National Republican. (Washington City (D.C.)) 1872-1888, 1875-05-24
AatinuaI gepnhlifau
FINANCE AND COMMERCE
Monetary.


WASHINGTON, Saturday Evening, Maya
The most remarkable feature Of the financial
situation is the vast increase Of lOanabIe fluids,
not only in New York and abroad, but at every
monetary centre Of the country. While the banks
at Washington, New York, Baltimore, Chicago,
Philadelphia, st. Louis, Cincinnati and numer-
GUS other great cities continue to Involuntary
reinforce their strong positions by the heavy de-
pests OF surplus wealth on the part OF capital
lists, II only reflects the abnormal and depIOrablo
condition OF commercial trade.
The spring trade is approaching its close. after
apathy, though ushered In by sanguIne hopes OF
theoretical ssd practical men, and, as yet with
out the prospect Of revival until alter the heated
term.
1t is evident that we must return to hrst prin-
eiples and hard pan" A shrnkage Of values
has already been established, and from the pres
emit stand point our only salvation seems TO be in
further commercial concessions.
Our friends out West must cease to regu-
ulate their prices by the gold premium. With
plethorie supply Of currency at New York, and
the present system of carrying gold on margins,
hcial causes, and the heavy shipments OF gold in
payment Of United States bonds abroad and the
stoppsge to the export Of produce, and the Amer
spiTe to keep gold up for some time yet
If there could be a movement East Of some
5O,OoOoCO bushels Of grain, It would distribute
money thrGugh bout the rural districts react in .
demand for Eastern manufactures and products
and once more set the wheels Of industry in mo-
times which obtained before the memorable panic
Of 20.
There is, very little change to note in our
local market. Government bonds and gold con-
tiBue frm. Money unchanged, st T9s9IO, and
occasional call loans at 596. Quotations will
show \ further decline in the rates for small
lots" Of guaranteed 365 bonds, though large hold
ers eVtnee the same nrmness at T59I51<, and con-
slider the Investment good for permanent no ldInz
these bonds are being brought out in a more
clear light by newspapers Of the country. The
chicago Inter Ocean, among others, INDUCES In
subject.
Mtssrs. Sherman Grant, No. 1925 street.
quote the following buying and selling rates for
Governments, gold, SC:
SIS. 'sI.......124 @I24J4 5-2O's, 49, ..123XaI2sZ
SOS, 81. .1l574 911T4 10 4O's......lI7JSdIls
52Os, a.. l72s9llsl per cents ..ll5l7 3iISE
5;20S 'oS:: .lS0 93 Cur S-05s.-.. L39 y
5SO's, 81. .l2S 81244 Currency 6's 1888 5i2lI
The Wall street markets are without decided
New York board sales tsIsgrsphsd to HID.
Cooke, jr. & Co.:
IS, 1881. coupon, .1244 52Os, 1ssT.........124
62os, 1852 ........1l7H 5-20's ls68.........I255S
SOS, 1885. iO.4o's, COUPON
5 2o's, 1855, neW....l225 Currency .I24IS
The New York bank statement is again favor
abe, as follows: Deposits increase sos, 400 re-
Messrs. Trask s Stone, in their special letter
to The REPUBLICAN,, say ''Our stock market for
the week closing to-day has shown great depres-
sion in prices from a variety of causes The rail
road war has been reopened by the Baltimore
and Ohio people, and promptly taken up by the
other roads As long as this state of things exists
there must be falling off IN their receipts, and
We must expect to see large decrease IN their
earnings. The bears took advantage Of the ST.
uaIioR, and made 1t pretext for ratding the mar
ket, which was soon followed by free sales Of long
stocks, principally on stop orders As is usual
after a severe depression, many holders became
dem oraliEed and apPrehensi7e Of further raid,
and threw their stocks overheard at the lowest
prices. Erie and Pacific Mail have suffered most
IN hnr e.,
become very scarce for delivery, which is reflected
in its hrmness to-day. The latter is q bone Of
contention between opposing sides, both Of whom
talk confidently of their respective positions Re-
ports concerning 1t are conflicting, both parties
claiming them to emanate from headquarters.
Ohios were very weak yesterday on rumors thai
the company could not provide for the JULY inter
est. On denial OF the rumor the stock quickly re-
acted, but has remained very feverish. Other
stocks are without important feature, all being
affected by the pressure of sales. The Western
DOndiyidend stocks, as may have been expected
in a bear market, have been very heavy, and
prices marked down on small transactions. We
are inclined to believe that the bears have about
accomplished their designs, and will be soon, If
| they are not now. buyers of stocks. Fhey will
make their purchases as quietly as possible, tor
when discovered there will be general rush to
cover contracts as well as TO double up for .
RISE"
Commercial.
From the data we gather in regard to toba3cO
the present quiet tone Of the market will shortly
be superseded by activity and better prices. Prac
The stock in New York is twice as large as Tor
the same time during the past few years but il Is
mostly of an undesirable character, and even a.
ter the stock is increased by shipment Of good
grades, tobacco cannot become a drug. in view Of
the large engagements for future delivery by New
York houses. The drouth Of last spring caused 4
speculative demand and an almost unprecedented
advance which set in about LIST June. LuEs rose
from 41IG514c. to e@lO1Ic.; medium leaf from so
66e. to 121ZfIl4c.; good hne leaf and choice Sc
lectiOns, SGl2l4c TO l6G25c. The advance result
| ed in a quiet winter to the trade. But business
has recently disclosed signs Of revival under the
stimulus of reported injury to young plants and
| tie small prospects OF lower prices.
We take flom the New York Tribune, in adit-
ton to other points, the following prices for to-
haccn during the nasf innr