National Republican., 1883-06-25
A Weak Feeling in Wall Steet-A Genera
Decline Followed by Slight Advance
a Review OF the sltustion-Tho Outlook
Generally Encouraging.
SATURDAYS GOSSIP.
special DisDdtch.

But after all the decline was only fractional
Kirkner and Bell sold New York Cen tral at
bottom prices and bought them back at the
top. They also sold Lake Shore. 1t was be.
lieved that large proportion of the New
York Central and Lake Shore were for
Woerishoefiers account. The Philadelphia
people bought in some Jersey shorts.
The room traders raided Denver and it
was said they could not get their stock back
at the closing There is much improvement
in the situation at Chicago. The Union Pa
cifc people here say that the net earnings arc
increasing greatly and the line is doing more
than ever before. Mr.. Tillinghast of tho
New York Central, said last evening that the
trunk lines had decided to make a slight re-
duction In westbound rates, on account Of
new rail and water competition.
The Canada Pacific yesterday called the
third and last ten millions of stock under op-
tions, and tho funds from this, with tho land
grant and government subsidy, will complete
he road
hines bought New York Central and other
sto ,s on the opening, and Brayton and Ives
bo ht the market generally. Heath bought
Ne v York Central. and Harton sold.
IA cago kilograms say the weather con-
tin unsettled. Thermometer SO.
! Q Vanderbilt party continue very bull
isl Oh Northwestern common, which they
N will touch las to $50 again this year.
is said to be ON account Of selling by recent
bulls. Corn is down, and p ork and lard
unchanged. Chicago bankers telegraph that
the strain on the board of trade is over, and
customers are depositing money which had
recently been locked up in margins, indicat-
ing that many trades on change have been
settled up.
1t is reported that Jewett, of the Erie, at
the last trunk line meeting, declared that un-
less the Delaware and Lackawanna stopped
cutting, his company would not bo response
BILE for the maintenance of rates.
1t is reported that r, II. Parks office and
his private wire to Chicago have been leased
by Lindblom & Co. They will start with
100000 cash capital; M. j. Miller, general
partner and w. p. Williams special.
The weakness in Western Union is attrib-
uted to the announced reduction TO fifteen
cents for night messages by the Mutual to the
west in opposition to the Postat IL is re-
ported that the Lake Shore is negotiating for
the Lake Erie and Western and the Lake Erie
people are trying TO negotiate the sale of the
Peoria road also, but tho Vanderbilts only
care for the Lake Erie and Western, and the
matter is undecided.
THE BANK STATEMENT.
Loans increase...... ,296, 800
Specie increase. ............... $4,000
Legal tender Increase e.................. bSl, 800
DepoSit o'ilo,A9
Circulation decrease. e................."... 5000
reserve increase. ...................... 19l.6o0
LONDON, 12:30.-Erie, lower; New York
Central, lower; Reading, lower, Ontario
and Western, lower Pennsylvania Central,
! lower; Illinois, higher.
THE SITUATION.
The failure of some half dozen large specu-
lative firms in Chicago during the last week
cannot be said to have taken the country by
surprise. For more than q month ii has been
public gossip that certain grain and provision
houses were top heavy, and carrying load
that was taxing their every resource to the
utmost. But 1t was considered possible that
a spell of bad weather, either here or in Eu-
rope, might strengthen the market sufficient
to allow them to get out while possibly with
out profit certainly without loss enough to
compel them to "go by tho board"
But crop prospects the world over con-
tinued excellent. The load became too
heavy, and on Saturday last the
largest Of these speculative firms failed for an
amount greatly in excess Of expectations, and
which is estimated at from two To five millions
of dollars. This was followed on Monday
and Tuesday by five other failures of more or
less Importance. 1t was rumored that several
Chicago banks were seriously involved. This
was the most alarming feature of the situa-
tion. But by Wednesday the scare had sub.
sided and finally disappeared. 1t should be
borno in mind that very little loss has been
sustained by any merchant in legitimate
trade by these failures, for the reason that
exporters and millers, knowing that the high
prices were artificial, have been doing
hand to mouth business and not carrying
anything at all scarcely. These failures have
placed our chief staples of export ON u legiti-
mate trade basis, and the indications are
there will be an increased export movement
ut an early day.
The iron trade has improved, No. pig,
which was offered month ago at $50 per ton,
is quoted to-day at $22.50.
Cotton for future delivery, which showed
an advance in tho early part of the week, de.
clined on Wednesday and continued depressed
up to Saturdays closing. Spot cotton ruled
dull all the week. On Tuesday q largo ex-
port business was done, but with no effect on
prices.
The dry goods trade has been little more
active, owing to the arrival of good many
buyers from the south and west.
- Domestic goods, both cotton and woolens,
are frmer, and some kinds have slightly APP
preciated.
Foreign dry goods have ruled quiet in first
hands, and the jobbing trade was of strictly
moderate proportions. Staple goods remain
firm in price.
Money continues abundant, and "dirt
cheap" Call loans on stock collaterals on
the stock exchange have ruled at 2 TO "a per
cent.
Time loans ON tho same collateral have
been freely offered for six and seven months
at S per cent per annum. The rates of dis
count for Al mercantile paper remain un-
changed at A to 3 per cent.
The market for sterling exchange has been
weak, and the rates on Tuesday were re-
duced from 4S6@4S94 TO 4554 4@4s9. There
have been free offerings of commercial bills.
Tho government bond market is firm, and
a further fractional advance is to be noted in
the As and 3s.
The railroad bond market has been dull
throughout tho week. Tho most business
has been in West Shore bonds, which have re-
mained firm. Texas Rio" has had mod
crate amount of business, and are quoted
per cent. lower.
State bonds dull and little doing.
With the Chicago collapses and rumors of
more or less trouble among the merchants
and banks of that city, the stock market has
been in fitful and irregular state during most
of the week.
SATURDAYS REVIEW.
The market opened weaker and 4 to
lower, the latter on Michigan Central and
there was quick decline of 1 10 (, the latter
In Michigan Central. This depression, how
ever, did not last, and it was followed by a
quick recovery, which brought prices to
about the opening figures. The most active
trading was in Delaware and LaCkawanna,
the Vanderbilts and Jersey Central, Union
Pacific was very strong and unaffected by the
early decline. Western Union was freely sold
and declined point from the opening. The
other weak features were Denver, which sold
off from the opening, and Richmond and
Danville sold TO 80 against 60s at yesterdays
closing. At noon the market was weak and