National Republican. (Washington City (D.C.)) 1872-1888, 1881-02-07

Legal Dec go, 400
Deposits. ...In Inc Asst 800
Circulation. 81 GOO
The week closed upon easy money market The
closing quotations for call loans to "A per
Time loans were to AZ per cent The passage of
the refunding bill in shape regarded certain,
and whether it is a or 81 per cent bond is imma-
teria so far as concerns operations upon the Stock
Exchange. Either viii drive 100000 900 and more
now invested in and per cent. bonds into other
investments. Naturally, this will create q demand
the Euenn0 Post thus speculates upon the effect of
the refunding operations:
As these advance the present holders off them will
talize the premium on them by putting the money
into other securities which good but are not widely
at full prices. The advance which such a demand for
this class of securities would cause would undoubtedly
would put the money into still Tower class of secur
ties; and so the process of selling and reinvesting
which would be begun a large scale by Treasury
reiunding operations would in time extend 10 the
whole list of securities and shares dealt in at the Stock
Exchange This at least has been the experience in
past refunding operations of the Treasury. Ifthe
the Treasury to buy maturing ffves and skies the
money coming out of the Treasury would be a clear
the amount of United States securities in the market
which It takes money either to holdor carry, is mn
be foated except easy money market, and it is
safe calculation that during refinding thelarge in
easy money and low rates for loans.
The Stock Exchange markets were active and irreg-
ular, closing somewhat lower than the day before.
Operators beginning range themselves as bulls
and bears. Keene is said to have sold out and wants
lower prices. He has considerable following Van
derbt and Gould are said still to be bulls The short
interest has been largely increased and sharp up
ward turn may be looked for. In the meantime it is
an excellent time for operators with small margins
not on the grounds to keep out.
The New York Sunday papers express themselves
upon the situation follows:
The Tribune says:
Except during the first half hour ofbusiness the rule
of values i'll tOdays stock market that Of shrink
age The opening was made with some apparent dash,
terday late decline. After that The values gradually
settled down. but not without numerous fluctuations
important in their amounts than in their character
Evidently confidence is easing with holders of
each new decline Yet it should not be forgotten that
many stocks already show declines of 10 per cent
the wealthiest spectators are committed by their
position to the bull" side of the market. Hence
suit in a rapid and sharp advance.
The Herald says:
Like medical practitioners who refuse to diagnose
disease until the symptoms have been clearly deyeF
Oped both bulls and bears have been without opinion
as 10 whether the existing uncertainty in stock
recovery Opinions upon this score are pretty evenly
operators have sold out and mean, if they do SO,
to break prices TO still lower figures it is equally
tain that their intention is constanytOiled by the
sharp demand which springs up al every recession.
Upon the whole the bears having the pull upon
of the Board Room bearish. as said before; many
of the leaders have marketed their stocks and the
only knew it, are hating between two opinions. In
this tumble it risky matter to venture upon proph
ing market and further gradual wearing away of
prices must ensue before bull movement can be per
manently established. That the latter will come in
good time and that the present decline will make it
only the more stable when it does come we have no
reason to doubt Meanwhile the stock market is fever
iSh, irregular, and shaky. Strong prices and weak
prices were made dozen times to-day with the weak
n
ant.
The Graphic of Saturday evening had the following
gossip:
The bear party in the stock market has recently
been reinforced it is said by the accession to its
within the past three days sold long stocks to the
and Sage are now the only mainstays of any conse-
quence to the market and that Mr. Gould is long of
shares and that there is now a prospect of great
battle between the giants. The friends of MesSrs-
Vanderbilt and Mills that these great capitalists
doing nothing at present in the market except to
hold such securities they propose to keep for in
his entire remaining interest in Western Union to
Mr.. Gould at about ITO days since, and that Mr.
from all interest in the telegraph property In view
of these changes in the positions of leading operators
considerable number of conservative traders have
temporarily withdrawn from the market and will do
nothing more on either side of the account until mat
tees become more settled and there is unanimity
among the leaders The short interest in the general
sem 6 5 S 9M bdt er very G wch IN w3pe
selling but this condition of affairs may suddenly
change at any moment. Yesterday there was large
borrowing demand for all kinds of stocks the de-
lIverleS were irregular, and Lake Shore Northwest
common and Canada Southern loaned fiat or without
interest.
The following from the Daily Indicator will interest
the many holders of Pelican and Dives stocks in
Washington:
On the 3lSt of December the Pelican and Dives Min
ing Company made its final payment for its property
Georgetown Col, the total price being SG6O00.
1t is pleasing fact, notwithstanding the depression
in mining affairs and the collapse of the mining
BOOM, that after this enterprise was taken hold of
its syndicate paid this large sum out of the pockets of
its members without adopting the usual plan of
appealing to the public to purchase stock bonds
something else. In addition to the payment of the
$4,000 and $50 900 in permanent improvements Col
OneI William Riley, from whom we obtain the above
information, tells that the mine is in fine
dOn. Its past record shows it to be of the very
best in the State; and when its permanent character
taken into consideration it is doubtful if it be
said to have a superior. If more companies would
paying for their mines, and adopt methods common
with legitimate enterprises instead of hawking their
stock bonds among the people, it would be better
for everybody concerned.
The following observations on the transactions in
the financial market Saturday, together with highest,
lowest and closing stock quotations. furnished by
the clearinghouse of H. D. Cooke, jr., Co., 1929
street, Was hngton, d. c.:
The market opened very strong Saturday, and has
been very irregular all day. the interest cenered
in Western Union, Lake Shore, st. Paul, and Lake
Erie and Western the latter very strong Small bears
have been buying; market closes very weak partcu
la9y New York Central though we cannot advise
selling Vanderbilt's stocks Short and at time,
think it better to delay buying. From all appear
anceS the market is being raded by Keen Altogether
tI,a Grfur iS nj