National Republican., 1883-10-29
THE MARKETS.
A Review Of Leading Events in Wall Street
Last Week.
The Prominent Buyers and Sellers OF
stocks and Securities.
SATURDAYS GOSSIP AND TRANSACTIONS.
ssn.ninI Ilianninh


Special Dispatch.
NEW YORK, Oct. 2S-Tho general i'm
preston last night was that the market is lia-
Bile to be lower this morning but prominent
conservative traders were disinclned to sell
short, fearing another twist. Beside, they
argue that yesterdays decline was consdera-
bic, and if tho professional bears, who sold
largo lines short during tho last two days,
should get frightened and run, as on Tuesday,
bear panic would follow. Prominent brokers
who have not expressed much confidence in
the advance continue to declare that the
market still fictitious, and there Is no money
in buying stocks; also that the short interest
has been largely eliminated, and the loan
market, especially for st. Paul, has boon thin
BILE rugged to make 1t appear genuine borrow
ing. Tho bears argue that Vanderbilt put
the market up purely out of spite, and he will
not buy again until the previous low figures
are reached. ]. G.. Mills thinks Vanderbilt
has quit. Vanderbilt admits his disappoint-
ment because Erie did not follow proportion
ately with other stocks in the last rise. He
bought 1000 shares of Erie himself at 80.
Cammack continued selling yesterday, but
he bought in his New York Central at 11S,
and he is liable to buy in everything else
this morning if prices lower. The bulls on
Central say London bought this stock extern
sively through German bankers yesterday
morning, but part of it was marketed at
loss in tho afternoon. 1t is reported that
Morgan sold all his longs last Thursday, and
he does not deny this. Points arc out from
commission houses recommending Central
Pacific as the cheapest stock on the
list Mr.. Cornell declares that Western
Union Is becoming very valuable, and could
pay per cent. just as we'll as upon the
stock. Gould told member of the board
yesterday that Western Union was the best
stock in the market, and he reinvested all
his dividend money (advanced to stock
holders during tho last six months) in West.
ern Union purchases; further that he held
moro stocks in general now than ever before.
Tho brokers call the market dull but
strong. Canada Pacific was exceptionally
strong on the opening. The sellers were
Kemgs, Colbron, and Vandeventer. Union
Pacific was quito weak, and was sold extern
sively by Sheldon, j. b. Wilson, Motley, and
Blandy. The main buyers of Western Union
were Brayton & Ives and Davis & Minis.
George Howell bought Oregon Transconti-
mental. Stocks loaned at unchanged rates.
Sterling unchanged. Money 81.
WALL STREET.
Clews & Co.'s Chicago specials report grain
stronger and fraCtiOnally higher on cables
regarding Prussian war. Stocks dull but
firm. Europeans buying Canada Pacific are
Dominick & Dawson, and, Coombs also
Knickerbocker bought Lake Shore. In New
York Central the only feature has been sell
ing by Dickinson and Lockwood
Commercial lending for use, and Keene's
brokers are buying it. Osborn's brokers sold
the market freely this morning. 1t is re-
ported Schepp, the cocoanut man, sold $4,000
shares ofvarious stocks yesterday.
A Minnpsotn dianatnh sayS tho Rnclr leland
railway directors have just returned from o
secret expedition and tour of inspection over
the Minneapolis and st. Louis road, also the
Canon Valley line, and it is believed to be
the policy of the Rock Island management to
consolidate with these lines.
THE SITUATION SATURDAY EVENING,
There is not much change in the general
outlook since last week. General trade pro-
ceeds on u moderate scale, but it may be said
that o more cheerful feeling pervadcs mer-
camille circle. There is less apprehension of
disturbing complications, and though full
confidence in tho situation cannot be said to
be restored, still there is moro disposition to
regard the seasons business with equanimity,
If not with satisfaction. Exports of domestic
products have been more active, and but little
disturbed by speculative action. A strong
point in the general commercial situation
is the low prices ruling in every depart
ment of business. 1t is falling prices
that develop the weak spots in an industrial
system. If prices were high and large fall
in them possible, then in period Of general
distrust, like tho present, the future might
be regarded with some apprehension. But
prices are low SO low that it is scarcely posi-
BILE for them to go lower. There is also much
to encourage one to take q favorable view of
our foreign trade, and with the low rices
prev ling for all our staples, the export .ade
will undoubtedly increase. Wheat has not,
for some time, been going out freely, but
there is reason to believe that European
stocks will soon be worked Off and the de-
mand will incoease. If present prices are not
low enough, still lower ones will have to be
made. At some price Europe will take all
the wheat we have to spare.
Money on call continues easy, indicating an
abundant supply, notwithstanding the low
reserve OF the banks, which according to to-
lays statement of the associated banks is
some 100000 below the legal requirement.
There were somo loans made during the week
MS high as per cent, but the average rate
has been % to per cent. Rates for mercan-
tile discount remain unchanged Mt 81 to G
for sixty days and four months on first class
double name paper, and 6 to on single
names.
There was O decline on Tuesday in the
rates of sterling exchange to 4S1 to Al. This
is the lowest quotation since last March, and
was caused by the large supply of bills and
light demand. On Friday, however, former
general business.
The government bond market continues
very strong, the As having advanced fully
per cent. since last Saturday. The 3's have
also been in slightly increased demand, show
ing an advance of /.
Tho market for railway bonds has been
better So far as speculative bonds are con-
cerned, this Is Of course due to sympathy
with stocks, but on first class securities it is
due to largely improved investment de.
mand. Tho following are the principal
changes of tho week: Kansas and Texas
seconds advanced 81 per cent. to 59A and held
} firm Texas Rio Grande advanced per cent
to 74l and reacted to 73i Denver Rio GrandC
advanced per cent. to 20 and held firm
Denver Rio Grande consols, per cent to 50
West Shore, II per cent. to 75l and reacted to
Is "a; other changes were not sossgreat, but al
the issues are held frmer. There was nc
business in state bonds outside of few trans
actions in Tennessee incomes.
COTTON.
The speculation in cotton for future de
livery has bcen dull during the past week
and the course of prices has beeL quite var
able. The depression OH Saturday last wa.
followed on Monday and Tuesday by a partia
recovery of the former weeks high prices
Liverpool seemed to have found a head of hel
own. The crop movement was less liberal
Il, tla vol "A