National Republican. (Washington City (D.C.)) 1872-1888, 1881-03-26
FINANCIAL AND COMMERCIAL NEWS.

The f,Iowing observations on the transactions in
tbe financial market yesterday, together with open
ing highest lowest and closing quotations, are fur
nshed by the banking house of II. d. Cooke, jr Co.,
1Go9F street, Washington, d. C.:
livestock market opened above last nights closinGs
and was quite firm at the advance during the first half
hour OF the morning board. 1t soon commenced how
ever 10 weaken and fell 4 TO T.. per cent the latter
Nashville and Chattanooga, which sold as low as Y.
Northern Pacific common declined per cent, Jersey
Central II per cent. Delaware, Lackawanna and
Western "a per cent, Union Pacific "a, Milwaukee
and s. Paul - per cent, and the remainder of the
list 10 per cent. Shortly after this news came from
Washington announcing that eXras session was not
70 becaled From this point the market strengthened,
and during the second board advanced sharply to the
close al which point the entire list shows an advance
of TO 81 per cent? the latter Delaware, Lackawanna
and Western. The average advance exceeds IL per
cent.
Tlebnying to-day has been largely from shorts"
There have been no large long accounts inaugurated.
Most OF heavy dealers and old heads are lockers
on in Vienna They do not see any important de-
movements in the future and until they do Will
keep out of The market Regarding the report that
shall have no extra session this year. it is said that
The President and Cabinet Ministers are extremely
tacitun the subject, vOUchsafing information
whatever 1t is safe 10 presume however, that there
will be extra session, since the Cabinet meeting to-
day was 10 decide the question, and should I'M
session been reached.
1t seems really painful condition Of affairs that the
country large should heartily fear the converting
Of Congress- witnessed by the many letters received
by the President from prominent business men, urging
him not 10 call another session in May, and also by
the eXuberance of the stock market this afternoon.
Regarding the effect of This decision ON the market, it
seems reasonable that it cannot cause any very great
advance. II will most probably restore stocks TO
the prices whence they dropped q few days
ago. For barometer of the near future we must
again turn eyes toward the Treasury Depart
ment. Under the existing circumstances it devolves
npon that Department 10 make a move in the iinan-
Cia management of the country. This move will be
watched with great interest and will largely affect the
movements OF the stock market for the time being.
After this trust that the market will adopt more
reliable index of values than the probable actions of
congress and Cabinet For the past few months prices
have depended almost entirely these bodies for
status Of fluctuations, irrespective of the Influences
which should regulate them. After the next move Of
the Treasury Department we hope to see the market
standing on its own merits The value of q railroad
stock should be governed by the percentage of earn
ings which the road is making, not by the condition
Of the money market, the probability of extra se
sion, &c These latter mentioned influences should
enter 10 certain extent into ones calculations but
they should not be regarded Omnipotent TO affect
prices indefinitely. a mammal of earnings and ex-
pendtures is a much more useful criterion.
Northwest from January /, 1885, 10 the present time
shows deficit of S50OOO toward paying expenses and
interest charges. The earnings of the Chicago and
Alton for second week in March were SII2.aS6; de
crease. S2S55S.
Money on call to-day, per cent, and offered freely
al that rate. Time loans J16 per cent.
Total sales: Pacific Mail II 800 Western Union Goo
DO extended, 800 Northwest 20 gOG Rock Island $50
st. Paul $500; do preferred, 100; c. C. & l. c. lG05
Ere 1892 Hannibal and St 10, 1850; do preferred
5,StF Lake Shore. % 100: New York Central 3le
Ohio and Mississippi, eOo Union Pacific 1906 Mich
lean Central 1906 Delaware and Hudson, I9iJe
New Jersey Central, $780, Delaware. Lackawanna
and Western, I5Sa0O.