, 1881-10-02
BUSINESS.
BLOCKS Weakened by a Bad Sank
Statement.
money In Wall Street Rises to Al
Fer Cent, and Scarce at
That.
Anc froauce Markets Acti5e and Stead.
Ter than Expected-Large Deliy-
cries OIL October Contracts.
Inc Trading Largely in SELLING Up for This
month-lhe Markets Weakened Some.
but h1ostly Closed Firm.


|
oo"nward direction. 4 bad bank statcn,cn
was anticipated, and when it appeared !, ,yo
,ouuo 10 DC worse than had been looked fix
4SAtcs VI interest rose to lis and Il OF pcr cen
u'cn'iutl. Il Steady Drain of currency is goin.
!of"ara from New York to the West and there
IS not the usual compensation Of q fire. East
[ "ard movement Of Western produce. If ycst
eth effaln were going freely to market tn.
aone'arS strtngency i'll New York would he r.
o'eu " receipts or gold from Europe
| 1Apef1thced observers look for Il cosn ,nonnv
/ market next week, and, iu tact. NIL thronrh ~
| tobcr- w.
| Even Interior Western banks report an inod.
] e'lua.e supply OF gold and paper money
| 0loeAs were weak under tho monetary nres,
s"1e nlIuoed to. aud closed without any rccov.
| cry. 1here was very little selling shor, h,,,
.nerc are lndications TINT n long short iu,cres,
- outstanding waiting for an opportunity IN
so'er* Nan'pulhtfon Was evidently resortcd tn
Tor the support OF tho MARKET cspecfa]t, in m.
Gould stocks Michigan Central ntso nnnnnrn,,
10 DC upheld for the encouragement of rbe yos,
OF the market.
ffesidenf Garrett's wor6y and bitter munifes-
10 against Mr. Vanderbilt filled the holders of
tihnh-Hne STOCKS with gloom. Tho uon- apDcar-
ancc OF this much-advcrttscd ,locumcut was
taken as a fArorit sign that negotiations wcra
NOT abandoned. hut Mt. Garrett would not call
Mf. anderbtlt's management dangerous cIe
tnc'11 IN the Industry Of the country if he had
nopes OF speedy truce. Mr.. Garrett hus
buried the hatchct in yandcrbll,'s head.
But his laborious letter ignores the rca,
issue. According to the agreement lately
III lorcc between the roads, the baltimore {.
onio anu tho Pennsylvania Railroads WERE nj
io"eu 10 charge lower rates to their terminal
cities than the New York Central charged f.,
New York. Mr.. Vanderbilt says this discrim,-
nation against New York must be stopped. On
this point MIR. Garrett is silent
headlhs and New York Elevated furnished tho
only Strong upward movements Of the dar Mr.
Vanderbilt has owned up to the purchase OF a
large amount of Reading stock, but dsciuims
any desire to get the control. New York E1,.-
waited advanced because it is believed to bc
ABOUT to pass out OF the control OF Manhattan
some conservative stock-houses in New York
nave borrowed OH timc-luans all the money they
expect to need for six months This 1hoy have
done in apprehension of stringent money.
An officer OF the jersey Central says that the
preliminary steps have bceu taken to LET con-
foi or inc rostd, ana it IS expected that it will be
turned over to the company before Jan.l No
aiS1oend IS to be expected this year. though it is
estimated that the earnings for the yc,lr will
reach $ll>o0O,0H] against $n.Dtk.0OD in 1880
Inc Sun OF Thursday said that prices of stocks
are still 1nfAvoraby affected by tho strinprrcv
ot money, and SO lonSas tho present speculation !
at tho " est i'll grain and provisions continues II |
relaxation is NOT to be expcc1uI Besides, there |
is nothing in tho immediate future 70 tcmpt
buyers Tor rise, and they have withdrawn from !
[he1narkct.
According to tho Herald, the stock market is
cluked up with mass Of stocks und bonus that |
hnvo been floated within the last two Years Mt
ihsurdiy h1sh prices These stocks and bunt.. |
auncned ut high prices, lrc unstable today ut |
'nc-half the launching figures, though they are |
pressed for sale at prices which cou-
speaking. look as cheap MS dirt Hates |
or money may be sharp, doubts may exist rs RI !
he policy of the new Administration but the
cal pus cavity which threatens u create n
naucial py:ruia throughout tho whole market
; to be found In the fact that several hundreds
( millions Of rag tag, and bobtail securities have
'ithin the past three years been plauted upon
SPECTATORS at figures fur above their |
cal worth.
\ contract Tor future traffic arrangements be-
vcen the New York, Chicago & St. Louis and
lie Buffalo West Shore Railroads Is reported j.
} be under discussion by the Executive Con- |
littces Of both corporations.
Government bonds were active. In Cbicayo
istrct Of Columbia 3h5s were 107 bd and lbs
'kcn: United States 3.:s It's continued, loo..
d and zoos asked: 3!.s t5s contlnued) wcrc ,
vs. bid and l0o:i asked, ex interest: IS, 1lG1s |
d and 1l6i5 asked. ex. interest; and AIS, 1l3ax
d ana l1351 asked. !
Foreign exchange was heavy, with large Offer I
IS Of Continental bids against shipments of [
DIVISIONS. | =
Chicago bank clearInes we're Slj,Sn,000. For
q week they foot up. according to the report q
Manager w s. Smith, SiU.tce,9l4. against !
), ,sG for tho corrcspon ling week nf last i
ar. Loans were active, with rates ut sol per +
nj. New York exchange was weak aud sold
cGJS1.00 per Sl.0@D discount between banks