National Republican., 1883-07-30
THE MARKETS.
Rumors of New Bull Combination Used to
Give Prices Boost.
Richmond and DanvIlIc Among the ''Fan-
cIes''--The situation Reviewed.
GOSSIP OF SATURDAY.
Special Dispdtch.

were current yesterday of the formation of
new bull combination and some sort of an
arrangement between Gould and the young
Vanderbilts, Russell Sage said last night that
the whole list improved at the closing, and
next week would show higher prices. The
commission houses say that, from what they
see in the board room the market will ad-
vance. The shorts are getting into danger,
and the line of shorts increases. There was
sharp demand for Louisville and Nashville
Ito borrow and it was very scarce. The
loaning rate advanced to l per cent; Rich
mond and Danville lent for yesterday, and
20 per cent. was called up on seller,
60 sales. Investors were picking up
dividend paying stocks yesterday,
Connor's brokers bought Missouri Pacific, and
Morgan's brokers bought generally The
buying Of Northern Pacifcs was excellent.
There was especially prominent buying for
Philadelphia account on scale orders. II. p.
Flower says he estimates that tho Omahas
earnings will be sufficient to paw dividends
on the common stock. Crops along the road
are excellent. Bets were made in the board
yesterday that North Pacific common would
raise ten points before falling three points.
Similar wagers were offered on the preferred
stock. There is nothing new in the situation
in telegraph Both sides remain firm
Chicago reports the markets easier, with
only nominal business. 1t is reported on tho
street that George j. Gould will arrive in
New York tomorrow with n force of three
hundred English operators to take the places
of strikers, and this was the real object of
his mission abroad. The Western Union
company decline to affirm or deny this story.
Mr.. Gould has been assured by several di-
rectors that they would rather pass divi-
dends for five years than yield. The Western
Iii -
business subject to delay" aud now accept
business as before the strike. Brokers de-
clare they might as we'll have left the notices
up as far as any improvement in the service
is concerned.
A private telegram just received reports
great accident ON the Rome and Watertown
railway this morning, by which upward of
twenty people were killed.
Slayback sold New York Central the buyers
were Carey, Truman, Kidder, and Henderson.
Sternberger q Field are prominent buyers of
Delaware and Lackawanna, supposed to be for
Kuhn Loeb.
The market continues very dull.
Greene bought 1000 shares of Lackawanna.
The sellers were scattering. Prince and
Whitley bought in the most Western Union
said to be for short account Van Emburgh
sold Western Union largely The trading in
New York Central Lake Shore, st. Paul, and
Union Pacific is reported by the order brokers
to have been insignificant; Delaware and
Lackawanna and Louisville and Nashville
lend at per cent; New York Central and
Jersey fiat; others at about 2; money ut 2 to
% sterling unchanged.
BANK STATEMENT, JULY 2S.
Loans decrease. 81 105 500
Legal tender increase. ase.......-........... 6O9,sOO
Reserve decrease. 2i9,600
THE SITUATION.
Tho Improvement in the general situation
rs noted last week, based on the improved
condition of crops all over the country and
also in the marked activity in some depart
ments Of trade, has not developed so favor
ably as was then anticipated The most
prominent disturbing feature in general bus-
ness has been the telegraphers' strike. AS is
well known there is a large class of business
operations which cannot be conducted with
out prompt and reliable teegraphic service.
Notwithstanding the reiterated statement of
the Western Union company that they were
promptly transmitting all business offered, it
is well known that the uncertainty of tele-
graphic correspondence has caused great
reduction in the amount offered, and even
with this great reduction tho service is of
very unsatisfactory character. The disposition
to diminish trading operations until the tele-
graph troubles have been settled and the SER
vice placed on its former footing, is apparent
in all lines of business. In connection with
the telegTaphers' strike it might not be out of
place here TO note the dissatisfaction of wage
workers in various other lines of industry
as is shown by the fact that there are $4,000
skilled and unskilled laborers now out of en-
ploymeut who were at work month ago
Until within the last few months there was a
continued increase in the employment of
labor This resulted in over production,
which in its turn has caused las is natural a
decline in prices of almost all commodities. 1t
is evident that labor is also suffering from
the general depression in business, and, al
though operatives are obivious of the fact,
it can hardly be expected that employers
will be inclined to increase the re-
muneration of their employees while
SO many are actually running their business
ut loss. The telegraph, however, stands on
an entirely different footing for many and
obvious reasons, and the above remarks can
not be applied to that industry, Crop pros
poets are steadily improving. Needed rains
have fallen in the extreme northwest, greatly
benefiting spring wheat, and the weather
generally has been very favorable to growing
crops. Speculation in grain and provisions
is still interrupted if not absolutely sus-
pended, by the obstruction to rapid and relia-
BILE tclegraphic communication. The iron
industry suffered another black eye by the
failure Oh Thursday of n large Ohio concern
This same concern, however, as was the case
with the Allentown failure Of u few woeSs
ago, failed for large amount in the crash of
1873, from which it never fully recovered.
Money on call remains in abundant sup
ply, and no loans of any amount have been
made above per cent. There was one large
sloan made at L per cent, and one of $780,
O0ooS low as /. There is light. inquiry for
time Money; the dullness in stocks tends to
limit the daily demand
The exchange market continues dull but
higher rates for money in London than in
New York prevents further reduction of
rates of exchange; quotations unchanged at
Asa 4y 4s14. Governments have been firm
and higher the past week, and the decline in
As and as noted las.J Monday has been fully
recovered. The call for all outstanding 3s
has strengthened the long date issues. The
only business done in railroad bonds of any
moment was in the Texas Pacific Gs, which
are quoted at S34 at the close Saturday. West
Shores enjoyed moderate business, and are
firmly held ut about 76. Richmond and Dam
ville debentures show an advance of 81 per
cent, and the East Tennessee incomes II per
cent. State bonds dull; nothing doing.
The few advices received here, in regard
to cotton prospects were interpreted unfavor-
ably. From various points there We're re-
ports of drought and raYages of worms.
sharp advance in futures was the cOnse-
quence. The distant deliveries improved
most but the whole range between July,
November, and January was only twenty
points or one-ffth OF a cent-the smallest the
Oldest operators could recall Business was
quite active on Friday and saturday, There
were notices of free deliveries on August
u. u q