National Republican., 1883-10-22
THE MARKETS.
Stocks Not Likely to Exhibit Any Staying
Qualities at Present
A Review OF the Commercial and Finnn-
cinI situation During the Past Week.
GOSSIP.
fptcih Dispdich.

GOSSIP.
Sptcid DtsDatch.
NEW YORK ct.20.-Thc best posted brokers
agree that stocks were unlikely to exhibit
any staying qualities at present, as q great
many are sold in Liquidation and unesssomo
good, outside buying, prices will 60 lower.
Notwithstanding somo of the Sc. Paul man
agement are buying this stock, yet thero is
much inside selling, and tho pressure of long
stock indicates lowor prices, and the same
facts apply to Lackawanna. A prominent
coal man yesterday sold out $4,000 of long
Laclawanna. Cammack covered 10, 900 shorts
in Lackawanna Points arc given of a de-
cline in Lackawanna, and it looks weak. The
raid on Western Union yesterday was said to
have been to buy in other shorts by promi-
nent bear.
Gould was in town last night, and is said to
have boon comforting with other prominent
spectators. Vanderbilt was at tho Windsor
hotel last evening. Sage was present, and
said he was o bull and buying. Woeris-
hooffer said the Willard stocks were tho dis
turbing elements, and he anticipated great
break in Northern Pacific stocks and much
trouble. kilograms from Chicago report
serious trouble in tho trunk line pool regard
ing dressed freight, and some roads threaten
to withdraw from tho pool.
WALL STREET.
Leo sold Northern Pacific preferred on the
opening. Boyd sold Western Union. The
buyers were scattering. Quick sold 1000
Union Pacific. Walker & Gould sold Lake
Shore. The buyers were scattering. Herts
was tho large seller of Lackawanna. Tho
buyers were Beehman, Wallace, and s. V.
White. New York Central was very dull,
but offered at 1l3t.
Northern Pacific preferred was loaning 8 to
4per cent for the day; others unchanged, with
less borrowing demand
The main selling of st. Paul has been by
Brownell and L. Harry Wilson and Osborns
brokers.
Lake Shore has been sold by Rigney & w.
Nelson and Chaplin.
1t is reported that Vanderbilt is sustaining
Lake Shore. Kecne is quietly buying in his
shorts.
Johnes is buling on everything but West
ern Union and Missouri Pacific
There are rumors of another break in Jer-
Central, and of largely increased short inter-
est in Lackawanna.
A Pittsburg dispatch says fresh strikes are
threatened by coal miners.
The bears on government bonds are using
hardening of money" against the market.
Cotton brokers report the market only in
different. The supported and biggest opera
tors are bears.
H. N. Smith is said to bo pressing st. Paul.
The sellers include SlaybaCk, Willard, Carver,
Elliott & Wilson, and j. o. Stephens, who
sold good shares. The feeling in the room is
quite beariSh. Points on Oregon Transconti-
mental of new bull combination and sharp
rally next week, but the stock looks weaker.
BANK STATEN ENT.
Loans-decreaSe. Se..............,.......... S209,d00
Spece-uecrease,..... 1904 400
Legal tender-decrease ......,........... 1gS000
Depost1,decrease.. ase...................... 3,6SO,4OO
Observation-Disclosures. ..,............ $500
ACKNOWLEDGEMENTS. ACKNOWLEDGEMENTS. 2,lS2 800
THE SITUATION.
If there was any change in the general COM
mercial and financial situation during the
past week it was certainly not on the side of
Improvement. There never was an occasion
when stock speculation and legitimate trade
were less intimate than at the present time.
Still it is impossible for such astruggle as that
in progress at the stock exchange to be SO
long continued without imparting degree of
discOuragement to all branches of trade, at
least to the extent Of checking any improving
tendency. Another thing it has all along
been predicted that as soon as our crops
were harvested and business men
had some basis on which to found
future operations all branches of trade
would improve and confidence be once more
more restored. The crops have been harvested
but there is not the market that had been
looked for. Europe appears to be fully sup
piled with breadstutis, and there is little
disposition TO buy here for export at the low
prices ruling there. This fact, together with
the failures which are of almost daily oc-
currence. have the effect of imparting n very
quiet tone to all departments of business
Still, this condition of trade is really unac-
countable and finds no warrant in the great
influences which should affect our industries
We have now for two years produced excel
lent crops, and there is an abundance of idle
capital, but confidence is lacking, and make
the capitalist prefer to keep his money within
call rather than put it into unproductive enter
prises.
The money market remains abnormally
easy, though there has been little moro ac-
tivity shown the past week than for some
time. The principal movement appears to be
to the south. Rates for call loans on stock
collaterals have been to per cent against
to "a per cent. last week. Rates for mer-
contile discounts are unchanged at 81 and
per cent. for sixty days and four months on
first class double names and to per cont.
ON single names. Time loans on collaterals
per cent. Tho Bank of Englands rate Of
discount remains unchanged at 3 per cent
Foreign exchange has been dull and heavy,
and rates are unchanged ut 4.82 to So. The
heavy tone of sterling is partly due to the
light demand and partly to tho supply of
bills drawn against cotton. Bankers generally
9ook for continuance of the low rates Of
exchange and some claim that tho movement
of gold hither will be steady for the re-
mainder of the season.
Government bonds have continued very
btrong ana further advance Of to has
been established on the AS and AVS during
the week. The 3 s are down to par bid. IL
is intimated that in view of the increasing
treasury balance there will soon be another
call for the SIS.
The market for railway bonds has been
generally weak, with few exceptions, to the
decline in prices which range from to A
per cent. Western shares have shown the
greatest activity, in which the range in prices
since last Saturday has been II, 72t, 74f, 732.
The range in the other principal issues has
been as follows: Texas Rios, II, 73B, 20, 72l,
\ n; Oregon Transcontinental frsts, 49, IS;
! East Tennessee incomes, 2S %, 271, 27, 26;
Northern Pacific hrsts, 103 1884, 1881, 1921,
1923, l02s Texas and Pacific land grant in
comes, so, 543, 81, 53i.
State bonds continue dull and featuroless;
old Tennessee skies sold at 3Si OBS, and the
new series Mt 36.
The speculation in cotton for future de-
livery has been fairly active the past week.
The depression in prices noted last Saturday
continued without check until Wednesday
morning The decline from the highest prices
since tho publication of the bureau report
was about 81 points. There was some re-.
covery toward the close Wednesday and q
demand to cover contracts and on Thursday
there was an advance of l2 to 10 points owing
to kilograms reporting cold storm in Texas,
accompanied by orders from the south to buy.
Liverpool also improved. On Friday Liver
NNa tnip hut nurls nt np Oh