National Republican., 1884-04-14
THE MARKETS.
An Analysis Of the Business Of the Past
Week.
A Big Slump in Wabash saturday-Cos-
sip About the Pacifcs.
TIE WEEKS REVIEW.
Spfcjnt DlsDnfrh

fDcctdt DtaDdCh.
NEW YORK, April 12.-The break in the
market for breadstuIs last week has been
attended with largo lossos and temporary
distress to large number of individuals,
which also affected the stock market to
sertain extent, up to last Thursday night had
been feverish and unsettled, and there has
been little disposition to buy or sell, either on
the part of investors or spectators. Tho
unsettled condition of the pool affairs has
undoubtedly been the cause of this unwill-
ness to operate in stocks.
II Is generally believed that the eastern
trunk line pool is so defective that some new
method of business will necessarily be
adopted, yet no definite action has yet been
taken toward that end. As a coorcive meas
ure, apparently, tho Pennsylvania company
persists in keeping rates down to figures at
which there is no profit in the business.
Notwithstanding all these appearances Of
trouble stocks have been frmer than was
expected, and IL is believed by tho leading
lights in the market that the general situa-
tion is not so serious as appears on the
surface.
The manipulation of Union Pacific strength
ened the market to some extent early in the
week, but 10 was soon checked by the un-
settled condition of the Chicago markets, and
subsequently, by an attack on West Shore
bonds.
On Tuesday the market was generally
ptrong the principal feature being an advance
In Western Union, Union Pacific, and the
Grangers.
Western Union has been somewhat erratic
all the week, owing in part, it is believed, to
the 81, 100000 per cent. bond issue and the
announcement that the postal telegraph bill
had been reported to the senate.
An analysis of railroad earnings for the
month of March shows that tho decrease Is
much smaller than the public supposed 1t
would be, and the figures so far received for
tho first week of April are very encouraging.
In tho railroad bond market, with tho
exception of West Shores, prices have not
declined much and the trading has been very
good, which goes to confirm the belief that
a good deal of capital is drifting from stocks
and other speculative empoyments, toward
jnvostments in railroad bonds.
The western money markets have hard
ened a little during the past week. In New
York the money market continues in ex-
cessive supply, and rates remain unchanged.
Call loans on stock collaterals II to per
cent. Sterling exchange remained unchanged
during the week. Cotton speculation for
future delivery was not so active as during
the previous week. The market has been ir-
regular, with wide fluctuations, but prices
have generally advanced. Advices from
Europe have been decidedly better, the move
ment Of the crop has been quite small, and
stocks have become much reduced. Cotton
on the spot has been more active for export
with fair demand for home consumption.
SATURDAYS BUSINESS.
The market opened steady but inactive.
Later on it became weak, and continued SO
during the greater part of the day. The
market was run down by the reports that
Erie had cut coal rates; that the coal COM
panes had decided to suspend coal produc-
tion, and that the Wabash company had
intended to market q new issue Of bonds,
which broke the latter stock from Ia to 103 for
common, and from 23a to 20 for the Preferred
975,297 shares Of stock were sold last week.
q decrease of 729,S52 as compared with the
sales of the previous week. The market closed
dull and weak with o general decline
The Wabash meeting adjourned until p.
m. Monday. The discussion to-day was
mainly upon pooling on cash basis similar
10 the southwestern roads. This would add
at least l5 per cent. to the net earnings of the
Wabash road. On Monday the pool question
regarding the pooling of st. Louis and stop
ping the competition now existing will come
up, and the western officers of the road will
be present
Union Pacific officials hero say that at to-
days Boston meeting the only questions to be
decided were whether either line shall build
into the others territory. Should no amica-
BILE settlement be arrived at and building
follows, then both compapy's will commence
building Immediately. A year would elapse
before any definite result would show. At
present, pooling arrangements exist at all
points where there is freight or passenger
business. In the event of the Chicago, Bur-
lington and Quincy company determining to
build into the Union Pacific territory, the
lines of the tripartite agreement would build
also. as they could get 800 mile haul as COM
pared with q much shorter distance of either
of the other routes.
Judge Wallace, in the United States circuit
court, has rendered decision in a case against
the Texas Pacific railroad. This company
claimed that If its earnings were not sufii-
cient to meet its obligations ON land grant
bonds holders of bonds had no redress, but
payment OF interest was postponed until the
company made such earnings. Judge Wal
lace overruled the plea, and held that the
bond was not an income bond, but one for
absolute Payment of money; and If the COM
'pany did not exercise its option to pay in
scrip it was bound to pay interest in cash.
BANK STATEMENT.
Loans increase ......................... $500 800
Legal tender decrease. 2,i05 700
LDeposlls increase e''.''''...s...........- 3s3OO0
Circulation decrease. se.................... $4,000
!Reserve decrease. ase......."................ 5S7450
STOCKS.
Following are opening and closing prices Of
principal stocks as corrected by special wire
reports received by Bateman & Co., bankers,
No. 114l street northwest:
,., Oprnlng. Closing
delaware and Hudson."''"''''''''.'''.. l074 1904
western UD
New York Centrai..,,,,.,,,,..,,.,.....1 1Ii$s lii
21lh
louisville and Nashville A7i 1Ol,
Chicago and Northwestern. """..,,.,,.., 1855 1l5
Union TIA 7ON
Chicago. Milwaukee ana 81. Paul...,... SBlI S57s
Wabash, st. Louis and Pacific minimum. ID llLl
Wabash, ST. Louis and Pacific pref.... 2A5s 3alai
Missouri Pacific ..i.,.,,',,,'''"~... SUb S5I.
Denver and Rio Grandc"".,.....,,,.,.,. 1SIa IL
Delaware, LnckawRnnn and Western. 12l6s HOE,
Philadelphia and Reading. ...,....,,..,.. b;i5s b25s
Northern Pacific DBL 29Ls
Northern Pacific preferred ",,.,.",.,... 4sAs d7li
Chicago, ST. Paul, NJ. and O".,".,.,.,,". 3lia BOA
Chicago, st. Paul NJ. and U. pref".,.. D2i 0l6s
Canada Southern, ,,,,.,,,,,. 5Oi. 90
Texas lOi lSl,
aud1 - IRa-