National Republican., 1883-11-26
THE MARKETS.
What Has Been Going On in Wall Street for a
Week
The "scaIpcrs Playing Football with
Stocks and Securities.
SATURDAYS PRELIMINARY GOSSIP.
Cofcf1L DieDnfob

Special Diopatch.
NEW York, Nov ga slight bearsh
feeling prevailed last evening, and somewhat
lower market generally predicted this morn
ing, the bears declaring that trading hence-
forward was going to be on lower prices
This party included Cammack and tho rest
of the bears congregrating at the Windsor
hotel, and they are all largely short SELLERS
they sold yesterday, Lackawanna, Union
Pacific, and ST. Paul. Conservatives say the
market is oversold, and it will be about timo
for Cammack and his followers to climb out
again.
President Keep, of tho Northwestern road
said the regular dividends would be declared
to-day at noon and the business of the road con-
tinued larger than last year, the increase the
third week of November being $4,000. He
said he thodght the Iowa pool line troubles
were serious, and that war was hardly to be
averted. The st. Paul people were in the
wrong.
The brokers generally think that thero will
be very little business to-day on account of
the semi-holday, and o large number of
traders closed up their accounts over Mon
days holiday.
The Vanderbilt people say the market
would have been great deal higher the past
weok but for the unexpected breaking out of
the Iowa pool war, but they believe that mat
ters will be settled again next week.
Jewett says the Erie road is in botter con-
dition to-day than any other trunk line, and
the Mills people declare the common stock of
Erie is below its real value.
The market was pretty well oversold again,
stocks very poor deliveries, and tending from
fiat to 1. Any attempt TO cover by traders
would cause q sharp rally. Mr.. w. II. Van
derbilt has recently bought ST. Paul.
On the opening Powers and Stephens bought
st. Paul. Bogart gave S. V. White per cent
to call 500 st. Paul to-day at 0S.
In Lackawanna Zerega bought 1000 and
Moulton sold $500. S. V. White also sold
Lackawanna, and the 10000 shares he sold
yesterday is understood to be one order from
big bear at Windsor hotel.
London brokers sold Canada Pacific and
Scott " Go. bought. Briggs and Ottmau sold
Erie and Atterbury and Tillinghast bought.
West Shore bonds opened active and weak.
Bell has been hammering Union Pacific.
Keene is telling his friends not to sell Union
Pacific short and it is going up. The Union
Pacific short interest is estimated us high rs
100000 shares, and the deliveries are very
bad. 1t is stated the new surplus is 3,00O,-
600, and that after the war is over there will
be a script dividend
is very strong
S. V. White has been buying back Lacka-
wanna.
E. X. Willard has Chicago special private
wire message saying that the interest in Colo
RADIO pool troubles continues, and that rates arc
badly cut. Freight is carried from Missouri
river to Salt Lake for so cents per cwt, against
So, the regular rate.
Canada Pacific earnings increased in the
third week in November $55, ,O0O The Union
Pacific to-day declared the regular 81 quar-
terly cash dividend; Northwest the regular
81 semi-annual on the common and per
cent quarterly on the preferred stock IL is
rnmOrnU frnt fha IT,,in
Pacific to be succeeded by Charles Francis
Adams, ir.
THE SITUATION.
There has been little if any change in the
general situation the past week. The dis
position among manufacturers is not to accu-
mulate stock, so that the tendency remains
wherever consumption is slowIto force Nsaies
even at q sacrifice; still, this of late has be-
come less of o feature, and stheSfeeling in
mercantile circles encourages the belief that
as the crop surplus is marketed q moro active
demand for goods will set in and our fall
production be readily absorbed. This coun-
try develops rapidly, and requires but
short time of rest to ovortake an excess
of manufacturing power or commercial ia
cilities which are developed during the
period of good trade. Tho feeling in regard
to mercantile credits in New York, and to u
large extent throughout the Atlantic states,
has considerably improved. but in the west
the banks and money lenders are pursuing u
very conservative basis. Local capital in the
principal western cities is being pretty we'll ab-
sorbed in carrying the increasing stocks of
grain and provisions making the banks very
cautious about furnishing accommodations,
and also making the demand for money quite
active. special point is made by money
lenders against the lumber trade of the north
west, and paper of this class, which six months
ago was sought for by the banks, is
now taken only with a great deal
of discrimination Notwithstanding this
activity in the western money market, this
market still remains abundantly supplied
with funds, and at phenomenally low prices.
Money on call is quoted at 2 per cent per
annum at time in the year when it is
usually 10@15 per cent The rates for mer-
camille discounts have been reduced by the
New York banks cent on first class double
name paper during the past week. Rates for
single name paper remain unchanged. The
market for sterling exchange has been un-
settled, partly, it is believed, by reason of
the operations on account of tho Canada
Pacific Railroad company. On Friday after
noon, the twenty-third, prices were reduced
} a cent. which made them just the same as
on Friday. the sixteenth, though in the
meantime they had been up and down cent
twice during the week. Tho post rates on
Friday. the twenty-third, were 4S304S54.
Government bonds remain strong in tone
and in price. The As show an advance dur
ing the week of an to /. The 3s are slow at
100s bid.
The market for railway bonds has been
less active in the past week. but prices are
generally higher, fact which may be one
cause of the diminished activity. On the
whole, prices have steadily crept up for the
past month, and many of the best class of
investment bonds have advanced from IL to
3 per cent. since Oct. 20, while some of tho
speculative issues show larger advances for
the same time. Tho advance the
last week in both classes has
been more positive than heretofore
indicating decided movement of capital in
that direction. The principal changes of the
week were as follows: Canada Southern firsts
advanced IA per cent. TO 90; Jersey Midland
frsts to 9l3 Northern Pacific flrsts, IA 20
10 l05; West Shores. sold 76 76l, Toy; Chesa-
peake and Ohio currency 0's sold set, SO, sci.
In state bonds Virginia 6's deferred sold at
o and 10. Tennessee compromise bonds at AZ
and 43s, and 6's, old at 40 Other issues are
duh and firm, Cotton-Although there has
not been much active in speculation for future
delivery ut this market, values have never
theless had an upward tendency during the
week under review Foreign advices were
not generally speaking favorable. Man
chester and Havre improved little
early in the week. but the diplomatic
difficulties between France and China seem
to have increased, and Liverpool was very
dull. The weather Mt the south has been less
favorable for the work of gathering the crops
and heavy rains haye fallon in the northern