National Republican., 1884-03-31
THE MARKETS.
A Week Of Dullness, But Promise Of a
Liveler Future
Interview with John w. MnckOy and
Others.
THE WEEK.
Specidl Dtgpdicf.

the past week indicates some Improvement. |
No special feature iu the stock market is to
bo noted, though the general tendency OF
prices has been downward. In the early |
part of the week the trunk lines stocks were
O little unsettled by n report OF q further cut
in east-bound grain rates.
New York Central was especially influenced |
by rumor that an issue of $50 100000 per |
cent. terminal betterment bonds had been |
decided upon by the directors. !
This rumor was subsequently officially and |
emphatically denied, and the Vanderbilts
developed some strength, which influenced |
the whole list Tho Improvement did not |
last, however, and the market soon became
irregular and heavy.
During tho middle of the week the coal
shares were affected to some extent by the
reports that miners in anthracite districts
were becoming dissatisfied and making prep
srations to; organize for the purpose OF pro.
testing against the frequent suspensions OF
coal production and to resist any further re-
iuotion in their wages.
On Thursday during the morning prices
were higher, but an unsettled feeling soon
became apparent and later on tho tone was
generally weak, the principal feature being
Erie, which dropped to the lowest point
since January, 1870.
During the latter part of the week busi-
ness was exceedingly dull, but the trunk
properties were kept pretty steady by re-
ports of a meeting of trunk managers, while
on the other hand the coal shares mani
tested weakness and declined. The leading
operators in Wall street have given their
specialtes some substantial support, and the
bears were afraid to sell largely in view of
the apparent scarcity of floating stock. The
squeeze in Lackawanna and New York
Central not long ago have mado them
timid and cautioue.
For several weeks past up to about the mid
die Of last week tho volume of business in tho
railroad bond market has improved and
prices have advanced. Since that time there
has boen a partial reaction but mainly in
the speculative bonds Early in the week
Erie seconds dropped four points, but subse-
quently recovered; then declined again, clos
ing Saturday at 6SY.
Tho money markets at the west indicate
an increasing demand for bank accommoda-
tion, but the New York market has continued
superabundantly supplied, and although
there was some hardening of rates for NOR
camille discounts two weeks, the rates for all
classes of loans have remained unchanged
during the last week.
Foreign exchange has been quiet and the
rates have remained unchanged.
In the cotton market there has been con-
tinued activity in the speculation for future
delivery, and prices show further advance.
The feature of the week was in Thursdays
business. This was the first day for tho
issuing of notices for delivery on April con-
tracts. These came out quite freely, but as
they were generally stopped" sh owing that
the parties receiving them intended in most
cases to receive the cotton a sharp advance
took place and this crop closed SOLO points
dearer. Cotton on the spot has remained
very quiet and their is now an unusually
large accumulation of supplies at this New
York; market.
SATURDAYS REVIEW.
Tho mark ct has been very dull and rather
w a n o.
of West Shore bonds by Il. K. Willard & Co.,
which was unanimously credited to Mr..
Cammack. What little business there was
was in Union Pacific, Pacific Mail, the OK
Wizards Western Union, and Reading. with
Lackawanna. The coal stocks were barely
steady. Grangers, Vanderbilt's, and Gould
stocks weak, with the ex-villard's strong.
The afternoons market was dull and
steady, except West Shore bonds, which
dipped to 54s. The market closed dull and
irregular, with scalpers fractional trading.
The cause for the drop IN American Ex-
press stock Friday was based upon selling of
some long stock by the company. This
creates a belief that the company considers
it wiser to increase the cash dividend than to
make dividend on the stock.
A Philadelphia dispatch says it is reported
that tho Pennsylvania railroad has secured
control of the Chesapeake and Delaware
canal, and raised tolls on coal between Balt-
more and Philadelphia, in order to prevent
the filling of contracts made by Baltimore
mon in the Cumberland region with Phila-
delphia people.
The San Francisco Chronicle says: 1t is a
fact that the Central Pacific Railroad com.
pany has secured control of the Oregon
Navigation company.
Qunlin s. Co.'s Chicago grain dispatch
says: Trego, Hobbs, Lindblom, and Com
stock.are free buyers of corn Receipts ex-
pected be very light; think market improved
at closing. The crowd are afraid of Singer.
He bought some wheat supposed for some
crowd that are buying for long account.
Mr.. j. w. Mackay, of the Postal Telegraph
company, said to our reporter this morning
"There is not word of truth in tho report
that there has been any quarrel between Mr.
coennett and myself Our cables are under
Bntract with the Siemens Bros, and all that
Mr.. Bennett and myself have to do is to pay
for them and await their completion. Sci
mems Bros. have contracted to finish one
cable into Boston by June 15 and the other in
TO Fire islandby Oct. 10. The Faraday, which
belongs to Seimens Bros, was disabled while
laying the cable and had to put back for
repairs but we had nothing to do with this.
1t was Seimens Bros business, not ours, al
though the laying of the cable may be de-
layed thereby"
'Stocks are quiet in all the financial marts
of the world; business however seems to be
on solid basis, and in mercantile circles
trade is by no means discouraging. At least
this is what mercantile men tell me. l look
for an Improvement in Wall street, and
higher for STOCKS toward the middle of Juno
or the first of July Tho present dullness is
natural in presidential year."
Judge Wallace has rendered decision In
the suit of the Western Union Telegraph
company against the National Telegraph
company, the Baltimore and Ohio Telegraph
company, and the West Shore Railroad com
papy denying the motion for an injunction,
but says that "it is reasonable that the COM
plainant be protected during the tendency of
the present suits as regards the telegraph
line already constructed" and grants an
injunction as far as that is concerned.
After this decision the Baltimore aud Ohio
Telegraph company announced that they will
at once begin to string twelve wires on the
route to Chicago and they will be ready for
business in thirty days
The earnings of the great trunk lines both
east and west and south of Chicago, continue
to show decrease rs compared with the cor
responding periods OF last year.
The coal carriers are also running behind.
The Erie records for January show falling
OIL of moro than 20 per cent. in the net earn
ings as compared with January, 1888.
Sales of stocks to-day aggregate 165, li2
shares, including Delaware, Lackawanna and
Western, 10000; Erie, 10,S00; Lake Shore,
$3.50; Pacific Mail, 1000; Reading, 1900