National Republican. (Washington City (D.C.)) 1872-1888, 1881-03-22
MONETARY MATTERS.
FINANCIAL AND COMMERCIAL NEWS.
Wall Street TraHsactiOns-The Latest Quotations
in Stocks and BOnds-New York and Bal
timOre Produce Markets-Lond0R
and Paris Money Markets.

The following observations on the transactions in
the financial market yesterday, together with open
ing, highest lowest and closing quotations, fur
nished by the banking house of H D. Cooke, jr, Co.
li29 street, Washington, D. c.:
The market opened fat this morning. During the
first hour prices were stiff and even advanced some
Soon however. the complexion of affairs changed
and the entire list has declined systematically to the
close NJ which time there is visible fail of = TO per
cent, the latter Northern Pacific. The only excep
tons TO the slope" have been Nashville and Chatta
nOoga, Chicago, Burlington and Quincy, Morris and
Essex, and st. Louis, Alton and Terre Haute. All of
these closed where they opened Nashville and Chat
tanooSa had advanced ia per cent during the Gay.
but lost on the second board The dropn Northern
Pacific was caused by reported rupture with its Ore
Son connections and also by "spilling out" ofsOme
at the pool Aside from these depressing reports,
which affect this stock alone, tn has been nu
ence 10 break the market to-day other than general
misrust in prices The decline seems 10 be SIM
ply natural reaction, seeking of proper level such
as foreshadowed in recent letters. To-day at half
past one another heavy snow-storm commenced i'll
Chicago and throughout the Northwest. At time of
writing the storm still prevails. This does not look
very encouraging for large freights.
A rumor has found its way upon " the street" that
the Treasury Department intended selling of the
four per authorized but unissued) and with the
proceeds therefrom taking up 100000 of the fves
and skies of 81 1t seems apparent that such an ae
ton this is hardly likely TO occur. In the first
place would be at direct variance with the late
timents of Congress in the funding bill question for
the Department to sell the fOurs at all. 1t will be
membered that the bill as it passed both Houses
thorized the issue of 8 per cent bond, which the
Government reserved the right cali in after five
years. 1t is hardly likely that the Department
would sell per cent. bond having twenty
SIX years TO run in the face of this late action
of Congress antipodal in its spirit and expression
More than this: Even if the tours sold the pro-
ceeds could not legally be applied 10 redemption of
0f he m vvh
mature. The only funds which be rightfuly used
for the purchase of these bonds the time being
the surplus revenues, which not adequate pres
ent 1t is probable that action will be taken in the
matter until the question of session is def
nely settled If are to have another session. the
question of reunding Will certainly be the incentive
for and the main feature of the session. definite
decision will be reached and the financial policy well
defined. From all indications the "extra session"
seems very probable. 1t is difficult say what will
be its precise effect the stock market. 1t is posi-
bic that the fear of financial tinkerng" the part
OF Congress may have depressing effect at first, but
should refunding bill be passed, establishing fair
rate of interest," say 80 per cent is equally possible
that the market may be stimulated and advance tenn
pOrarily without regard to intrinsic merit.
Total sales Pacific Mail y 800; Western Union, 600;
do extended 200; Northwest 5000; do preferred 100;
Northwest 500E do preferred, 500; Rock Island, lGs
st. Paul. $780, C. C. & l. c., 300, Erie H. 0G Hanni-
bal and ST. 10, $780, do preferred, 300 Lake Shore,
19GG New York Central 2S0o Ohio and Mississippi,
AGO. Union Pacific, 1920: Michigan Central, 4OOG
Delaware and Hudson 400; New Jersey Central,
20 400 Delaware, Lackawanna and Western 70C0l.