National Republican. (Washington City (D.C.)) 1872-1888, 1881-03-07
MONETARY MATTERS.
FINANCIAL AND COMMERCIAL NEWS.
Wall Street Transactions-The Latest Quotations
in Stocks and Bonds-NeW York and Bal
timore Produce Harkets-LOnd0n
and Paris Money Markets.

The stock market on Saturday closed with q boom.
Whether it the action of the over-hasty banks in
asking withdraw the legal tenders deposited for
the retirement of circulation the satisfaction with
which the street received the appointment of Mr.
Window TO the Secretaryshp of the Treasury there
doubt of the fact stocks received upward
boost during the closing hours of business for the
week that augurs well for the holders Ofstocks. High
figures for almost everything on the list are once
more confidently predicted, and this time with every
prospect of accomplishment. Iron Mountain is said
TO be another Union Pacific, and under the skiful
management of the greatest fnancier of the may
reach ND into the ninees within that many days
Pacific Mail is booked for further and material ad
vance Ohio Central is ditto, and the much-abuSed
Western Union will probably hit 49, In fact looks
much if one would not go amss I'm buying; but it is
well not to buy anything on measre margins. That
is where the average speculatOrthe lambs called
invariably miss it. Flushed with the idea of sud
denly accumulated wealth, they go in on ten per
cent margins less, and resist 10 break in the
market, and selling under compusion, assist the very
movement that ruins them. If men will speculate,
let them do it on safe basis. A twenty per cent
margin is comparatively SAFE but forty per cent
sometimes loses its grip.
Money was easy, and the bank statement was COM
paratively good The return of the legal tenders de-
posted by the banks will insure ease for weeks TO
come, and the well-knOwRAstitlis of the Secre-
tary of the Treasury is guarantee of the future.
Concerning Union Pacific is said the stock is firm
and advancing reports that the statement of last
years business be submitted at the annual meeting
next week, will be surprisingly favorable. 1t is
tortativey stated that the of dividend will be
increased but whether to or per cent will be de-
cided at the meeting The indications that per
| cent will be the figure.
The consolidation of the Southwestern roads is
! about accomplished. The movement contemplates
the amalganation of the Iron Mountain the Interna
tona and Great Northern, the Texas and Pacific the
| Missouri Kansas and Texas, and Missouri Pacific.
The basis oft union is said to be for Iron Noun
tain and Information stock, and par for Texas and
Pacific and of the latter two shares of the increased
capital stock of the Missouri Kansas and Texas to
share of the increased Missouri Pacific. The
solidation of the aforementioned roads Will be per-
| fected as soon as Mr. Gould returns to New York.
General c. NJ. Dodge, president of the American Rail-
| way Improvement Company, which is building the
Texas and Pacific received dispatch from Mr. Gould
and General T. L. Eckert Saturday stating that they
had just completed the inspection of the Texas Pacific
road and telegraph, and found it superior 10 any
work Ofthe sort in the Southwest Mr.. Gould and
party will reach ST. LOnis on Tuesday and reach New
| York the last of this week.
The telegraph consolidation still hangs fire, but Will
undoubtedly be consummated as per programme in
| short time.
| The Chattanooga pool is full of confidence, and
pect their favorite reach l25 more in very
short time The Louisville and Nashville people
in peck ftrouble and may yet regret their devious
| dealing with the Chattanooga road.
The following observations on the transactions in
financial market yesterday, together with highest,
lowest and closing stock quotations, furnished by
| the clearinghouse of H. ID. Cooke, jr e. Co., 1892 +
street, Washington, D. c.:
As usual during the last month prices in the New
York Stock Exchange have been largely governed in
their fluctuations by various reports received from
Washington. The market opened 4 to per cent.
above yesterday closngS then dropped "a to IL per
cent under sales from yesterdays buyers 1t soon
acted however and advanced steadily closing strong
| and showing advance of from y TO per cent,
| the latter Reading. The 'bulln news and argu-
ments to-day the street We're about fol-
lows: First il rumOred that the (then) probable
new Secretary of the Treasury would entertain views
favorable initiation, and that he would use the Treas
ury surplus funds for the redemption of Government
bonds In addition to this 1t believed that those
national banks which had already taken steps toward
the contraction of their several calculations Gearing
the passage of the funding bil) would be allowed to
rerace their steps and assume the position they
pied previous to their move in the matter. This, if
ruewOuld throw nearly sl 100000 on the street max
| ing money very easy. 1t was also mentioned on
| Change that movement was on foot in the State
Legislature to reestablsh the old usury law, which
| rumor caused much indignation among the bankers,
but had nspriting effect upon brokers and stock
dealers generally Much of the stringency during the
recent pancky condition of the market was caused by
the exorbitant rates of interest charged on loans.
Many respectable houses extOrted the utmost farth
ing" and shamefully avaricOuS. Til cir actions
have attracted the attention of the State Legislature
and is probable that the per cent awwith its
alties will be revived. 1t will be remembered that it
the notification of this law which caused the drop
in stocks last spring. therefore is quite probable that
its establishment may have the opposite effect 1t
may be mentioned. also. that the bank statement af
forded good "bull'' talk. The arguments on the
other side of the question are first, the general
haustion throughout the county of the strong hull
element which visible several months ago, and
msg;ving the part of many intelligent regard
ing the arguments which justify the present prices.
The question with them is What is there to keep the
market up? Union Pacific is up on account of its
ceedingly favorable annual statement, and the ad.
vances in the Southern and Southwestern railroads,
especially Louisville and Nashville and Iron Noun
| tain have largely increased earnings to show for
Them but aside from these most all the other roads
show a decrease during February, conspcuously the
Northwestern roads and the trunk lines, which they
feed and yet their stocks remain stif-yes,
vance, when reckoning from basis ofintrinsic
| it's they should decline We do not wish this TO be
taken as " bear talk" from us. We merely quote the
! impressions aaoat both sides of the question.
Money, and 3@4 per cent; 4@5 per cent. United
States bonds; time loans, 496 per cent.