National Republican. (Washington City (D.C.)) 1872-1888, 1881-04-02
FINANCIAL AND COMMERCIAL NEWS,

The following observations the transactions in
the financial market yesterday, together with open
ing. highest lowest and closing quotations, are fur
nshed by the banking house of II d. Cooke, r.. d Co.,
1923 street, Washington. ID. c.:
The market opened up this morning, and during
the first few hours exhibited considerable degree of
iirmness. In the absence ofany bull information to
sustain the favorable movement ct the early hours
prices began to drop. Shortly after the downward
move became inaugurated prophecy was quoted
from VennOr, predicting very late spring, ;snt
weather in April simil r to that of the past month.
such occurrence would necessarily relrj the pro-
CeSScS of agriculture, and thereby have urfayOr-
able action Cnthe railroads. especially the Northwest
roads This report tended to weaken the market,
and at the close we find decline of i TO per CENT,
the exceptions being Northern Pacific common and
preferred up d to Is per cent. AMI Hannibal and st.
Joseph 70 per cent. up. II Sc ms strange that the
New York StCcl Exchange Should even depend upon
Ihe dictOns of a weather prophet" for basis of
fluctuations. Still, must bear in mind the fact
that the market is so entirely destitute of momentary
arguments that the operators thereon glad to de-
pend on the most " har-brained excuses fer making
change of prices. We still the indisputabIe az
2sEIInent which has been staring in the face for
months past. The late severe winter has greatly
damaged all the roads and caused expenditures so
great prevent their paying legitimate dividends;
IN fact il has them into debit and yet in the face
of all this their stocks have steadily advanced We
draw conclusions, but merely ask the question,
I" Does this seem natural and healthy?" The prOba-
eility OF Iron Mountain paying dividend i'll the near
future has been loudly discussed. The following facts
viii be of interest that subject Last year. with the
largest earnings on record. the company was unable
pay Interest the first and second preferred in
come bonds together amounting to over SgOO1OO0)
These bonds pay respectively and per cent.
interest. which is accumulative and the
debt has 20 be carried to the year At the
last stockholders meeting the proposition was &C
copied TO exchange these bonds for per cent conso
datOn bonds. This, of course would result in a dm
mutton of the interest charges. But the bonds
tant paying end Z per cent. interest," which is
accumulative, and the holders will be 10th TO exchange
Them for per cent security. But even granted such
exchange can be effected it is than counter
balanced by the proposed issue of additional mort
gage bonds to the extent of 100000 and by the add
ing of 10000 to the stock, thereby almost doubling
1t. Under these circumstances does it not seem like
flint hope to expect legitimate dividend from Iron
Mountain In the near future?
The public debt statement issued to-day shows re-
uciOn of the debt for the month of March of S6ls2
Sl9I4 The total reduction since June 30 1880 is
S6S4OS, 70l7l The total cash in the Treasury is
223 ami the debt, less cash in the Treasury
S,S737GS 5365; legaitender notes outstanding $780,
6s06; certificates of deposit, S. 600 gold certif-
cafes S817 300: silver certificates. sOO old de-
mand notes, $G0Bs5, and fractional currency less
amount estimated as lost or destroyed, S. l3 g7692
The money market has been fairly active at 5GIt per
cent on stocks, and 4G5 per cent. on United States
bonds.
Total sales: Pacific Mail 1OIGG Western Union $500;
do extended, 40O Northwest IOIOG do preferred 100
Rock Island 3O St Paul, q, 100; c. c. & L c. 500;
Erie 5r5OO Hannibal and St. JO IO3OO DO preferred
800 Lake Shore. q, 300 Ohio and Mississippi IIOO;
Union Pacific, $780, Michigan Central 400; New
Jersey Central 1926 Delaware Lackawanns and
Western q 100