National Republican., 1883-10-01
THE MARKETS.
A Review Of the Leading Trade Events Of tho
Past Week.
Encouraging Feature OF tho Commercial
and Financial situation.
Specidl Dispatch.
saturdays PRELIMINARY GOSSIP.

maue yeSVcTuHy unnU une NOfJncrn IA
cifc would issue $l5OOO,00O moro bonds
is generally believed to bo we'll founded,
but is not yet entirely official. Seven
and one half millions will DO dcben-
lures and $7,5OO,O0O of car trusts or equip
ment bonds. The friends of the management
declare that this issue is not bearsh argu-
ment against the property, because the road
has had tho benefit of this credit
and indebtedness was of course TO bo
liqudated. Tho brokers say the at
tack on the Northern Pacific and Oregon
Transcontinental came mainly from Cam
mack and Woerishoflor yesterday morning,
and finally Keene ran out of 5000 Northern
Pacific preferred and 600 Oregon Transcon-
tneutal, which cost him higher prices There
was some other prominent selling of long
stock through the day. and the decline in
Denver was attributed 20 the sale of the new
bonus stock given to subscribers to the 5,OOO-
600 bonds who went short of il in advance OF
the delivery of the new securities. The street
is generally described as bcarish upon
general market and WOereshoiier, Cammnck,
Smith, Travers and John Shaw appear to con-
troll the speculation, and the bears claim there
is no live market at present for anything.
The most conservative brokers and traders,
however, believe another advance will como
Monday or Tuesday. Superintendent Tilling-
mast says trunk llnCS are OVcrCtOWueu WIN
freights, and yet scarcity of coal cars for tho
western trade over Reading. Tho Gould peo-
pie are bullish on Union Pacific.
THE DAYS DoINGs.
On the opening IL. B. & w. p. Smith
bought New York Central sellers were
Jessup, Patton, and Lentilhon. In Union
Pacific, Powers and Stephens bought and G.
ii. Marvin bought. Quick was n seller In
Northwest, Elliott, Robins & Robinson Mich
olas and Kirkner sold, with scattering
buyers. Setback Il Co. sold Denver. Oregon
Transcontinental was mainly sold by Ryan,
Stow, and Hughes. Northern Pacific
preferred was sold by ] . George Nichols and
10. Sternberger & Fuld bought the most of
the Reading with scattering selling. Jersey
lending fat; New York Central 1861; money p
Tho attack on Northwest ern, the brokers
say, amounts to simply an organized bear raid
started by Wocrishoefler' S and Smiths brokers
for effect upon the general market Hamil-
ton & Connor sold the general market freely
this morning. Reimer sold Denver, which
was also raided. Herts bought. Northern
Pacific preferred has been sold by Harmed,
Schenck, and Sheldon. Chas. Head bought
Northern Pacific preferred literally. Devils
& Tileston bought Union Pacific. Cox has
been selling telegraph.
The Philadelphia Record this morning says :
"1f the Northern Pacific has resolved on a
loan, it is tho boldcst and best financial
scheme that could have been arranged for the
benefit of tho company"
Mccormick Il Co., Chicago, wire this morn
ing: Very full reports from our correspond
ents estimate the average damage to the
corn crop from all causes to date as follows !:
Ohio, 30 per cent: Indiana, "a Kentucky,
80; Illinois, SO; Missouri, %; Kansas 81;
Nebraska, 8; Iowa, 81. There is much Of
the crops not yet matured."
Two stock exchange seats transferred to-
day, price $500 each.
BANK STATEMENT. ~
Ioans-decrease. se..............."......... Sl93190
Specie-decrease ...................,... $1,000
Legal tender-decteasc. .....,............ 1O13lO
Deposit-decreasc. c...................... 100000
Circulation-decrease. ................ 209,SOO
Reserve-decrease ....................... 103l525
bankb noIu III excess. 2,fUU,iuO
THE SITUATION.
Tho four or five big failures the past week
in the woolen goods trade, while unqueston-
ably unsettling in character and calculated
to further impair confidence in the general
outlook, have not been so disastrous as might
have been expected. Sensational would be
good word with which to describe these
failures. One after another these firms go
down with a crash, making the others pre-
ferred creditors to large amount of their
liabilities. The amount of the failures ag-
gregated millions, but they made little or no
impression on general business because
it was well understood that tho paper
which the firms SO freely indorsed for one
another was, and had been for q long time, in
the open market, and was distributed to banks
everywhere throughout neighboring states
and even in some western cities. Beside,
there is no reason to presume that the losses
on any of the paper will be heavy as the
makers and indorsers all have large amounts
of property, and, barring the delay in turn
ing this into money, it is generally believed
that the creditors arc not likely to suffer to
any great extent.
An encouraging feature in the commercial
and financial situation is the continued gains
in earnings reported by the leading railway
lines rejecting an active distribution of
goods and a fair volume of mercantile trade.
A couple of instances Of this increase can be
better illustrated by taking the statement of
the Pennsylvania companys lines east of
Pittsburg, made public during the week. The
earnings of these roads in August, 1882, We're
the heaviest ever previously known. The
net earnings of the same lines for August,
1883, show an increase of $10O762 over
August 1882 Other leading transportatiOns
east and west make an equally satisfactory
showing, but the above will serve as an in
stance.
In mon etary circles the event of the week
was the reduction of the Bank of England rate
of discount to 3per cent. This action was not
wholly unexpected, because of the fact that
money has been ruling at % still lower figure
in open market over there and the bank is
in excellent condition to stand tn G reduction.
Money on call here is unchanged There is
slightly more inquiry for time loans, though
not sufficiently urgent to make any change
in the loaning rates. There is, however a
much closer scruting of mercantile paper,
which must bear strictly first class double
names to be discounted at all.
There has been considerable luctuation in
tho rates of foreign exchange during the
week. the net result Of which is to leave tho
rates ON Saturday about the same as were
posted a week ago, though triilc weaker
tone prevails.
Government bonds havo been very strong
the past week, for tho long date issues, which
show an advance of fully l per cont, while
the IS have been very weak and declined II
per cent.
Railway bonds during the carly part of tho
week were dull and weak, in the latter part
of the week, however they were stronger and
prices had an upward tendency, The range of
prices for the principal issues up TO Fridays
closing were as follows: Denver Rios at G74
66I, III, II. East Tennessee incomes at 324,
33, 81, 3ls. Kansas and Texas Gs, at so, 81
West Shores at 74!, 72i 73t, 49, Oregon
Transcontinental 6J. at 81, 50, 81 IS. ToXas
Rios at rs, 764, IA, nj. State bonds did u
fair business in Alabama class "a" at 81 to
Sll, and Tennessee compromise NJ 13 to H. /;
nothing doing in other issues.
Cotton for future speculation has
not shown the buoyancy that was expected OF
it to any great extent. Tho decline which
commenced on Saturday was continued
on Monday and Tuesday. On Wednesday,