National Republican. (Washington City (D.C.)) 1872-1888, 1884-05-19
THE MARKETS.
Largo Buying for Foreign Account Makes
Business Lively in Wall Street.
Review of an EvcntruI Week I'm specula.
tive Circles.

bnaro BpeCulnuOn tO-uay. InO PURCHASES
both for investment and speculative account
were on large scale. Money was also de-
cidedly easier, and after lending at per
cent per diem early in the day declined to 2
per cont. per annum at tho close. The banks
wero much moro liberal to borrowers. Tho
total issue of clearing house certificates now
amounts to $17,000,000, $6,300000 having boon
taken by tho banks during the day. A
feature of the market was the heavy buying
for foreign account. Tho action of tho
United States treasurer in transferring S.
O00,0 of legal tenders to this point was u
favorable feature.
Tho stock mark ct opened at an advance Of
4 to 80 per cent, the latter in Central Pacific
which rose to 46l. Canada Southern advanced
ct per cent. to 39l; Northwest IL to 1885, pro-
forred, 3 to 1888; st. Paul, IL TO 7l9; Lacka-
wanna, to 112; New York Central, IL to
112; Northern Pacific preferred, to 4Oi;
Pacific Mail, IL to 80; Wabash preferred, IA
TO 10, and Western Union to SGT About IL
o'clock sharp attack was made on the coal
stocks, due to n report that the coal combina'
tion had disrupted. This unsettled the gem
eral list and prices fell oil to 3 per cont.
Later on Western Union became strong,
and roso to SGT, and this turned the market
once more. In the afternoon Louisville and
the former selling down to 81 and the lattor
to 69s. Subsequently the transfer on legal
tenders to this city by the United States
treasurer was announced, the money market
developed ease, and prices moved up once
more. Speculation then became buoyant, and
large blocks of stocks changed hands on the
way up.
The sales of stocks for the week were
3,02O,s3 shares, a decrease of 9653I us COM
pared with those of the previous week. Tho
imports of specie for the week were $3.50, Dab,
making total since Jan. / of Sl1, 1907, 055,
against S6,12l, $40 for the same time last year.
Governments were unusually active this
afternoon, and dealers report flood of orders
from out of town. Prominent institutions in
this city were buying, and tho transactions
ran up in the millions. The 4s were the
special feature and advanced from 1l9 to 1873
The AIS also rose sharply, selling up to 1893
to ia for coupons. The IS were 1904 bid.
There was much better feeling in rail-
road bonds to-day, and some sharp advances
were made Tho improvement ranged from
i to per cent
Tho sales OF stocks to-day aggregate 456,360
shares, including the following: Canada
Southern, 5000; Central Pacific 5,S05; Dea-
ware, Laokawanna and Western, G0,900; Eric,
17,450; Kansas and Texas, 1894; Lake Shore,
21,2O0; Louisville and Nashville 10000; Mis-
souri, Pacific, 1890; Northwest, 1880; Now
Jersey Central, 1000; New York Central,
9,29S; Pacific Mail, 1926 Reading 46,400;
st. Paul, ,4S5; Texas Pacific, 1890; Union
Pacific 36.940; Western Union, 25,170; North
orn Pacific preferred, 6,450; Oregon Transcon-
tinental, 14,240.
Tho stock exchange members will elect q
new president on tho 25th, vice A. S. Hatch.
There are no nominations yet.
The governing committee of tho stock ex-
change took no action yesterday regarding
Sage's privileges Sage has given renewed
assurances that no will do oil possible to allay
any distrust, and members holding his privi-
leges are urged TO act as conservatively as
possible, being assured no will meet all his
obligations as rapidly as facilities will allow.
Northwest earnings in the second week in
May increased $4,000. Omaha for the
second week increased $4,000.
The earnings Of the Northern Pacific rail-
road for the second week in May were
$215500, an increase of $l13,16 on an in
creased mileage of 752 miles,
The earnings 90 far reported this year are
$4,O63,7 700 an increase of 81, 1886 AS, or 20 per
cent on al per cent increased mileage.
Mr.. Humphreys will doubtless be appointed
receiver of Wabash. This is said to be q
Conner-SlGyback-B Bell boom.
Pool Commissioner Fink says: Railroad
matters are simply secondary compared with
tho present influences. OF course in times
like the present railroads cannot get all the
money they are entitled to, but at existing
rates things are going on as well az can bo
expected. We have no important meetings
to occupy our attention. We are considering
the advisability of rising rates on some
things, but so far as grain is concerned l fear
the Is cent rate will have to prevail"
The railroads having broken the coal pool
on treights from Illinois coal fields, the
Gould lines controlling all the tracks in the
city have increased the charges per car for
switching to 81 Threats are made to tear
upthe tracks If the old prices are not restored.
Representatives Of the controlling interest in
Oregon Transcontnental have no informa-
ton respecting the rumored resignation of
President Endicott,
THE WEEK.
The features of the week were tho failures
pf the Metropolitan bank, the well-known
firm of Fish Il Hatch, and the Newark Saw
ings bank, tho latters liabilities being
S5,000,000. Tho failure Of the Metropolitan
proved to be tho last straw, for immediately
tho whole credit system in uso for stock
operations collapsed. and those who could not
boar the strain gave way. For tho moment
no one seemed to want stocks or anything
else but money, which caused an unreason.
ablo panic, with a great depreciation in
values, and with most disastrous results to
brokers and their customers.
1t may BIO stated as fact that tho brokers
who have como under in Wall street do not
ness in their business management. or to
their holding Of worthless securities, but
wholly to the suddeA and total withdrawal
OF bank facilities which these startling bank
disclosures produced,
There WAS prevailing feeling Of uneasi-
ness ut the opening on stock exchange Mon
day. This fear was manifested by general
decline in the prices Of stocks The unoasi-
moss increased on Tuesday, aud on Wednesday,
whom the dofalcation of S3,000OO0 had boon
detected in the Second National bank, conf
dcnGe utterly disappeared.
The final shock came in the failure of
several brokerage and banking firms and in
the suspension of tho Metropolitan National
bank, which caused the widest kind of
panic, and securities were thrown overheard
regardless OF price. Money became very
stringent at ono time commanding as high
as 4 per cont. for twonty-four hours use.
Few could Afford 10 pay this price, and stocks
We're further sacrificed, During the latter
part of the week confidence was restored
TO some extent and u more hopeful Wow OF
the situation prevailed No moro failures
occurred, which had the effect of improving
the tone OF the market, and pretty sub.
stantial recovery took place, accompanied by
ar0laSatlOn in the rates for money.
Tho general market for railroad bonds as
compared with the stock market has been
quiet There was only special activity in tho
particular Issues affected by the various fail
ures.
Government bonds have suffered an ex-
cepuonal decline during the latter part of
inc week not on account of loss of conf
dence in them, but because they have been
forced on the market in order to obtain nee
essary cash
The exchange market has been depressed