National Republican., 1883-07-02

600 select Sc ecurities remain besides.
A dispatch from Trenton, N. j., says an in =
junction was granted this morning compell-
ing the Reading Railway company TO pay
over all earnings on the Long Branch division
to the Jersey Central, and compelling the lat
ter to pay over to the Pennsylvania railway
its half proportion of the same. The suit
will be argued later on.
Mccormick, Adams & Co., of { igo, tele-
graph that the market is very h .erent to-
day, and they think the depressio has passed
Walker bought Lake Shore, Va, Emburgh
and Atterbury sold. Young anG. K. Rogers
sold New York Central, and Slayback sold
1000 shares, Thomas Reed bought the same.
The weather in Chicago is clear and cool,
thermometer $40, Wheat higher; August 102
The last spike in the Northern Pacific will
be driven in August. IS
THE BANK STATEMENT.
Loans increase. 03s 500
Legal tender decrease. ......,............ 4c" 100
DepoSlt increase ..s...'............... 14oo,JOO
Slrculauon decrease. se......''......''...... II 100
neserVe lnCreaSe ..........'..........,. 2oI,U2o
THE SITUATION.
lThe same influence noted week ago con-
rinues to control the situation. 1t would be
useless to deny that confidence everywhere
has been disturbed by the Chicago collapses,
still il is foolish to believe the absurd rumors
that have been ailoat, such as the ruin of
large number of individuals and firms, and
especially banks. 1t should be remembered
that tho banks hold the produce, and if they
lose at all it will be merely percentage of
its value, because the produce is worth some
thing; besides, the last returns show that the
Chicago banks had $3,500OOO in undivided
profits to lose before their capital would be
touched. OF course some may suffer to
certain extent, for it is q part of the risks of
the banking business that bad debts are made
sometimes, but there is good reason to sup
pose that none of their losses will be SO serious
as to affect the financial condition of that
center, paradoxical rs it may seem. While
there has been this agitation in business
circles the general situation has improved
daily. The new crops have been developing
very promisingly, and the old stocks of grain
and provisions has begun to move freely; and
4 furthermore. if the crops be taken together
The aggregate yield promises as we'll, if not
better, to-day than any previous year. Still
much depends on the weather for the next few
weeks. AS soon as the bad effect. both here and
abroad, caused by the decline in breadstuffs
and provisions has been overcome there will
\ undoubtedly be large export movement,
whice will effect the foreign exchanges in our
favor.
Money continues abundant and cheap. Call
loans on good colletorals are quoted at 2 to
2! per cent, and time leans on the same se-
curties for six or eight months at Al to 8 per
cent.
i
unchanged. In London tho rates of interest
are easier, though the Bank of England main
tains its rates of discount at per cent.
\ The market for sterling exchange is dull,
the offerings and demands have both been
light. The posted rates on Saturday were
1851 to 80.
Government bonds were quoted 1 higher,
up to Saturday, when the As reached 1. The
general market is very strong.
The railway bond market has been fairly
active. A large business in the early part of
the week was done in West Shores, Northern
Pacific firsts, and Iron Mountain frsts which
are quoted at to higher.
In state bonds Tennessee skies have been
active at 30l, and the Arkansas issues in aid
of railways, have enjoyed large business.
Cotton speculation for future delivery has
been very irregular The general market has
tscStoed TO 8 points on very favorable crops
10 or.ts and all indications point to q further
decline. Spot cotton has been active at the
decline. The increased business has been
mainly for exports, though there is an i'm
proved demand for home consumption. The
New York cotton exchange will adjourn on
Monday evening, July TO Friday morning,
July g.
The dry goods trade has been quiet, as is
usual aC this time of year. There has been
fnir demand from the west and south for
some kinds of fall goods, and considerable
shipments were made for this account. There
are a good many out-of-town buyers in and
around the city, and a more active business
is anticipated after the July holidays. The
demand for dOmostics at first hands is light
and irregular, but values are unchanged and
fairly steady.
Foreign dry goods are dull in first hands,
aud very slow with iobbers. A moderate
business was done in few specialties. Prices
for staple goods remain steady silk goods
especially so.
THE STOCK MARKET.
The decline in stocks noted last week as
caused by the unsettled feeling in financial
affairs in Chicago was continued during the
early part of the week just passed. The de-
preston was aided by the reports of damage
to western railways by the floods. Injury to
the corn crop from the samo cause and reports
OF rate cutting and possible war among the
the trunk lines were especially selected for at
tack, because II was assumed that competition
which the West Shore would compel would
reduce dividends. Central Pacific was also a
weak feature for no especial cause, except
thar investors are afraid of 1t. Up to Wednes-
day thg market was entirely given over to that
class of spectators known as room traders"
and it pleased them to seek to dcpross prices
professionals seem to have lost all con-
fdonce in the market and prefer holding ON
TO their shekels till full confidence has been
restored and the market rests on a firmer
basis.
The recovery on Thursday was caused by
the denial of the depressing rumors pre-
viously circulated, and by manipulation
which induced some of the shorts to cover.
\ The same influences served to keep the mar
kct strong on Friday. Very little foreign
I'trading ID doing at present, though several
large commission houses predict u good buy
ing for that account Immediately after the
, July holidays.
SATURDAYS REVIEW.
NEW YORK, June 30,--Stocks opened gem
orally Arm. New York Central was ham
mcred on per cent. by tho room traders.
I Trading was light aud insignificant even for
Saturday, and tho commission brokers wore
idle up to noon. break OF l per cent. in
Denver was the only feature Of the market.
Stocks generally lent at and money at q per
cent. Sterling was dull, The bank state
ment was favorable, United states As and 3s
were lower. Tho Chicago markets were
steady and higher. Tho weather in the south
was generally fine for cotton and picking for
the first bale" commenced in Dewitt county,
Texas.
y On the second call prices were fractionally
below the opening and extremely dull. Jer-
Sey was heavy aud declined 1 per cent on ad-