National Republican., 1883-08-13
THE MARKETS.
A Considerable Decline in Prices Nearly Creates
Panic in Wall Street
Rally Followed by n Partial Restoration
OF fConfdcnce-Ci Gossip OF the Day.
GENERAL GOSSIP.
!SDecidI DieDafch.


NEW YORK, Aug. 1.-THE telegraphers'
brotherhood is excited over defections in
their ranks, and the strike is evidently break
ing up and will be ended by next Tuesday.
The Baltimore and Ohio. and Western Union
companies are each ready to treat with indi-
viduals but not with the brotherhood.
The failures of the First National bank and
the Indiana Banking company, ,ofIndianapolis of
known here early yesterday, and the reported
complications among western roads led to
complete change of sentiment among opera
tors and caused q general decline in prices.
The trading was on a large scale and with
more spirit than for some time past. The
sharp decline brought considerable long stock
out, causing very unsettled feeling. Never
theless some brokers bought freely presumably
for the prominent spectators, as important
time loans have been effected during the past
few days for from four to six months.
The crop advices from abroad are unfavora-
bic, while reports from the west are more en-
couraging than for a long time past. Fur
thermore the railways are beginning to feel
the effect of crop freghts.
GOSSIP.
The market opened active and excited, and
from to lower. The London bankers are
free sellers of Erie, and the buyers were Hen
derson, Brownell, Landon, Gutman, and
Harding. In Western Union the buyers were
Jameson and Content. The sellers were
Durkee, Watts, and Prince & Whiteley. In
Reading, Whitfield was a large seller, and the
buyers were Won Hoffman, Cohn, and Zerega.
In Lake Shore the sellers were Heath, Enos,
and Hughes; the buyers were James and
Campbell. In st. Paul l.. L. White was the
principal buyer. Stocks were lending at yes
terday's pricesj New York Central at one
sixty-fourth.
A Philadelphia dispatch says Mr.. Cassatt is
reported to have said Should ever return
to railway life my services will be first at tho
command of the Pennsylvania railway"
The telegraphers generally expect to re-
sumo work next week, and their failure they
ascribe in part to the lack Of support and as.
sistance from the knights Of Labor which
was promised them. The cause of the inter-
ruption to the stock exchange tickers for a
few minutes this morning was the malicious
cutting of twenty circuits.
The London market for American stocks
closed unsettled, and with further decline
of to per cent.
Chas. Johnes has been buying considerably
of Lake Shore, New York Central, and Lack
awanna. Ball bought Central Pacific and
Stephens sold it.
AllOy S DOWu nave De6u large beIloTS Oh
the general market this morning aud yes
terday. Dominick & Dickinson sold consid-
cradle Jersey this morning and Drake bought.
Governments are steady and dull sterling
exchange weak.
In Chicago wheat is up ! for cash. Cotton
is to points better,
The rumor committee was in full blast last
evening, and the bear brokers declared the
situation strained, and many long stocks
have been sold out. 1t is claimed the brokers
of prominent operator mot Smith) has
thrown over 10000 shares of Lackawanna
and block Of Jersey Central, &c.
The room traders have control of the mar
ket except the Vanderbilt stocks, New York
Central, Lake Shore, st. Paul. Gould stocks
are fairly sustained, but yield in sympathy
Mt any moment. Other stocks are standing
it on the last available support.
1T wac generally belived that the market
would not be further depressed to-day. but
the lack of confidence induced the room
traders to hammer the prices. s,.nzgrrr
At the opening tho prices were lower all
around, Denver being driven to SO. Heavy
blocks of Lackawanna were thrown over but
found ready buyers, Union Pacific, Western
Union and the Vanderbilts were the best sus-
tanned There was an advance of Ii in
Northwestern preferred, and the grangers
were strong with an upward tendency. On
the opening the London bankers were free
sellers of Erie. The room traders threw their
efforts against Western Union, but the sus-
tanning orders held the price firm,
The traders drove against the Wabashes
and other Gould specialties with all possible
fury, and for time the market looked like
veritable panic.
There was great activity In Northern Pa
cifc preferred which was sold down q by
Johnes, and Slaybaek got after Oregon Trans
continental, which both Johnes and Slayback
drove. The market then got into state of
panic between IL and ! o'clock, Oregon
Iranscontinental dropping three points to
6Tt. There was much excitement on the
board, and the further fall shook out consid-
cradle long stock. Lackawanna was pressed
down TO 1214 on enormous transactions, and
while Northwestert9l lake Shore. and New
York Central were creditably sustained there
appeared TO be nobody to give the market
general support. Cammack, although not in
the city, took hand in by private wire, and
sold stocks literally through VIM. Heath &
Go. On the second call there was rally
of to in dividend paying stocks, but the
remainder of the market was feverish and ex-
cited, with little Improvement The day. as
q whole, was the most active of the year.
Prince & Whitley and other large shorts
were large buyers of the market this after
noon. During the last hour the market was
irregular, and a portion of the recovery was
lost, Jersey Central lent at of l per cent.
premium for the use.
A large house was reported in trouble to-
day, and it is understood that $4,000 was
loaned by a syndicate of bull operators, and
this rumor helped the decline at noon.
THE FINANCIAL SITUATION.
Further important failures In commercial
circles have been announced during the past
week, All these, together with the suspen-
sion OF two banks ut st. Albnns, also of runs
by depositors on hank in New York state,
and two In the west, besides rumors affecting
several other financial institutions, have
served to keep the public mind in disturbed
condition all the week, On the surface the
appearance is easily interpreted rs indicating
quite general disorder, and parties inter-
ested IN depressing prices do not hesitate TO
exaggerate this feature and predict the most
disastrous consequences.
The stock market is now in condition of
extreme sensltivenessi growing out of the
distrust which the large operators have pro-
duced by their manipulations. For this
reason IL Is comparatively easy TO depress
prices, for no story is too absurd not to
Brighten the timid.
Ono cause why general mercantile trade at
the west is somewhat below the usual volume
at this season Of tho year is that the move
ment of wheat is comparatively small. The
crop was q partial failure, and the harvest
was late, and though the loss will to some eX-
tent be made up by an increase of spring
wheat, yet this latter kind Of wheat does not
make its influence felt till much later in the
season. The money market continues in a
stagnant condition, the rates remaining un-