National Republican., 1881-02-22
THE MONEY MARKET,
Wall Street RTanSaciiOas-Latest QEofa.
lions En Sf0cIss and Ronds.

IiOHs Fn Stocks and Bonds.
The stock market Of yesterday, while not strong.
weak. The fluctuations confined within
narrow limits. and seem 10 be governed by the pros
pect OF easy or tight money IN the future The banks
evidently seeking 10 produce scare IN the hope
Ofsecurnga veto from President Hayes of the three
percent funding bill. This will succeed. Cndoubt-
ely the President will sign the bill and the fives and
SKIES Will be refunded without The assistance of the
national banks lift must be IT will be sorry day
for them when they throw themselves in the balance
against the public veal.
From an interesting column ofWau street. gossip
We select the following:
The officers of the various banks seem To be the
only persons who have agreed upon the verdict that
the bill is outrage upon the banking Interests
Of the country The outcry in this respect is unani
the threat Of Withdrawing or reducing. the
bank-note circulation unless The taxation upon The
banking business is abolished 1t IS natural that the
banks should grmbe the hill: but like every
body else who has grievance 10 yenilae, these cor
sitiOn much better before-sO much better in
deed as to frequently enlbOlden them embark in
very TiSky Speculative loahs-cahlot be questioned
But their business is far from being UnpToIabIe even
il the taxes maintained. One of the most solid
and intelligent of the Hebrew bankers discussed the
whole question yesterday in the following words:
Take national bank with SI,GHOOO OF capital. de-
posted in three per cent bonds 1t gets per an
mum. Upon this deposit of million it is authorized
TO Issue notes Of circulation to the amount of sOOl
bank practically diSburseS only sI0GG0 upon which il
draws yearlya profit of $4,000, less taxes. am per
Ieiy willing TO carry on business upon basis of that
Kind. OF course, they have to keep reserve fund.
that does not require reserve
The threat of retiring the circulation is quite futile
Inc hanks cannot withdraw their bonds against green
backs. They must pay in their notes. and this
could not be done in several years the notes being
apremim for the return of their the process of
getting them over the counter Will be necessarily
become accustomed TO the three per cent standard
prices will adjust themselves 10 it, and business as well
as speculation VIII become settled upon the basis.
The position OfJay Gould is matter of some i'm
Poriance to all who deal in stocks. and the following
VII be read with interest and many grains OF salt:
Jay Goulds position in the stock market is the other
great question of The day in financial circles. He is
loaded with stocks Up TO his teeth He has made
many millions during his niquitous financial career
10 carry his load He IS borrowing money all around
IN one bank alone he is known 10 have pledged
have been handed 10 linn toward new cable en-
IeTpriSlS, Mexican schemes, and Southwestern con-
Htiviy and some vague rUImors concerning little
elecH ofsi5Ie01G3j have been making the round Of
certain offices not unknown 10 MF. Vanderbilt What
Sn ne me reason of the great untaNed rSking his
s1an ,giIlGs IN Mr. G9uids enterprise is a puzzle
pered that Gould has obtained an absolute hold upon
nun arising out OF the tTe inwardness ofthe Western
mon consolidation. The two spectators have now
70 walk arm IN arm for fear that one should disclose
mass OF Wabash, Southwestern and Union Pacific Sc
euriiS which Jay Gould has 10 carry is simply alnaZ-
Ing To this the heavy lead of Western Tpioi, ana
Jersey Central has now been added True
b!SI bh!9SI OF the Southwestern securities cost
fered ilgeg mSaggso aShng S1inI s at all But he suf
pmch pl ne Was hearing The trunk lines, the 81.
r%H ana the NOrthwesterI:. Anybody who Will take
me trouble of looking up m Mr. C;0uiI's organs the
t4f1ic;i articles printed three fOur months AGO
VII be surprised at the difference i'm the tome of his
inspirations. He as wild a bear when stocks
tIe selling at fifteen twenty per cent lower as he
= HOW ouli. He has, perhaps larger and stronger
ioioWIng now than ne had then But his followers do
ill., III u 70 Ge able 10 stand long by him. Even
IN I. = Grant and C. E WocriSLofTcr who are mol
tEIis scared, are reported 10 have given him mp.
LeGSnt change OF front is easily accounted for.
ne ne IS 6niiinG stocks at the present absurdy inflated
SilElt bttSOSc ne must least q
, OF ms holdings and he cannot do so unless prices
Ioiief ana give him margin enough TO sell on.
l,-thirti of his holdings of Western Union or Jersey
1E!lILiI thrown upon The market would knock the
"l.o!e isl down ten points.
ihe following observations on the transactions i'm
,Ielaiclal market yesterday, together with highest
s''Sthu Closing stock quotations, furnished by
lie DankinS-house of IL. D. Cooke, jr 6 Co. II2S
Street, Washington, D. G:
As predcated in Our Saturdays letter The market
iS mad a superficial drop to-day though il must be
"iltcd by the most bearish that there IS rigid
' oI zone certain firm UndercurTent TO the market
WHICH indicates plainly that it has only stoopc 10 get
q spring sufficient 10 make good Jump This
's"op has been aided and abetted by a number of
'H Fellows Who arc screaming tight money" and
1'h 10 the national bank system into the ears of
=, ,0 holders, WHO have rushed headlons and sold
a., n!o'kS OF stock, which the aforementioned
'oi' fellows" have engUlfed with ayidty. The dis
''''lisel hoWi regarding refunding at per cent.
' from certain houses that have assured their
SHoieH by Congress Disappointed that their "pre-
oiS have miscanied, and fearful that their great
iel ana pTescicnce may be doubted in the future
- - Alck against the prcks and try 10 make the
c oe!leIe that the national banks throughout the
Ilry VIII Withdraw their circulation and not re
I1 d me prescribed rate This is folly. The Iy-
ey!on OF their per cents at 1I2 Il3 and their
inning III } per cents al par viii give them l. or -
y, ''' which they can use, virtually giving them
NJ P cent investment, reckoning per cents at H.
-, are confident that all viii look upon the matter in
@ i i,ShI ana that those banks which have already
d" n some of their circulation (purely for effect
80 'e Eiau 10 replace it when they see that their
''aSa,i"cii: has no effect. As regards .'ti2iIt !
80 "eleel confident that our able Secretary OF
ie''sU.! VIII not allow such misfortune at This !
- PeIo'ls tine. II seems reasonable, when We view
~, 9ues'IOh an this wise that stocks, sympatzina
-. ne he&Itty financial condition of the country
- III undoubtedly be The outcome of the 5 per
g -''iuiS Dali, VIII awake from their letlargy
oieiSthel The Chief interest has ceuteTed in Z
o., ~ me ana Chattanooga, Lake Shore, Onion Pacific
"clic Mail. The principal declines to-day have I
Nashville and Chattanooga, ~ per cent. of; /
lls per cent. off; Northwest ia per cent off:
NE ana Nashville, Michigan Central and Nor
- al" Essex, each per off. The noticeable /
"iiceS We're Houston and Texas Ii per cent uE:
80, "a ana Rio Grande, IL per cent. up. The Van
~ iDli's nave been conspicuously dull and heavy. 4
S eiai resume OF prices shows an average drop Of /
1- .. = 10 % per cent. Total sales: Pacific Mail (
- western Union, G,500; Northwest IL zoo DO pre-
80 oVF Rock Island, $50; ST. Paul. Il 2QO; do pre-
,' oJI l. T. d ]. C., 1900 Erie, a 500: Hannibal
81 80 $780, do preferred, 900; Lake Shore 24OO
y" Aofk Central l37oo: Ohio and Mississippi, 3IgG !