National Republican., 1883-09-17
saturdays PRELIMINARY GOSSIP.

cific stocks are about bottom. 1t is reported
that 10000 TO 10000 shares of tho Willard
stocks were sold short yesterday, and Wocris.
hoefier was the main seller through Philadel-
phia houses. The prices were also helped
down by Elliot, Ellison, Boil and Walsh, but
these room traders covered before closing
hour.
Tho " Poor" " pamphlet ON Northern Pacific
has not appeared yet, but it is understood to
be privately circulated, and it is claimed
that the author will show very bad condi-
tion of the finances Of the road.
The Times Chicago advices show that fur
thor cutting in tickets in Louisville and
the Pan Handle roads has reduced fares
~ against the scalpers, also that the
Nickel Plate has reduced Buffalo fares
S2. The trunk lines are not generally
affected by these cuts. The rise of per cent.
yesterday in Metropolitan Elevated was not
based on any settlement of the Gould quar-
rel. There was no stock, and somebody COW
cred 2OO shares at the market which caused the
advance. Morgan Smith believes tho dam
ages TO corn by frost aud drOuth havo been
underestimatod, and Smith reclSons the yield
won't exceed l,400,000000 bushels Joe
Mills believes northwest common is great
purchase and denies that he has sold any
stocks since his illness. Cammncl is ex-
pected here tomorrow. but his friends doubt
his taking an active part in the market i'm
mediately and he is more likely to follow
Gould than to go against him on the market.
SATURDAYS DoINGs.
Decker & Howell have been large buyers
of Northern Pacific preferred, and Cross sold.
Randall Warner bought Lake Shore. J.A.
stephens bought st. Paul, aud Ellis sold.
Gelpke sold 1000 New York Central and
Prince and Whitley & Mention bought gov
ernment bonds better for AS but 3s are
weak on the expected call Some of the Eu-
ropean bankers think the London bank rate
will be dropped to per cent.
Sterling looming rates on stocks and money
unchanged. Stocks are dull on the opening
nre dull but firmer. Bell sold Northern Pa
cific and Philadelphia sold at 72g, seller 30,
but covering OF shorts advanced tho prices.
Lake shore was bought by Herricli, and Bird
sold. Green sold 1000 Denver, and Sternberg
d Fuld bought
The Boston Transcript publishes portion
OF I'D. Sweet u Co.'S circular stating that it is
intimated that fresh issue OF Oregon Trans
atlantic is likely to be made soon and this
buyers. The Council Bluffs passenger war
continues, and the Wabash and the st. Paul
roads are doing the bulk of the traffic
1t is currently rumored in the board that
negotiations are nearly completed in London
for the purchase of a block Of Western Union
and Cyrus w. Field, jr., and n. F. Dowd
will sail to-day with the stock for delivery.
Cotton opened lower but steady at the de-
cline. Liverpool closed at 1854 higher.
Oregon Transatlantic sold and offered down |
by Hudson, who was II large seller. McCor-
mick, Adams & Co. telegraph from Chicago
That there is some rain west and northwest |
Dut elsewhere the weather is generally fair |
to clear and slightly warmer.
THE SITUATION.
The scare with regard to the corn crop has |
been the most conspicuous feature of the |
events of the past week. Tho early reports |
affirmed that the frost had cut corn so badly |
i'll large portion of the northwest that the |
yield would be very small Such result, if |
assured, would be serious in its influence upon |
the trade of the whole country, but tho later
reports showed that about the only damage
done was to give the glowing expectations of |
m enormous corn crop indulged in on all
sides a week ago, a very hard chill. That
some damage was done is beyond question,
and that too in the region where the earliest
reports placed it, although they were of
course grossly exaggerated But il is
now seen that the damage was done in the
states raising the least corn, viz: Minnesota,
Wisconsin, and Michigan. which together
only produced S1,00000O bushels last year.
And IL should be borne in mind that the great
all of tho corn which makes
railway traitic or goes out of the states where
t Is produced-comes from the territory south
,f the latitude of Chicago. As stated above
very serious results would follow partial or
,otal failure Of the corn crop. What lends SO
much Importance to the question of good
'r bad yield of this cereal is tho fact that SO
many interests are dependent OH its outturn
The partial failure of the corn crop of 1881
vas the primary cause of so many unlavor-
Lble features in business generally in Sig.
Old timers in the street say that never in
heir recollection has the supply of money
or loans on good collaterals been so plentiful
S now. They give as an explanation for
his condition of the money market that can
tai is still distrustful of investments and
'oes not run into railway stocks aud bonds
cry readily as yet. Rates for call loans on |
tock collaterals on the stock exchange have
cen 2 per cent. per annum all the week, and
here were instances where loans were mado {
e still lower rate. Accommodations on s
lngle name paper were not so freely offered
5 has been tho case recently. Rates of dis
cunt on this class of securities have ad-
anced one-half Of per cent. and are now
t97 per cent for sixty days. Time loans on
lock collaterals are lower. 400 per cent. for
lxty days and four months
To-days bank statement shows an increase
| loans 800, which indicates more en-
loyment Of funds in business. True, the
ecrease in reserve is S1i9,0T5, but the condi.
ION OF the banks is still very strong they
olding S373S,42j in excess of their legal re- /
srVo against % deficiency in the required re-
'rve last year of 81, l,S52,273
The posted rates for sight sterling exchange
ere reduced this week to 4S24 to 81 against
SO to So last week. The rates for actual
usiness were also reduced {
The market for government bonds while
liet has been very strong for as and AVS, [
hich have advanced !. The 3's were weaker y
! anticipation of the call. \
While there has not been so much activity
| the railroad bond market, there has been 1
fair business in most issues. The range of !
'veral OF the most prominent bonds during
10 week has been as follows; West Shores,
~ 734, "a; Texas Rios, 10, 77B, 10, 773. 7sf; [
hesapeake and Ohio class B, 03!, 05, 94I. I
tantic and Pacific incomes have sold as low Z
%. No business of any consequence has Il
zen transacted in state bonds during the =
eek. o
Speculation in cotton futures has been 4
lite active during the week, and prices have 4
advanced. The agricultural bu- i
aus report, which was made pub- o
, ON Tuesday, confirmed the un. II
vorabe reports which had preceded z
causing an advance on that day, q
hich, however, was not very well sustained "
ID under sales to realize there was decline "
to 10 points from the best figures of the ii
orning, but on Wednesday the Liverpool
port came unexpectedly strong, causing an
lproyement III prices and an active, buoy
I market The southern markets also i'm =,
owed. and future speculation in New Orleans Il,
IS quite active. This market continued Vi
tive and higher ON Thursday and Friday, "
IN slight fluctuations, closing Saturday Es
rely steady at % TO 81 points advance for
c week, the largSr gain being on the late