National Republican., 1883-09-10
THE MARKETS.
The HumOr Of the Street Changing and
Values Firmer
Review Of tho Weeks business In Al
branches OF Trade,
SATURDAYS PRELIMINARY GOSSIP.
Lrnni.lI nfaNnIatl


NEW York, Sept. S.-Brokers say tho |
market was depressed yesterday afternoon by !
the bearish room traders on false rumors Of |
trunk line troubles here and frost in the west.
Rock Island was offered down to 1913 upon
false reports of enormous shortage and peril !
Gus condition of the corn crop. Private adj
vices from the line of tho Rock Island road
report crops of oil kinds as immense, and the
road will secure tho cream of the traffic. A.
Kennedy bid 12l for 10000 shares
Rock Island at tho Windsor last
evening. Mr. Hopkins, of the Wabash
road, said the trunk limo managers
had restored rates, reafirmed old agreements,
and settled up everything nicely. This being
the fact, there is considerable expectation of
a rally in stocks to-day and another bull
movement next week. This is not, however,
general belief, as there is not much confidence
in promises of railroad people. IL is estimated
that fully 100,000shares of various long stocks
have been fed out by bull pools the past two
days, mainly TO the shorts. Tho stocks which
we most marketed wero the Wizards and
grangers. The Gould stocks were not sold
to any extent by insiders, and IL was reported
that Gould bought up the Denver stock.
There was but little selling of telegraph, and
it is said to be good purchase upon light
reactions, but most traders believe the gem
eral list, until further notice, is Il sale upon
every rally, and the market, owing to the
feeding out noted, looks "toppy."
THE DAYS po1NGs.
The market opened of on the frost scare,
but the conservative brokers believe prices
will all be up again later. In Western Union
Tom Yelling bought 1000 shares, selling scat
tcring (generally room traders) In Union
Pacific Nicholas sold and Worden bought. In
Delaware Lackawanna Bissell sold the bulk.
In New York Central Herrick & Whitehouse
bought, and Des Marets sold. In Reading
Elliott sold the stock down; tho other sellers
were Feregan and M. $. Sternberger. The
buyers were Morris, Brown, and Il. Cohn &
Co. Oregon Transcontncntal was sold extern
sively by Rathbone and Howard Lapsley.
Lake Shore was sold by Hollister, Cox, and
Bell; Campbell bought.
Keene is in Philadelphia to-day, and is
said to be out of the market 1t is stated
that the Denver programme will be arranged
by Woereshoetfer and w. l.. SCOTS. Tho
road needs from S3,000,000 to $5,000,000 to put
it in good financial condition. A new first
mortgage cannot be created but it is proposed
to make new consolidation or blanket mort
gage of at least $30,000,000, absorbing all
present issues amounting to $26,0O0,0O0 the
remaining $4.000,000 to be issued for imme-
diate wants. A large amount of stock will
probably go with bonds as bonus but this
feature is withheld. The question of the
presidency will not be determined until the
settlement of the financial plan. The recent
movement of Denver is due to the knowledge
of these facts by insiders who have taken ad-
vantage of the market. Insiders advocate
making mortgage of $4o,0OO,000, to meet all
requirements.
Lackawanna sales by Bissell this morning
amounted to $4,000 shares, and Dickinson sold
5000. The buyers were mostly room traders
ST. Paul was sold by Walsh, Prince &
Whitley, Dickinson and Beekman. Among
the buyers were Bird & Buzby. Northwest
was sold by Grant & Co., Walker, and Col
coura Buyers scattering.
A private telegram from Port jefferson,
Iowa, reports that ice formed there last night
and the Thermometer was 800 this morning
Chicago reports at noon: "No frosts in corn
belt. Heavy frosts in Minnesota and extreme
northwest. Reports delayed by wires inter-
supted."
Henry Clews & Co. have just received a
special from Chicago reporting weather west
moderating considerable. The Chicago corn
market is consequently weakened.
RETROSPECTIVE AND PROSPECTIVE.
In spite Of the croakings of parties seeking
to depress stocks in this market which have
been almost incessant up to week ago, it is
very encouraging fact that still another
week has passed without any addition to the
list Of failures resulting from those of q
month ago in Boston. The cloud in the
east" by which is meant the feeling of appre-
hension that pervades mercantile circles, is
TO great eNUenU pHSSlnB AWAY, ana IL Is
pretty generally believed that whatever un-
soundness there was in the general condition
of that part of the mercantile community has
come to light. 1t is very gratifying to
notice that commercial affairs are now
taking caro- Of themselves. There is an
air of prosperity in nearly all branches
of trade in spite Of Wall street, and it would
be well if the two interests could remain di-
vorced Of course. however, as that cannot be,
all classes will rejoice that the present dis
trust is rapidly approaching the end. A
class Of spectators have been using the cold
wave in the northwest for all it was worth
and considerable more. Thei gloomy talk
failed to keep the wheat crop anywhere near
their low estimates, and now they seem to
have concentrated their talent toward par
tial annihilation of the corn crop. There
has been frost and in some places ice in Min
nesota, but the latest reports from the corn
belt 90 to snow that the weather has bcen IA
vorable, and with few days continuation an
immense crop is assured.
Call loans on stock collatcrals during the
week have ranged from to per cent, with
the bulk of business at the lower figure
Time loans OH collateral security have ranged
from AZ to per cont. for sixty days and foui
months. Up to Friday there was no change
in the rates of sterling exchange. The posted
rates on Friday were 4o25 and 4S6. Thest
rates were reduced on Saturday TO ASH ant
4S5. There was u moderate supply of com
nBTClhl DlllS Nllu bOllc IlbLlS luGTCabe IL
security bills made against foreign purchases
of railway stocks and bonds. On tho othe
hand, there have been considerable amount
of United States called bonds received from
Europe, against which remittances were re
quired.
The railroad bond market has been active
the volume of business being fully three time
larger than the previous week The heavies
transactions were on Thursday, Friday, AM
Saturday. The general advance in price
ranges from l to q per cent The larges
dealings were in West Shore which advance,
"a por cent, closing Saturday at 74l. Nortl
Pacific frsts advanced to 10is and Texas Ri
to Isl. State bonds were generally firm, bu
business was quiet in all the issues.
The speculation in cotton futures was full,
active at steadily advancing prices durin
the first half of the week, crop accounts bein
unfavorable and Liverpool having advanced
But on Wednesday higher opening wa
followed by sharp decline under sales t,
realize profits from the late advance and
growing conviction that the socallcd "bull
movement was Mt best slightly premature
Thursday, Friday, and Saturday recorded
slight advance, closing steady on Saturday.
Total sales OF futures for the week wor
$4,000 bales Spot cotton was fairly active
both for homo consumption and export price
were marked up an eighth on all grades
Fpotol uolas snot cottnn for the week footed n