National Republican., 1883-09-03
THE MARKETS.
A Firm Closing and Better Outlook Predicted
by the Knowing Ones.
Who Were the Buyers Saturday and What
stocks Wero Most Sought.
spectnl Di.pnich.


SATURDAYS GOSSIP OF THE STREET.
NEW YORK, Sept. 1.-The brokers all agree
that the market closed strong and indicative
of a strong opening this morning Some say
the final dealings were somewhat forced with
considerable manipulation. Much depends
upon tho weather in the west, and its effect
upon the corn crop. The best class of traders
think tho market will do to buy upon every
reaction. Some dealers believe certain big
perators have been depressing Lake Shore to
buy tho remainder of the list on, and this
accounts for tho frequent raids on their stock.
Woerishoefier continues very bearish, saying
nobody is here to put the market up. lie
says yesterdays advance was mainly by
operations of Osborn, who simply made n
tnrn upon the shorts Osborn talked very
bullisL last night, and said he believed the
market would improve all around and that
prices are scraping bottom. Tho order brokers
report an enormous amount of thimblerigging
in Lake Shore and New York Central, and
that the Vanderbilts arc a conundrum. The
street believes Lake Shore looks lower, and
and the short interest in it is immense
Rutter g. Gross continue selling New York
Central seller co. The Willard people are
buying the Northern Pacific stocks again and
insiders in st. Paul management buyers
bought the latter heavily yesterday. Worden,
and Closson & Hays bought large amount of
st. Paul The general sellers of stocks yes.
terday were room traders, nearly all the old
bears, and the old 'rabids' of the street. who
declare the rally won't last until next Tues
day.
1t is announced this morning that the
Bankers and Merchants and the American
Rapid yesterday executed at Boston articles
OF consolidation. and the new association Will
be known as the Bankers and Merchants
Telegraph company. The lines of this COM
pany do not as yet reach Chicago, st. Louis,
or Now Orleans, but will be extended.
BosToN Sept. 1.-To-days Transcript says
that the Boston people continue buying
Union Pacific stock in investors lots. The
Boston holdings In the books arc now over
$4,000 shares. against 2l6000 shares when
the books closed for the July dividend.
There are now 200 stockholders on the Dos.
ton books, which double those of New York.
New England now holds more than half tho
capital stocks; $5000,000 is held abroad.
A Chicago dispatch says that Gen. Hickson,
of the Grand Trunk, says there is no proba-
bility of war between the trunk lines. All
are anxious to avoid war of rates.
Stocks opened stronger and fairly active for
Saturday. Most Of the trading was in Lake
Shore; buyers were Wallace, Clews, Patterson
IL Co., and Drummonds. The sellers were
Haight, Dewey and Hunting In Northern
Pacific preferred, Hunting and w. II. Shell
ton sold, and Henderson and W. L. Stow
were buyers. j. o. Stevens bought the most
Union Pacific, and Walsh was a sellei.
Van Emburgh and Atterbury bought bout
1000 Erie. Sternberger g. Ftld sold Reading,
and II. Lapsley & Co. were che bIyers.
Money lent at and stocks generally lent for
1 per cent, except Jersey Central and New
York Central, which are fiaA
The brokers say that Notwithstanding
trifing reactions there is more disposition to-
day to buy. Ben Carver, leadlng former
bear has just returned from the west and is
bull, mainly on the very fattering prospects
of a big corn crop. prominent New street
house has received numerous orders from tho
west to buy Illinois Central, Rock Island,
Chicago, Burlington and Quincy, Northwest.
erp, and st. Paul, and stocks from people who
believe in an enormous yield of corn. lead
ing Exchange place stock commission
tensively of good railway bonds for
investment, and have been buying
all the week. Mccormick, Adams & Co., of
Chicago, telegraph to-day that the weather is
cloudy, with some rain in the northwest;
elsewhere it is fair to clear, and cooler in ex-
treme northwest, The corn crop in Indiana
has been greatly improved by recent rains.
Wheat in Minnesota is nearly harvested, and
threshing is in active progress. According to
private advices from Saratoga, Joseph G..
Mills says Mr. Vanderbilt talks very bullish
on his own properties, all Of which are earn
ing their full dividends and are dirt cheap,
with no possibility of trunk line war this
year.
slayback and S. V. White bought telegraph
up to rs,
Munroe bought 5000 Union Pacific, Clews
bought Lake Shore, and Van Emburgh sold
same.
Tho prominent buyers of Oregon Trans
continental were J. o. Stephens, Dillon, and
Pattison & Co.; sellers were scattering.
Mapelsden bought 1000 Reading. 10. Steph-
ems bought st. Paul
THE SITUATION.
There is very little change in the general
situation to note this week. But aside from
stocks and Wall street ways there seems
nothing that really ought to discourage one
in the general outlook, on the contrary there
is q well defined disposition to take an in.
creasingly favorable view of the commercial
and agricultural situation. Probably the
only really bad feature in the outlook are the
very unfavorable reports from the cotton
districts, but it should be remembered that
this is always or nearly always the case about
Sept. l. Even if we should lose half mill
ion or SO from our seven millions this year,
while it would be q loss, it would still leave
enough for the worlds consumption
without intrenching at all ON old
stocks and would tend to mako prices little
less timsy, so that what we lose in quantity
would be amply repaid in dollars. As an OIL
sett to bad COTTON year" we have the as
surance from the southwest that the grain
crops, large and small, have been successful
in the full sense of the word. and the coming
fall will witness season ofgeneral prosperity
throughout this section " This is quoted
from tho same authority that reports the
great decline in the cotton crop. If the
prophesies prove true ii will be n fact worth
remembering since it is the first instance on
record where drought was long enough to
kill cotton and didnthurt corn. Agricultural
prospects in the west and northwest continue
almost everywhere very favorable. The
wheat production will be larger than the first
estimates, and the corn crop, with two weeks
moro without frost promises to be immense;
indeed in some sections the beneficial rains
of the last week has made an immense crop
an assured fact.
An unfavOrable incident of the week as in
connection with finances is tho default of tho
Ohio Central company in the payment OF tho
semi-annual interest on its river" division
bonds. 1t is understood that a proposition
will be made to the bondhoders to fund
coupons in the expectation that an improve
ment in earnings will enable tho road to pay
all future interest. This river" division
is $50 miles long, running from Corning,
Ohio to Charlestown, w. Va. 1t has just
been completed, and has 81, 100000 first mort
gage, $4,0O0,000 incomes, and $l0,O0O,G00
stock. 1t is on the mortgage bonds that the
dnfau1t ia IN ha mazda