National Republican., 1883-10-08
THE MARKETS.
A Review Of Last Saturdays Leading Trans
actions.
stock Prices Variable and Lower-Low
Rates OF Interest Prevailing.
Snecinl pfsnaion.

SATURDAY fHblslMlNAk1 GOhSlfs
NEW York, Oct. 6.--Tho tenor OF tho dis
cussion upon market last night favored higher
prices to-day. d. o. Mills said, at tho Wind
sor hotel, that Mr.. Gould had informed his
friends that in his opinion the turning point
had been reached, the lowest prices had boon
seen, and he believed the whole list was now
good purchase and buyers could hardly
make mistake in choosing. J. e. Mills
said he believed there was more risc now in
Oregon Transcontinental than in anything
else, and it would become much moro
valuable since $15000,000 Northern Pacific
second mortgage bonds had boon takon
ats71. This was all of this class Of bonds
which would be issued Immediately, and
others would only be offered as tho require
monts of the road demanded. Tho Droxel-
Morgan old syndicate will take the bonds
and pay tho money and negotiations will be
concluded at to-days meeting. Tho bonds
bear 6 per cent. interest. The brokers esti-
mate that Gould bought 40 600 shares OF tho
Wizards yesterday, and tho break in certain
other stocks was assisted to help buying of
the Wizards at low figures.
Tho room traders were bullish last
evening and inclined to believe in higher
prices for Northern Pacific stocks
next week and probably higher all
around if bull leader can bo found. Tho
short interest they estimate was increased
yesterday to the extent of about 10000
shares of which $1,000 were Lackawanna.
Woerishoefler is fearful bear on Oregon
Transcontinental, and says it is q sale for 30
point. Brokers say some Reading and Jersey
liquidated yesterday, but the main selling was
for short account and corner, and Keene sold
heavily. Jersey was partly protected by II.
and s. Wilson, who bought 5000 shares on a
scale from 793 down to 10.
THE STREET.
In Nillards, on the opening, it was reported
insiders supplied the shorts freely. Decker
Howell bought Northern Pacific preferred and
Oregon Transcontinental, and Philadelphia
brokers also bought Hughes, Bessill, and Dur
rim sold Oregon Transcontinentnl. In Lacka-
wanna s. V. White Kennedy and MauriaC
bought and Sam Walsh and Ellison sold. In
Lake Shore, Harmed bought and Herrick sold
Rutter and Gross bought Eric, and the selling
was scattering. In Union Pacific, Kretchner
J. M. George, and Fanshawe sold, and Stevens
and Peters & Pell bought There was some
short selling of Union Pacific upon rumors Of
reduced rates in Kansas. Stocks loan, North
orn Pacific preferred, LEA bid Lackawanna
fiat, Union Pacific, 1-6i bid, and New York
Central fiat to LEA.
1t was stated upon tho authority Of the
Delaware and Hudson company's officers that
they are taking new orders for coal at July
and August prices, the company asserting
that "it must have the orders" President
Hoyt of the Pennsylvania company says, il
the Delaware and Hudson continues below
the October circular, that he will be com.
pelled to do the same, though he hasn't done
SO yet.
Governments strong and in demand, ex-
cept 3s.
Tho brokers say the bear movement con-
tinues, and the pressure TO sell the coaers is
uuh he
forced to yield. Osborn's brokers have been
offering New York Central 1 below market
on seller sixty days in large blocks. The
Wizards look "toppy." In Union Pacific 6
great deal of long stock came out and indi-
cations are downward The loan market
shows that the active stocks are gorged with
shorts, as everything loans flat or at o pre-
MUM The Merrill Manufacturing company
of Merrill, Wis, has collapsed; liabilities
100000
Mccormick and Adams of Chicago, say pri
vate cables report serious financial troubles
in the English grain market.
BANK STATEMENT.
Ioans-decrease. NEUTRALITY-SUSPICIOUS.. S370i 10
Specie-lncrease ............''''''''''' l2iSo0
Legal tender-decrease .................. 50S,50
Deposit-decrease. e....................... 2OlI,30
Circulation-d decrease. .............. 1l6,70
observation-disclosures ......s....'..'...'s..s l,2lioZ'
THE SITUATION.
The situation of affairs has undergone NJ
change during tho past week.
One of tho distinctive features of the gen.
cral financial situation for the last year has
been the difficulty of attracting capital to in
vestments that have been heretofore con
sidered satisfactory. This is only another
way of saying that very few of the kinds o
investments which have always absorbed the
available capital of tho market are deemed
satisfactory now. Railway bonds, railway
stocks, loans on mercantile Ipaper, shares in
manufacturing cnterprises-all are regarded
with degree of distrust, which prevents
the usual employment of capital in these
lines, because there are doubts in
tho public mind as to whether the railway
system has not been expanded beyond the
growth Of population and traffic. and as tt
whether the decline in prices of commodite.
in the last year and q half has not caused
losses which may yet develop in additiona
important failures in quarters where M
financial weakness is apparent now. In
short, for nearly year there has been, and
is prevalent now an unsettled feeling. A
"slow panic" has been and is yet in progress
This has been illustrated by the failure in
the branches of trade recorded in the last
few months. First, tho heavy failures and
general unsettlement of the iron industry
Then the upheavel in the leather trade, and
lastly, the crash in the dry goods branch
These events in themselves did not appre
ciably unsettle general business, but taken
collectively have produced tho lack of con
fdence now so general,
Another of the features of tho general stu.
! alton is the continued low rates of interest
for money at time in the year when funds
Nare usually scarce, and high rates arc OK.
}pected and freely paid and at which money
is loaned in confidence. But the rate of in
ltercst is not the paramount question with the
lender now; the prime question is security
Rates for all classes of loans are generally
unchanged since last week The western
demand for money has been N triAe more
active, though this weeks bank statement
shows au increase in reserve of $l,5OOOOO
showing q lessencd flow of capital to the wes
to move the now crop. Bank of Englandi
ratio of discount remains unchanged
The large advanced noted last in the price
of long date issues of government bonds wa.
not fully maintained during tho early day.
of the week, but lattorly they were vory
strong and higher with but few offerings
The threes have been weaker and further dc
cline in price was recorded.
There has been an Increased activity in the
railway bond market tho past weoll, though
at somewhat lower prices. The principal
business of the week has been in Western
Shores, which are about per cent. higher
than week ago. Texas Rios were also ac
tive, but Mt lower prices. In state bond.
Arkansas 6s funded sold at 12l; Alabama class
at 50; do. class b 10l; Louisiana consols at 7Ok
lNs