National Republican., 1883-06-18

cent; corn is cent lower.
]. NJ. Ball & Co., of Chicago, a provision
house. failed 1t is stated that McGeogh's
losses on grain will amount to % millions.
Mr.. Gould is not in town.
Russell Sage says tho break down In grain
and produce in Chicago is q good thing for
the whole country. He is very bullish on
the coal stocks
Seligman & Co. say sterling rates for July
are offered 2 cents below present prices.
THE BANK STATEMENT.
Loans increase. ...................'.... s6il,0W
Specie increase .'.'.'.'.''.'.''' m9gW0
Legal tender decrease. ase..,..'...'..''.'''''' 5gng0
Deposit increase Z2gy'Gy9 ZSVy'o0
Circulation decrease. l5JlUg |
Reserve decrease ....................s''-. 2'od2o
THE SITUATION.
There has been no material change in the |
general situation since last weeks report. |
The iron trade remains on about the same |
footing. If any change Is to be recorded ii
has been in the line of improvement in this
industry, although steel rails and some other
iron products are selling at the lowest figures
for many years. Still the feeling is ono of
more confidence in the future. The agricul-
tural departments June report of the condi-
ton of crops especially of winter wheat,
created some surprise, it being less
favorable than was expected. However, this
report is not accepted by many well in
formed persons, as being correct in all its
points. The latest reports from the spring
wheat regions, especially from the northwest
and southwest, are very good indeed, and
fully confirm the information given last
week. The corn and oat crop prospects of
Illinois and Indiana arc especially favorable.
The oat crop of the former state, it is re-
ported, will be the largest ever known in
that state. Cotton is loobing well in nearly
all the cotton growing state, and the weather
has been generally favorable.
The financial situation remains about as
last week. The money market continues well
supplied with funds, and the rates of interest
are low. The banks are in n much stronger
position than last year, as they are able, ii
called on, to increase their loans several mil
lions, and still bo in stronger position than
last year.
The market for sterling exchange has becn
quiet, with no change IN rates.
Some few banks increased their rates cent,
but not being followed by other leading draw
ers, the attempted advance was a failure.
Government bonds have been very firm and
a fractional advance was recorded during the
week on some of tho issues, but with these
exceptions the market has been devoid of in
terest.
The dry goods trade shows some improve
ments for the past week. There was q good
demand from the Pacific coast for nearly all
kinds oil goods, caused partly by an antici-
pated increase of freights. With this excep-
tion the market for domestics has been quiet
with fair demand for both cottons and wool
ems
In foreign goods, fair business was trans
acted in few specialties. Aside from this
the market has veen very quiet. Speculation
in grain and petroleum has not been so active,
and prices of grain have declined in view of
better growing weather and improved crop
prospects, the adverse report of the agricul-
tural department to the contrary notwith-
standing
THE STOCK MARKET.
The market has been generally active and
stocks higher this week. On Monday, how.
ever, after firm, not to say strong, opening
the bears raised a combination of unfavorable
rumors and facts that had depressing effect
on the market The Michigan Central's new
departure on the passenger business, which ii
was argued would prove detrimental to the
trunk lines, rumored cutting of rates by the
Laclawanna, the agricultural departments
unfavorable report and finally the announce
menU of q small suspension all tended to un-
settle prices. This supply of uniavorable
facts and rumors seems to have been pretty
we'll exhausted on Monday, as from that
time up to Friday afternoon the influences
bore decidedly favorable character. Promi
nent among these were increased railway
earnings of the Southwesterns; tho opening
of transfer agency in London for Western
Union, and the settlement of the Lacka
wanna and trunk line pool troubles. These
\ aided by the over sold condition of many
stocks, enables the bulls TO mark up prices
more or less daily. Although the commission
there is little or no evidence TO show tina
non-professionals are largely interested il
the market.
1t was announced that Eric will open thei
Chicago extension on the 18th, and that stool
has been particularly strong in consequence.
West Shore bonds were active and strong
On Friday tho Wabashes were the feature
Mr.. Gould creating quite sensation by otfeI
ing puts on the common stock at 90 for pc
cent. at 30 days There was fractional dc
cline on Friday, and the market was weak o
Saturday.
SATURDAYS MARKET.
The market opened rather tame, though a
fractionally higher figures. Jersey, Read
ing, Delaware and Lackawanna and tn
Wabashes advanced in the first hours traC
ing. Soon after there was a selling dcyelope
in the coal shares, principally Reading. Th
weakness became general through the lis
resulting in "a decline of to per cent, tt
latter figure in Lake Shore
In the early dealings George Dickinso
hammered New York Central vigorousl,
and Mauriac was buyer. The western az
vices were pancky regarding grain
Chicago and decline in lard Of cents p,
pound.
The failure of McGeogh the great Chical
provision dealer was reported, no having bee
operating ON the bull side of the provisio
market.
The weakness of the stock market here
sympathy with the depression in Chicago WI
explained by the absence of many large tr
ders from the street, the usual summer Satu
day dullness, and the somewhat untayorab
bank statement.
Stocks lent at 81 Jersey hat to II Ne