National Republican. (Washington City (D.C.)) 1872-1888, 1884-09-22
THE MARK ETs.
Review Of the Weeks Trading In Wall Street
The Large Short Intercst-Chlcago and Bal.
timOro prlrnq

The Large Short Interest Chicago and BAL.
tlmorc Prices.
NEW YoRK Sept 2O.-Thc tendency Of prices
In Wall street during the past week has been
downward, This Is, however, of no more sig
nilcanco than If the tendency had been In the
opposite direction. Holders Of stocks still have
control, and the fluctuations are pretty much
at their will, whether up or down. Short sales
arc of course, the main reason for the decline,
While the difficulties in the coal trade and
computation, rumors Of a drop in dividends IN
northwestern roads with other similar gossip,
have accompanied the movement but since
long stock is in general brought out on such
safes the field remains about as ever with those
VINO mold the supply. Hence the changes In
values In Wall street, so far as there have been
any OF late weeks, are rather apparent than
real, representing but little more than series
ol Wrlggles on the part of the two classes of
operators with little ultimate advantage to
enner side-those who are IN perpetually try.
ing TO squirm out, while those who arc out
nro experiencing q wonderful fatality oil the
time OF getting twisted In.
The bear interest has lately been increasing,
ana with each new sign Of weakness the short
safes nave increased. Railroad earnings have
also been less favorable In September, and the
market In these times will move up or down
on one weeks earnings, without stopping n
moment to ask what the earnings OF the other
Iity-one weeks of the year are likely TO be.
Added to these facts II has been apparent for
some time that the coal roads were not in u
good position, and the breach. in Jersey Cen
tral, on reported sales by Mr.. Vanderbilt, gave
rise 10 apprehension Of other declines
Inc strongest point during the week was the
report of President Adams on Missouri Pacific
Tor the year ending June 10, which was 30 IA.
vorable an exhibit as to steady for time not
only that stock, but the whole market.
Railroad bonds have been very dull and
where any sales were made they were usually
at lower prices
Erie seconds havc been most notable for
weakness, declining on reports from London
indicating that future coupons would probably
DO passed. West Shores have been very mac
Government bonds were dull and prices
have yielded slightly on all leading classes.
There has been much depression In the
prices OF cotton for future delivery during,thc
past week. The new crop has begun TO move
quite freely. Stocks In some OF the southern
ports begin to increase little, and foreign adj
vices have reported declining markets abroad;
yet the decline that has taken place with us
cannot be said to be due wholly to these intiu-
ences but has been caused rather by that
| somewhntintangible influence described as
want of confidence" proceeding not from
| any expectation OF excessive supplies nor from
| apprehension OF any material curtailment of
aggregate consumption but from the feeling
| among operators that ut recent prices the
m arket was without adequate support.
The corn crop is now well assured, and til o
| uinSusnlOu uDOuN lllut lUusl Ntusc, Us MI lu-
thorites place the yield at the highest figures
| ever yet made In the country, and some claim
that the out-turn will be 20tOOO 900 bushels.
lu wheat there are many signs that the bot
| tom has been reached, and some of the best
Judges of the market, both at home and
| abroad, are inclined to the view that the
future trade is likely to be on basis OF hrmer
prices than those, recently prevailing.
| Prlvate railroad messages from Chicago In
| dictate that even II there are no new pools
formed Immediately the managers will not In.
augurate u traiie war, and there are strong
hopes of peace, Vice President Sykes &
strong In this belief The Rock Island people
| are less sanguine and say the Northwest In.
| tends extending west and is evidently deter
mined to force a row.
Good stock houses were not bearish last
| evening, but some thought the big bears had
not entirely given up their grip and would
further.
II Is admitted that the Changers, Coalers,
| Vanderbilts, and Union Pacific stocks are al
| oversold, but there is some extent due 10 the
ease of money, Gould's people believe the
general short interest Is SO extraordinarily
large as to make Il possible for a rise of 10 t
| 10 per cent, upon the short interest itself
The brokers report tho deliveries Of the
| Union Pacific, st. Paul, Northwestern, Della
ware, Lackawanna and Western, and Missouri
Pacific very slow, and find It almost impossi
BILE to get stocks In upon contracts. The West
orn Union and Missouri Pacific books close to-
day and 1t is expected both stocks will be in
demand for delivery.
G. j. Osborn Is very bullish on the market
and believes lowest prices of the season were
made yesterday.
Mr.. Morgan talked quito confidently at the
Windsor last evening Of a stronger and highel
market next week.
willard Is great bear, and says the ST. Pau
dividend of yesterday ought to be enjoined
Some of the other stock houses talk very beai
/ ish and declare there Is no public buying, an
the stock commission business Is thorough
bad. A Wall street broker and banker of prom
incnce said last evening that where he used b
get very many country orders daily to bu
stocks he gets none now, and he believes tn
outside public have lost so much money an,
confidence that they have no heart TO specu
late.
The Reading bulls say that au alotmen
tplan will surely be adopted by the coal pro
ducing companies next year, and the Readin
will earn $ per cent, dividends upon its stock
The traders In Delaware and Lackawann
are expecting another reaction to 1913 or l04
ana they would not buy ut present prices NOT
NYithstanding 1t was the strongest card yestel
day.
The present movement in Jersey Central
not very well understood by the old inslder,
but some say the recent decline Is due to lon
sales by Morgan and TO short sales by MI
ConnOr.
Cunningham says 1t is reported that there /
n little bull deal In Pacific Mail under tn
heimer Powers, stephens, and Landon eac
bought 1000, and Motley was the principa
seller.
President TIoyt, of Pennsylvania Coal com
pany, confirms Sam SOan's statement tina
there is no new coal combination.
Quotations OF Saturdays Stock Sales.
The following have been furnished by Rate