National Republican., 1883-09-24
THE MARKETS.
No Important Change in tho Situation During
the Past Week.
A Plethora Of Money at Very Low Rates
OF Interest,
Spccidi Dispd,ct.
THE SITUATION.


has boon singularly devoid of any incidents
or developments, either favorable or unlnyor-
able in connection with financial intcros tsin
tho United States. Tho one exception re-
ferred to above is tho Montreal bank failuro,
which in the absence Of any important change
here was lifted into some sorb OF prominence
Spectators magnifed it into calamity,
cl aiming that other bank failures wore to fol-
low; also that prominent Montreal stock
spectators would be carried down in tho
shaking out" which failed to tako place.
1t has trauspircd that the failure was due 70
local causes special to itself and not from
any general condition of mercantile affairs in
the dominion.
IL is now reasonably certain that, while
some of the important crops will DO smaller
than last year. none will bo below the average
for the past five years. Cotton will fall below
1882, as will also wheat, but corn and oats
Notwithstanding the damage to tho former by
frosts and Wall street boars-arc pretty certain
to afford au excellent yield. The Importance
of the corn crop can readily be seen from tho
fact that tho average money value Of this
crop alone is more than 80 por cent. of the
total value of tho crops of other grain and
cotton put together. That the aspect of If.
fairs in the United States has improved in
this respect goes without saying.
In the money market wo have tho unusual
feature of plethora of money at very low
rates Of interest in both New York and Lon
don. year ago the rate here was s to 10
per cent, whereas the rate during September
this year has averaged . per cent. In London
the rate year ago was to 81, US compared
with 81 now. The Egyptian troubles can DO
assigned rs the cause for this difference in
London, but no cause can be found here OK
cept the entire absence of any desire to on
gago in speculation, and the fact that
ing with regard to tho outcome of
somo of the great railway enterprises of
recent years, which are now just beginning to
mako their influence felt. The continued
redemption of the United STATES bonds has
also added largely to the surplus of available
funds, and as there arc nearly S2S,0OO,0lO to
come out of tho treasury in the next seventy
days, there is small prospect of the usual
stringency in the money market this winter.
Rates for mercantile discounts continue un-
changed at 81 to g for first class double namo
paper for sixty days, and four months and 6
to z for single names. Time loans on stock
collaterals are AZ to per cent for sixty days,
and four months call loans , to q per cont.
The posted rates for sterling exchange
during tho week. owing to the scarcity of
bills, have advanced and are quoted to-day
4S3@4S6.
Government bonds have been worry strong
for the long date issues, caused partly by
small offerings and heavy European demand
and partly by tho issue by the secretary of the
treasury of the first call for the per cent.
bonds. The Is and AS are higher and the
3s are lower.
The market for railway bonds has been
generally dull during the week, mainly
caused by the conservative attitude of capital
toward railway securities. Still there has
been some Investment demand, and the ma.
jority of issues are somewhat more firmly
l,nll ,t frn 1 60 4 nd,
Willard securities have been tho exception,
and have shown a large decline, particularly
in Oregon Transcontinental firsts, The fol-
lowing has been the range of quotations for
the principal issues for the week ending FRI
day CINCINNATI and Ohio, class b, 81. to 954
Western shares, 73B to 744, 733 to Hs;
Oregon Transcontinental firSts, 029, 81, 50, IS;
Texas Rios, Isl, 7sg, 7s4.
Nothing doing in state bonds, except a
small business in Tennessee compromise.
Speculation in cotton futures mas been less
active and less buoyant during the past week.
The speculation for rise received hard
blow on Tuesday, when Liverpool failed to
respond to Monday afternoons advance, and
some of the southern markets showed weak.
ness The decline from the close on Monday
to the lowest figures of Wednesday was from
16 to 20 points, except for September, which
yielded only points, and brought as much
rs October. There was q slight recovery
Wednesday afternoon, and Thursday, al-
ter dull opening, showed more
strength in the later dealings.
There was an advancing and firm
market on Friday. The advance was lost on
Saturday, although the market closed steady
Rt about last Saturdays prices. Sales for the
week foot up 100000 bales Spot cotton has
been active, with u good export and speCu-
latiye demand. No change i'll prices since
last Saturday. Sales for tho week foot up
5000 bales, including 5000 bales for export,
$500 bales for home consumption, and 1000
bales for speculation.
The dry goods trade continues very active,
especially in the jobbing branches of the
trade, and q moderately increased demand
for duplicate assOrtments was experienced
by commission houses and importers
Tho brisk movement that has
been in progress during tho
last few weeks has impaired u much better
tone to the market, and holders of morChan-
disc are much tirmer in their views, Whie
some descriptions of cotton goods, dress fab.
RIGS, &C., have already been subjected to a
slight advance. Accounts Of the condition of
tho trade from the west and south arc exceed
ingly favorable, and it is moro than probable
that the September business at nearly all the
centers of distribution will prove to be large
beyond precedent. There is, however, no
tendency toward speculation ON tho part OF
either wholesale or retail buyers, and opera
tions arc being conducted in u very consorva-
tive manner which is important as showing
the healthy condition Of the trade
THE STOCK MARKET.
The event of the week in stock exchange
circles has been the successful raid ON the
Willard properties, Northern Pacific preferred
and commons, and Oregon Transcontinental.
II does not appear that any now facts OF an
unpleasant nature have been developed with
respect to these properties, but traders seem
TO regard them as weak spots, and lose no
opportunity to raid them. Tho declaration
of the regular quarterly dividend of y per
cent. on Oregon Transcontinontal did not
exercise any beneficial effect On the CON
trary, it seemed to point tho stock out rs
shining mark for the bears to execute what
seems to have been we'll planned
attack. As to tho publication of
the Northern Paciic's annual report
pretty diverse opinions prevail. Some re-
gard the exhibit az favorable, others "a tho
s~Nerse, and it must bG acknowledged that
rows of figures showing earnings actual and
prospective fail TO get around the cold fact
that the company's debt amounts to IO5O0,-
600, calling at per cent. for an annual pay
still in need Of triie of SS,000OOD TO cover
not easy to tell Just what tho yearly draft
such companies as tho ST. Paul and Northern
Pacific, and the Northern Pacific terminal
may mako on tho roads net earnings, out
of these uncertainties tho spectators for q
decline find their opportunity.
The general mRrkOt was without special
feature outside Of the Yillards up TO Thurs
day afternoon, when tGCre was general do
mOrnliZntiOn tho Innrl-pt hpsglS iur gpvpvllV.