National Republican. (Washington City (D.C.)) 1872-1888, 1881-02-21
THE MONEY MARKET
Wall street Observation-Disclosures Quota
linus In Stnc ks and BONDS.

lions an StOF rs ana tbOtlds.
The stock market Saturday was feveriSh and
most irregular The opening was strong followed by
serious decline, and this by great strength All this
was due to the singular conduct of The bank officers
who freely. with some notable exceptions predict the
failure of the attempt refund at per cent. This
NAV be wisdom on their part in so far as it may
induce Congress 10 repeal the tax on circulation,
but otherwise it is the sheerest The three
per cents will all be taken in sixty days after the bill
passes and the result will be TO send all manner of
other firSt-caSS securities still higher. As a matter
OfcOrSe all listed stocks viii sympatize in the rise
Evidently is no time TO get short of anything.
The gossip of Wall street is fairly epitOmized by the
following extracts:
We have had q market where all sorts of ruinouS
ideas were acted upon in all sorts of ways said a
prominent broker Yesterday afternoon 'fThe fund
ing bill Is the stock in trade of both sides of the
ket curiousv enough and ON the strength of its pas
sage the bears have been selling vigorously, while
the bulls have been as liberal buyers. Much stock
was thrown over by frightened holders who saw only
danger in the turmoil of the day. The opening was
weak but this was only because many were unwilling
10 carry their stocks over I'LL Monday and then YOU
must remember that those who bought during the
week able now 10 sell ont at good profit, and
many have chosen TO secure their money instead of
waiting for the rise, which is confidently
looked for next week. Even during the decline
still bull market, and The bull side did not
lose control of thesituatiOn at all The falling away
simply the effect of a raid and means an advance
of prices in the future, because a majority of
those who were working the market down were doing
50 only 10 secure all opportunity 10 buy. In the last
half Of the day those who had been sellers in the
morning were buyers and the prices soon showed
general recovery Western Union stood firm but
many Of the Vanderbilt stocks showed signs of weak
ness Reading was sharp battle-ground all day and
the bulls in that stock very exultant in their
assertions that Jay Could buyer of large
amounts This report was not verified and seemed 10
BE- used only for the benefit OF those who like to follow
Tive slate"
said another broker The funding bill is now con-
SdcrCd accomplished fact by the street. and
strangely enough ii only served as last irritant TO
edgSaTinS bears. and one OF the rerceSt raids OF
The season made by the bears break the effect
ofhe bill They chose very fortunate day, too; for
With the liquidation of accounts on margin there was
plenty Of stock TO send banging upon the market ut
every sign Ofweakness ChattanoOgais the only stock
llat mas gone sailing serenely on. There was a re-
evai of the old pending dispute TO the guarantee
lng Of seven per cent its stock by The Louisville
aH9 Nashville people. The coal stocks have been
widely dealt in and have been held up at good figures.
Inc new management of New Jersey Central does not
sem 10 be taking many steps for Kidding II of the re
ownership. though Mr. LathrOp is quite ready step
position OfreceivCr into that OfpreSident The
",thLy tt!hctS from the banks show q decrease OF
reserve OF over $3.50 600, and this is looked upon
significant. There is nothing 10 prevent very tight
nntE market. fthe banks refuse 10 accept the new
ponds for their circulation; but contrariwse TO this
mere are those who assert that the whole S}l0O10oO
Mi De taken up without any recourse TO reminding at
AL ana with the money in the Treasury this might
~ done In either case, and matter what course
~ government may take, II Will be an unfortunate
I'm. u we are 10 nave stringent money market al
a.; The manipulatOrs of the Southwestern combina-
ION are Keeping in their figures very WELL, said q
t.,Iu broker and every effort to find out how 10
iaied Iron Mountain will probably lead. with Inter
NATIONAL next, and Kansas and Texas last, if that be
~. All OF The Southwestern stocks in good sell
ing demand. while the Granger stocks are neglected,
fna are evidently waiting for thaw. Money has
q T ', ana al the close II was onered as low as
. per cent. BY Monday morning think il will be
H an Nm which way the hanks are going 10 act
~, iiS IihdlnS bill, and this VIII fix what sort OF
a.. LnnuN OF money we are going TO have into the
I I and how far and wild speculation is to
Ilnl' There can be doubt that with
IT er cent bond offered by the Government at par
i Ky WIZ he sufficient induccmcnt for hankSto take
N. g'inS and convert them into circulation by de
St. There will be profit in il, and much Of the
ssEi ''Gl tuk by many of the bans presidents,
81 ~, Is Tor the purpose of affecting tie judgments
N, lRer fellows. This opinion. think is shared by
of Tho lolly OF lhe more CONSERVATIVE operators
nj ~ SHeei: ana 10y the coming week that view
~ ne situation will come to be accepted generally
week has been remarkable for the sudden turn it
: ~ 'iIu LOT me volume OF business mere are
stat many outside holders in the market Today,
i morally they have made money by holding for
CT nose VINO allowed themselves 10 De scared
~ NJ ug-iay Will be sorry for it when they the
L,tilciS OF the next few days. As soon The new
Vrir.s .rs Ill Eo5 al par then You may De sure mat
iS iie gong 10 adjust themselves 10 the new con-
'i->' ana That other stocks Will go up
, re following observations the transactions in
,,,tihaIcal market Saturday together with highest,
~ "S''and closing stock quotations, furnished by
-ie 14hkng-hOuse of II. d. Cooke, jr., & Co., 1929 f
'Igtl' Washington. D. c.:
me market opened weak, but rallied slightly on
' part OF first board 1t evident that the sell
- Vas done by small dealers the large operators
iiis small amounts with much ecIdt, but in the
" ' ulne buying quite steadily much larger amounts
-i"h lhey sold. The early part of the day there
~ eu 10 be loss OF confidence. and il was evident
20 .le success Of the funding bill having n de-
r''S elect on the market, not that financiers and
''lois regarded Il injurious the interests of
mt simply because They could not at glance
- IA tiIe situation and see what would be the
I-'o.lie ultimate outcome of the measure This
.-.II"oh OF affairs unsettled them filed them with
7N' a!Irehensons Of what might be- in the iu-
an" had demOralizing effect on the market.
~, 'sI That 4 close and careful scrutiny the part
'.SeTs and intelligent men throughout the conn
quo l"e facts governing the in its different
- ''i-a WILL show the measure to be well advised,
- DOT Hurtful TO the national bank Interests, as
- may think al firSi sight Besides this, the Com
-, - % Ways and Means has agreed 10 report IA
i, 'l-E upon bll eNempiing national banks from
49, l4'Atht TAXATION their deposits circulation.
a. ,eeks stamps. With those points in view, we
'1i when the pIblEe gets 2 well-deined idea of
'''e lhwardness Of the situation confidence viii