National Republican., 1883-07-28
THE MARKETS.
The Bulls Hopeful That Higher Prices Will
Prevail After the Harvest
The Brokers Driving DulI Care Away
with Songs and storics-Quotations.
GOSSIP.
Special DiSpdich.

market and say yesterdays triHing reaction
is Insignificant, because the bulk of large
holdings are in very very strong hands, and
when the crops are safely harvested there
will be an investment boom in stocks which
will raise the hides off the bears. Brokers
ray the room traders imagined yesterday
afternoon that they detected inside selling,
and acting on this they rushed off and raided
the market, but there were no large operators
trading, so the raid didn't amount to much.
The principal sellers were Slayback,
Bell Kirkner, Henriques and Walsh
Connor said tho bears saw no pro-
it in short sales at this moment
rs the signs are Enthusiastically strong for an
advancing market. The raid OH Richmond
and Danville was on an alleged report that
Gould had control and would divert the bus
iness of the rival line. The report was un-
founded and denied Money brokers report
funds absolutely q drug, aud 100000 lent
yesterday on call, on governments for per
sent, per cent. is the rate for GO days, and
per cent for months. Woerishoeher says
he is going to sell Western Union short as
soon as the telegraph trouble is settled, be-
cause he believes Gould will sell the stock
himself.
There is nothing new in telegraph. Both
sides remain firm. The Western Union claim
they are handling all the business offered
promptly. Brokers say this statement does
not agree with the subject to delay, from
mailing or other causes" Governments were
stronger on the call last evening, and sharp
advance is expected this morning The
failure of the Ward Iron company, doing
business at Miles, Ohio, and New Philadel-
10 l. 10 nipu lin
bilites 81 100000.
The market opened extremely dull, but
rather strong. Sternberger aud Field bought
1000 New York Central, and Knickerbocker
bought, and w. b. Wheeler sold. In Lake
Shore Gernsheim and A. IL. Brown bought
Truman sold. Ellis sold st. Paul. In Western
Union the trading was small, with small
dealers bidding. Wheeler and Motley are
offering Wabash preferred.
New York Central and Jersey is lending
flat. Lackawanna and Louisville and Nash
vile at l /; others at 9; money at and %
sterling unchanged. 1t is rumored that the
American Rapid operators will be ordered out
again to-day If it is found the Western Union
own the Rapid lines, as asserted in the stock
board by the bears
Government bonds advanced on the call
Sterling is slow and easy. The immense sale
of cotton goods by prominent firm in this
city yesterday, is taken by the bulls us an
=
for staple cotton goods, and will create a
movement ofVdrygoods westward. Frost is
reported in the White Mountains last night.
The death of Montgomery Blair is an
nounced. Secretary Mcclellan of the
knights of Labor, declares there has been no
compromise between the operators and the
Baltimore and Ohio Telegraph company.
Gould tells his friends the Western Union
company has all the operators it needs, and
business is progressing finely.
The gross earnings of the Philadelphia and
Erie railway company for June were $3ii,7 I'll.
Expenses $224,3 Net earnings $120,470 a
decrease of S6,S42 as compared with June,
1852. The net earnings for the six months of
1883 show an increase of $11S,603 as com
pared with the corresponding period last
year.
Stocks opened very dull, but with a firm
undertone. Cash stocks as a rule were not
plenty. The market improved steadily in
the first hour, and by IL o'clock had risin
to II, the latter in Louisville and Nashville.
Subsequently there was fractional reaction.
Philadelphia advices the coal trade say
the Reading company is $4,000 tons short of
its orders. At noon stocks were still very
dull and featuroless, with prices shade Off
from the highest of the day. On the second
call only a few brokers remained in the room,
and trade was stagnant. The brokers in the
room at 2:3O did not number fifty all told,
and they killed time with songs and tough
stories. There was no trading, and quotations
were unchanged There is a very firm under
tone. Money is very plenty at 2 and % per
cent. 1t is reported that large loan was
made on first class securities at L per cent.
Sterling is dull and unchanged. Stocks lent
about 2, Jersey and New York Central Hat.
At 2:30 the market stitfened little, though
business was almost at n standstill. Stocks
at the close were steady at 1 to below the
best prices of the day, the latter for Northern
Pacific preferred.
LONDON, 1:3O.-Erie / higher, n. Y Cen
trail unchanged, Wabash preferred unchanged,
St. Paul higher, Lake Shore unchanged,
Denver and Rio Grande higher, Illinois
Central unchanged, Reading lower.
THE STATE OF TRADE.
NEW YORK, July Pr. g. Dun & Co. report
lhat at nearly all the important trade centers
there is decrease of busincssas compared with
the same period of last year. This is prob
ably accounted for by the uncertainty of
communication, owing to the telegraph strike.
A gradual improvement in this regard Will
restore commerce to its accustomed channels.
There is no doubt, however, that the legiti-
mate business of the country is for the mo-
ment in a halting condition, and that no
material growth can yet be seen, though "a
vory large crop is likely to be harvested.
Locally the ordinary business Of the city
; I'M, been within restricted limits notwith-
iuS pTGbtHCG III Illc uldIhGI VI ull ul-
usually large number of buyers in tho various
lines, mostly from the south and southwest,
but these seem bound more upon holiday pur-
suits than upon business awaiting the results
of the crop and more settled condition Of
things. The only adverse element apparent
in the condition of trade is that of uncer-
tainty regarding the future, which settle
ment of the existing labor difficulties, u sue
cessfnl harvest and other iavOring circum-
stances would Immediately remove. There
are not a few who believe that we are on the
eve Of very prosperous autumn business.
The iron trade Is little more active the
leather interest reports u somewhat better
feeling with tirmer prices the boot and shoe
trade is rather dull Coffee is quiet. Sugar
steady, with demand for low grades at bcttor
prices. The corn market is quiet but nuctuat-
lug in sympathy with wheat, which has been
moderately active. Corn dull audweak. Pc
troleum somewhat improved, with strong
market at the close. Wool dull, and without
change. Freights dull and unsatisfactory.
The failures as reported to K. G. Dun * Co.
throughout the country for the last seven
days, number 100, as compared with 16S last:
week. The geographical distribution was (;
New England states, 33 middle states, 32c
western states, 81; southern states 29 Paci H.
states and territories, 81, and Now York city s
GOVERNMENT BoNps
United states 4ss 1891 Registered ll2a ll2J6