National Republican., 1883-08-27
GOSSIP OF THE STREET.
Sneciaf DisOaicb.


NEW YORK, Aug. 25.-The most observing
and best posted stock brokers report but little
change in the situation, and they do not ex-
pect much movement until noxt week. A
large number of traders left town yesterday
to remain away until Monday. A number Of
Spectators say they are disposed TO do moth
ing until the crops are harvested and they
are consequently simply waiting Tho
brokers say the only feature of yesterdays
market was some new thimble rigging manip
ulation in Lake Shore, which was hard to
guess.
Tho talk on Lake Shore was Of bearish
character, but the hammering ceased when
the bears found that there were large scale
orders in the stock to buy, and that the short
interest in it was constantly increasing.
Woereshoetfer says he believes further liqui-
dation for the bull account in various stocks
is inevitable, and there have been great
losses on tho decline in values which have
been only temporarily tided over. The Ger
mans continue buying Denver, but there is
no new feature regarding this company's
financial management. The room traders
are rather inclined to be bullish, and think
the market has been battered down enough.
The brokers making speciality OF railway
bonds report considerable improvement.
Money brokers report more demand as the
first of September approaches and rates are
81 now for four months and 9 per cent. for
six months. There were few sixty day
loans made yesterday at AZ.
Stocks opened without special features, but
with only brokers market Jersey and
New York Central lending fiat to 1854, Louis
vile fat, Union Pacific, and Lake Shore l,
and Western Union at g Money offered at
g. Sterling unchanged Enos offered Lake
Shore down, and the other sellers were Hen
derson M. c. Bouvier, Hatch q Kendall, and
Slayback. The buyers were Mckenzie,
Bruins, and Imbrie. In Memphis and Charles
ton the buyers were Wormser, Sheldon, and
A. M. Lockwood. The sellers were j. S.
James and Dillon. Brandon bought Union
Pacific. Private kilograms from Ohio report
the weather cold and dry, and unfavorable
for corn. David Bull, the order broker in
Louisville and Nashville, is q large seller Of
Louisville and Nashville this morning.
James Smith, and Cotting sold most Lack
awanna. Lake Shore has lent up to 1-16.
Canblos has been offering Lake Shore on
seller five, ten, and fifteen days options at
prices below regular. The largest sellers of
Louisville and Nashville have been Brownell
and Landon, Slaybac and Van Schaick, Enos
and Davis & Minis are large sellers of Lacka-
Prince q Whitley are heavy sellers of Jersey.
A Chicago dispatch to the associated press
says trouble is expected there among the
trunk lines, as it is publicly asserted that
cast and west bound freights are being openly
cut Grain shippers have been getting 10
cents rebate, and 30 cents has been allowed on
butterine. The Lackawapna is also accused
of cutting rates as much as 30 cents on teas
Probably the most disturbing feature in
commercial circles during the past week has
been the high rate of interest prevailing in
Philadelphia, and the stocks in which that
section is particularly interested. For over
two weeks the rate there has been fully 8
per cent, and last week it advanced to 8, and
In some cases 12 per cent. 1t was re-
marked the comptroller of the cur
rency had ordered the Philadelphia banks
to decrease the amount of their loans,
on certain stocks and bonds, and that they
were trying to do so, which fact put up the
rate. Other rumors affecting the standing Of
Philadelphia banks were put in circulation.
The whole affair however was but temporary,
of speculative origin and engineered simply
to depress certain stocks, and were 1t not for
the newspapers no one outside OF Philadel-
phia would have known of tho flurry. This
Is borne out by the fact that the rate had
fallen to per cent on Saturday and some
loans on good securities were made as low
asa.
The continuance of low rates here is also
evidence that the furry was merely artificial,
and that only the small fry who are forced to
depend on the local market had to pay the
high local rates caused by the furry. Indi-
cations, however, point TO hardening of tho
rate here soon as the reserves being rapidly
drawn down by the shipment of currency to
the interior for crop purposes. Money rates
are practically unchanged. There has been
no further unfavorablc developments in fnan-
cial circles. Indeed, two of the suspended
concerns, one at Warren, Ohio, and one at
indianapolis have resumed, and arc said to
be stronger than ever before. Sterling ex-
change was frmer, probably owing to smaller
supply Of bills The rates were unchanged
until Friday the "a, when they were
advanced per cent by Brown Bros,
as follows: Posted rates, Si53l to S4.s7.
Governments We're very strong. The AIS.
are higher and the 4s higher. The short
date bonds are, however, / lower.
In railway bonds there was fair buying
done, at lower prices, however. The most
business was done in the Denver and Rio
Grande consols at s6l. "a, and 81, as the range
for the week. Denver and Rio Grnnde West
ern firsts at 70, 5s, and 65; Texas Rios at 77s
7s, IA, and 764 West shores AT TAI 725, and
73s. There was scarcely any business in state
bonds.
Reports received Friday and Saturday from
nearly all sections Of the south are unfavor-
able to the cotton crop. The drouth in Texas
and worms, elsewhere are reported as having
worked great damage, and much lower crop
estimates are made even than last week.
Speculation in futures was less active aud
prices up to Friday were irregular and de-
pressed, Fridays closing, however, was frn
aud an advance was recorded Saturday, when
the closing prices were firm at tho advance.
Spot cotton is dull. There was u moderate
export business, and a small demand for home
consumption. Prices declined the early
part of the week but recovered 1-l6 on Sat
urday. Total sales futures for the week were
375, 900 bales.
The result of the great auction sale Of dry
goods in this city on Thursday was not en-
tirely satisfactory as to the prices obtained,
but the working off of such large surplus
stock of goods cannot but have a good effect
upon the trade, since il removes q circum-
stance which has weighed heavily ON tho
trade for some time. This sale tended to
check operations at first hands during the
early part of the week. but there was a sub
stautial increase in the jonbing trade, fairly
satisfactory distribution of both staple and
department goods having been made for near
ly all the principal .obbers One of the larg-
est firms in this city reports that tnotwithstand-
ing the great sale noted above, their business
is greater now than il has been at this
season for many years. Domestic cottons
were trihe lower. with q moderate demand.
Woolens were in good request and prices
ruled firm. Foreign goods were active both
with jobbers and imports, except for linens
and white goods generally, which were in
only moderate request.