National Republican., 1881-03-15
MONETARY MATTERS.
FINANCIAL AND COMMERCIAL NEWS.
Wall Street TransaetiOns-The Latest Quotations
in Stocks and BOnds-New York and Bal
timore Produce Markets-LondoR
and Paris Money Markets.

The following observations on the transactions in
the financial market yesterday, together with highest
lowest and closing stock quotations. furnished by
the banking house of II. D. Cooke, ir, & Co.. 1882 F
street, Washington. D. c.:
The market opened strong this morning and main
tanned firm tone all through the day. The trading,
although only amounting to about 10000 shares
very lively There being very few country" orders
the operating was done mostly by people who were
on the spot" This condition of affairs almost always
makes an active trading market. The list closes to-
night with an advance of from Z to So per cent, the
exceptions being fractional declines in Western Union
Loid and new, Manhattan Elevated, Delaware and
Hudson, Delaware, Lackawanna and Western, and
drop of Ia per cent. in Nashville and Chattanooga
Toward the close there slight reaction caused
by few sales from one day scalers," people who
take in profits made between opening and closing
1t Is now apparent that the Treasury Department
intends as far as it consistently and justly do so
to keep money easy and nourish the financial inter-
ests of the country This fact certainly makes good
bull argument, but too much stress must not be
laid upon its efficacy TO advance prices. The condi-
ton OF the money market is certainly very impor
tant consideration in determining the present and
prospective status of prices in the market but there
are many other important factors which must enter
into ones calculations There exist certain other
tifcial causes which may have their temporary effect
but when they have spent their strength the market
must necessarily find its proper level and that level
Is founded upon Just ratio between costs and
ings. In the present instance many think that be-
cause money is easy and is apt to be during the
near future, that stocks going up ad infinitum
regardless of all other influences This is surely very
unreasonable. Easy money cannot repair the dam
ages produced by the very past winter it
not till the thousands of acres which would have been
powed and planted last fall but for the early advent
of the winter; it cannot give US an early spring for
the sowing, which nearly completed this time last
year, whereas this year our farmers have not yet
turned furrow it cannot replace into the Golfers of
the asst tn Lrep
their tracks open will it give to them the money
they should have accumulated since the first of the
year, but which they could not make because their
lines were absolutely snow-bOund it cannot revtvify
the vast herds of cattle that have perished this winter
and now lie buried under many snow-drifts on the
plains. These facts vital pOintS-they are the
stern realities that sooner or later Will be felt
in the market. Easy money may make the
future look bright and rosy, but it cannot
reconstruct the past the past depends entirely
the statements and dividends of the time being, and
consequently the existing prices. This must not be
regarded as prediction of lower prices. We would
merely persons not to place too much confidence
in the power of easy money to advance prices to fab
uous figures. Many other influences to be con-
sidered.
As yet there has been no movement on the part of
the national banks to restore their calculations. ALI
the furore raised at the time this subject pending
instigaed entirely for effect, the question really
having practical bearing the market 1t is prob
able that some OF the banks will not rerace the steps
they have taken in this matter il being believed that
they retired their calculations simple matter of
business policy and entirely irrespective of the action
of Congress on the funding BILL The others who re-
tired for different he passage of the funding
b} will resume their calculations; but this will be
done gradually in small amounts, it will probably
have no effect on the markets
Money loaned to-day at per cent.
Total sales: Pacific Mail, 1900; Western Union,
$780, Northwest 71OO Rock Island, S00 ST. Paul. So
10O C. C. & I. c.. 1.5OO Erie, $780, Hannibal and st.
Jo, $780, do preferred 600; Lake Shore, $500; New
York Central 1200 Ohio and Mississippi, 19OO Union
Pacific 13SOO Michigan Central, 6OOO Western Union
ex., $780, Delaware and Hudson, 1900 New Jersey
Central, 13,7OG Delaware, Lackawanna and Western,
206O0.