this will pio probably bably be about 4 it is stated the president will leave the he matter of calling an extra session sic to gen garfield it is iu rumored mored the date will be the of march it is I 1 stated that akine w will ill lii remain in the senate to night fight the battles rattles of the new administration should any of garfielda Gar fields appolit appointments cause opposition biar Blar blaines influence in the 64 senate Js regarded very highly Y republicans announce their in ten tioff llon lion of voting on the apportionment bill bili when it comes up again against but bt it can hardly get geft through the senate S eat at itt this late day the times says an organ of the national lo ankers says sats if f the |