National Republican., 1883-10-15
SATURDAYS PRELIMINARY GOSSIP.
Special Disnntcn.

Special Dfsnnica.
NEW YORK, Oct 13.-This mornings
Tribune says the Pennsylvania Central has
reduced rates from New Jersey and Pennsyl-
vania points to local points west on the West
Shore. There is no truth in the statement
that the Pennsylvania railway has cut other
rates, which report was used by the bears to
raid Lake Shore at the closing yesterday.
Vanderbilt says the Lake Shore report for
the current year will show 9s net earnings.
and non.ofiicial report shows 81 net. Tho
outsiders are picking mp stocks, and the
public are market for tho first time in six
months, Vanderbilt says. He denies vigor-
ously the report that VIM. K. Vanderbilt is
in financial difficulties, and says it is ma
lcious lie. d. o. Mills stated last evening
that from careful observation of the
situation there was no money in the market
for the bears. The bulls declare that power
full men are buying and whom they get the
desired stock prices will advance suddenly
and sharply. There was report that Gould
and Cammack had been buying Union Pa
cfc for rise, but Cammack said he only COW
cred 10000 shorts in Union Pacific. The bulls
also say that insiders kept Northern Pacific
common and Oregon Transcontnental weak
yesterday in order to buy Northern Pacific
preferred, as 1t is necessary to secure S30O,OOO
of the latter to satisfy the new bond issue.
Bears claim that Northern Pacific preferred
was sustained to sell Oregon Transcontinen.
tal Grangers were strong and point for
higher market to-day.
Bears ON West Shore bonds claim that the
company is endeavoring TO place 100000
or 100000 of terminal bonds in London
and manipulate prices hero for ehoct.
WALL STREET.
Tbar mn ud II a1
Shore ON the opening, and the buying was
principally by Nicholas, Nissan, Drpmmond,
Marks, and Henson; sellers were Campbell
and John Wallace St. Paul and Union Pacific
were bought by Y. A. Bennett &c Co. and Van
derhoff In Erie +. NJ, johnson sold, but the
trading was light. Denver was weaker on
the notice to the board of the issue of 80, 900
shares in 80 days. Union Pacific is lending
fiat and others arc unchanged. Sterling un-
changed. Money!.
Government bonds were somewhat excited
for old issues. The expected treasury call
has checked offerings.
The Vanderbilt brokers have been buying
Lake Shore and other stocks this morning,
aud jameson, Smith & Cotting, Brayton Il
Ivos, and Willard have been buyers James
bought Lake Shore up 9Ss. Woerishoeffer
broke Oregon Transcontinental down this
morning and then bought the stock.
Sterling is frmer on better inquiry for 60
day bills at S11 to S4t@s5t. Commercial bills
better.
The Texas Pacific company this morning
gave official notice that they had exercised
the option given by the income and land
grant mortgage of May l5, 1875 to pay in
script as therein provided the interest on
bonds received by said mortgage which fell
due July 1, 1882, and July l, 1858.
BANK STATEMENT.
Loans-increase. Observation-Disclosures. 81, ,867 800
Specie decrease. e................."...... l544OO
Ipnal tnnier--iuCi la17 100
Deposit-inorease.. .....,............."... 6Il0O
Circulation-lncfease..... ....,......... 7ol00
Reserye-increase -........... ........... 75923
THE SITUATION SATURDAY EVENING, OCT. 13.
The general financial and commercial stu
alton remains unchanged; that is to say, there
have been no specially unfavorable features
developed, but neither has there been any re-
yival Of confidence. There remains the samo
ceiling Of doubt as to whether the basis of
jrade as now manifest in moderate crops, on
,he one hand and an unusually large supply
manufactured articles on the other, justifies
.he expectation of the increase of activity.
Nor is this feeling confined wholly to this
side, but prevails also in Europe, where
.ong period of peace has permitted industry
In all branches of manufacture to be applied
uninterrpptedly. American buyers in Europe
arc unanimous in testifying that there
is an overstock of almost all articles,
and that manufacturers, not only Of
luxuries, but of the more necessary articles of
in tho near future.
Two financial events of the week were the
authorization of o $50, 100000 general mort
gage by the Denver and Rio Grande and a
$20,000000 second mortgage by tho North
Pacific. In this connection the Financial
Chronicle has the followinge eve have the
authority of the syndicate of the bankers in
terested for stating that S18000,000 of the
North Pacific has been taken by them, viz {:
$l5.000,000 firm with an option for six months
of $S000,0C0 more, the price being S73 per
cent. and the commissions . per cent, the
bonds thus netting the North Pacific COM
pany say $12,375, 600 for $15000,000, or $14,-
$4,000 for $ls00O,0O0." The fact that rail-
way loans are being taken by syndicates of
bankers of high standing is tho most en-
oouraging feature of tho present situation,
as it indicates that they feel confident of find
ing market for such securities.
Money continued to drug in the market.
Call loans unchanged at per cent. on stock
colaterals, and time loans at per cent. on
the same collaterals. Rates for mercantile
discounts remain nominally unchanged at 81
to 6 per cent for first class double names for
sixty days and four months, and to z for
first class single names for the same time.
The close scrutiny of oil paper is particularly
observable, and it must be strictly first class
to be negotiated, Notwithstanding the plenti-
fulnesS of money.
There are rumors of financial troubles in
London, but nothing reliable has been re-
ceved here up to this time g p. IN. Saturday,.
The Bank of England rate of discount remains
unchanged.
Sterling exchange has been dull and weak
/ but rates for actual business remain nominally
the same. There is q slight hardening OBJ
| servabe to-day Saturday but no advance in
\ the postal rates.
Government bonds have continued to show
great strength, which on Saturday bordered
on excitement, owing to heavy demand and
few offerings.
The feature in the railway band market
has been the activity in West Shores at ad-
vancing prices caused, to great extent, by
speculatons rather than legitimate invest
ment Other issues of railroad bonds did q
lA,ge business, but at reduced prices, par
t.cularly in Texas Rios which on Friday
wero sold down to 20 ON reports that holders
of income bonds were about to bring suit
against the company to compel them to pay
interest out Of the earnings instead of from
proceeds of sale of lands. Other issues were
not 80 active, but lower prices prevail. Moth
is doing in state bonds of any moment Ten
nessee compromise sold at 800, Virginia con-
soils at 20.
The cotton returns of tho department I (
agriculture show that the condition of the
crops on the first of October was worse than
on the first of September. The continuance
of the drOuth at many points, the raYages of