Omaha daily bee., 1883-08-15
FINANCE AND COMMERCE.
N
New York, August II.

Money-In better demand at 4@5 per cent
closed offered at l per cent.
Prime Mercantile Paper-5@6 per cent.
Sterling Observation-Disclosures bills weaker
at Sassy; demand, S4.S6i.
Governments-Lower for As and 4ls.
Stocks-Opened to / per cent lower thar
the close of last night for the general list O
active stocks, the largest decline being in Wa
bash preferred and Omaha preferred TIL,
pressure to sell was at first only moderate, but
was soon increased by heavy short sellinl
directed against the Lackawanna, st. Paul
Northern Pacific preferred, Oregon & Trans.
continental, Lake Shore, Union Pacific anc
New York Central. The effect was to bring
out the pretty large an,nuh of stock OF
the last six of the abov1 IL der Ii they al
declined, carrying the rest o the market with
them and causing considerable amounts Of
other stocks to be thrown upon the market
Among these was the Chicago, Burlington &
Quincy, which declined q per cent on sales OF
only about 1,3O0 shares, which was probably
nearly all the long stock. The extreme of the
decline was reached about 1910, at which time
the decline on the Oregon & Transcontinenta
was A per cent, Chicago, Burlington & Quin.
cy y, Jersey Central %, Northern Pacific
common and preferred u, Pacific Mail 2, st.
Paul u, Western Union II, L~ackawanna Il,
Illinois Central II, Lake Shore II, and Wa.
bash Il.
From these extreme declines there was a
general and very rapid recovery by II o'clock,
ranging from l to 5! per cent, the latter on
Oregon & Transcontinental to 6lsc, and from
that time until II o'clock the market continued
firm and there was evident recovery of conf
dence, not only as regards the day, but largely
also as regards the prospect for futures of gen.
eral market. This was in some measure due
to the belief that the break was artificially
produced and that without the hammering of
the bears the market would only have contin-
ued dull and comparatively steady. This was
the general feeling up to u o'clock. at which
time the suspension of George w. Ballou &
Co. was announced. The announcement of
the failure at first caused a decline of ! to Il
per cent in the market, from which it reacted
in 20 minutes to Il per cent, the latter on
Lake Shore. At 1890 the market was at the
AHcAS'e RSiSN' VI viz u"y W AZ Soou IIluh
stocks and strong but feverish. The total
sales up to 1890 were about $50, 900 shares.
After 1880 the market was at first stronger
and there was an advance from to IL per
cent, the latter on Oregon & Transcontinental
to 61Bc, and l per cent on Union Pacific.
After 1:30 there was a decline of to II per
cent, the latter on Oregon 4 Transcontinental
with 13 an Nuh,,h ,,of,,,oI 90, N,,@la.,
Pacific, l on Union Pacific, I on Wabash COM
mon, and less than on the rest of the list,
These changes left the market a little lower
than at 1870. About this time also there
were begun sales for account of Ballou & Co.
and during the day IS, 400 shares OF stock and
$44, 900 in bonds were closed out for account
of the firm. The majority of stocks closed
out were bought in on short account, and Bal
lou & Co. state that the great bulk of their
liabilities were on short sales. The feature of
the market in the last hour was a decline of 81
per cent in Western Union to 72fc. This was
a puzzle to the street, as the stock had been
pretty well sustained all day, the largest pre-
vious decline being II per cent in the earlier
part Of the day. The explanation given for
the break was that a number of stop orders
were in the market, which the bears discov-
cred After the bear pressure was removed
the market moved up again, clearly indicating
the undertone is much stronger than generally
supposed. Before the close the Western
Union recovered q per cent of the decline in
the previous half hour. The whole market
declined in the early part of the last hour to
1t per cent, the latter on Missouri Pacific,
and when the Western Union recovered
the rest of the market did likewise to
a limited extent. In the final dealing the
market declined to per cent, the latter on
Western Union. The net result of the days
business is an advance over the closing prices
last night for the great majority of stocks,
The Evening Post says: The majority of
operators are inclined to believe the market
has touched the bottom, at least for the pres
ent, though it is apparent it is now more sub
ject to manipulation than at any previous
time for a year, and though there is nothing in
in the general state of business to cause any
very important further decline, some violent
fluctuations are likely to be caused yet by ar
tificial means. After the exchange closed a
number of leading bankers expressed them
selves as feeling more confident of the future.
Liquidations going on fof some time have re-
suited in placing the market on a healthy basis
and already there are indications of invest
ment, The public both here and abroad are
purchasing.
The sales of stock according to the official
list Of the stock exchange amounted to $40, no
shares. A broker who did not leave the room
all day estimates them at fully 7OO,O 900 shares.
The change in railway mortgages is more
important than for some time past. The Iron
Mountain generals dropped 10! puints to &c;
the Oregon & Transcontinenta frsts ), to SOC;
Denver & Rio Grande consols 81, to 49,, and
Denver & Rio Grande western firsts 3, to re.
COUPONS.
oh',.'''''-'' lOo1
AS Coupons. ...... 1922