National Republican., 1884-05-17
THE MARKETS.
Prices StFening and Buyers Looking for
Bargains.
A Foreign Demand for Cheap securlties--
Closing Dull and Strong.

NEW YORK, May 16.--Tho stock market
opened irregular, and in the main weak, on
account Of tho failure of Fisk & Hatch, an
nounced late on Thursday. The first sales
were generally at concession OF to II per
cent. Speculation was favorably affected by
the weakness Of tho sterling exchange
market. Tho pressure to sell was great,
owing to tho largely increased supply of bills
made against purchases Of securities fer
European account, and partly because ofthedo
sire Of foreign houses to employ funds in this
market at tho high rates obtainable. Tho buy
ing Of stocks for foreign account was again
quite heavy il being estimated that between
10000 and $4,000 shares were takon for the
other side About IL a. m. the announce
mont was made Of the failure OF ii. G. Hardy |
& Sons brokers and bankers, and there were
rumors that prominent house was in trou-
Bile. About this time tho failure OF tho
Newark Savings institution was announced,
and a drive was made against Lake Shore
and New York Central. Tho former broke 8
points to 81, and the lnttor 81 to 1073. |
Among tho othor active shares Canadian
Pacific fell Off q to 81, Central Pacific, y to
BSt Canada Southern, Q to 35; Northwest At to |
e9l st. Paul, % to Ga Lackawanna, At to 1864;
Delaware and Hudson, 2 to 100; Louisville
and Nashville, 80 to 30i Missouri Pacific, .
to Go; Kansas and Texas 1t TO 12R; Northern
Pacific preferred, 3 to a.; Pacific Mail, to
31l Reading, II to 31l; Union Pacific, 2t to
ALL and Western Union 2Y to 5lY. Subsc-
quently while there were frequont reactions,
and at times feverish feeling under the foar
of further failures, the market showed hard
ening tendency, and as o'clock approached,
and there were not only no further failures,
but the favorable conditions continued to
multiply, there was great Improvement in
prices, and an active demand for stocks, the
day closing with whirl of buoysncy such rs
has not been witnessed for some time past.
The upward movement was stimulated by the
fact that tho Bank Of Now York had loaned
S3,ooO,oOO on government bonds and
was willing to lend more on the
Iame security; that the clearing house
had issued ~ S5,oO0OOO certificates
and expected TO issue q large amount more,
and that considerable sum Of gold had been
ordered from tho other side. An additional
important factor in favor of the Improvement
was the easing of the money market, call
loans having declined from II per cent per
diem to and per cent per annum, with
more liberal supply of money offering.
At the close there was great feeling of
relief, and the opinion gained ground that
tho worst was over. During the day con.
siderable money was received from nearly oil
points, and investors brought heavy amounts
to buy. At the close it looked as II the
backbone Of tho money stringency had been
broken.
Foreign bankers continue to report large
buying European orders for American
stocks and bonds. There has also been o
good country investment buying. A large
amount of stocks have been paid for
and withdrawn Irom the street. Tho
obligation of Fisk 81 Hatch on tho stock
exchange is very small. Foreign exchange
quotations are entirely nominal. There is
great pressure to sell short bills, and long
bills arc practically uusaleeblo.
Parties interested in elevated road affairs
say the difficulties between tho several COM
panies will bo adjusted by tomorrow.
London markets all closed at IN improve
mept
Press dispatches as we'll as reports of bank
ers here are that Europe has been consid-
erable buyer of our stocks to-day.
The banks which have been locking up
money for the past day or two are strongly
condemned by the street.
The banks have agreed to advance S2O--
100000 on governments, which will be used
to protect the market
London dispatch, dated 1880 p. M, says:
american stocks generally better. Com
pared with Thursdays closing there Is gain
on New York Central !; Lake Shore, /;
Denver, IL; Central Pacific, !, and decline
on Canadian Pacific It."
The clearing house committee have the
loan certificates ready and arc determined to
use them literally, so as to relieve the money
stringency without delay. There is absolutely
no CUOuRnC OF Closing uue bCOCh bNCuhuBc.
Belmont, Drexel, Morgan u Co., and lead
ing London bankers have been the principal
buyers of fancy stocks at opening. Tho
Kirkner following and Bird are buying st.
Paul. G. II. Harris sold. Greonbaum &
Cohn bought. Reading and Philadelphia is
buying coalers.
Vanderbilt stocks are sold by Gilpecke,
Minton, Campbell, Haight, Buckingham, and
Reed; buyers scattering.
Woerishoffer brokers are doing nothing.
Vanderbilt brokers are protecting Northwest.
Union Pacific and Northwest arc princi-
pally traded in by specialists.
Stock loans lat to per cent. per annum.
Except So. Paul, the market is steady and
dull at the close. London houses are selling
Grangers and Lake Shore and buying low
priced securities. A momber of tho firm of
Webb & Co. says Vanderbilt houses arc busy
trying to study things. We hear lots Of
depressing stories, but no facts. Henry N.
Smith is in the stock exchange issuing orders
TO buy and sell.
The sales of stocks to-day aggregate 435, SIG
shares, including the following Central
Pacific, 9,7l5; Delaware, Lackawanna and
Western, 43,4s0 Denver and Rio Grande,
5000; Erie, 1880; Kansas and Texas, 1850;
Lake Shore, 40,3S3; Louisville and Nashville,
1880; Missouri Pacific, 1890; Northwest,
1905; New York Central, 11,555; Pacific
Mail, 1920; Reading 74oOi 81, Paul, 55,362;
Texas Pacific, 14,750; Union Pacific, 34,965
Western Union, 1885, Oregon Transconti-
mental, 1880; Northern Pacific preferred,
10,s15; Canadian Pacific 4,200; Chicago,
Burlington and Quincy, 5,100.
THE CHICAGO GRAIN MARKET.
Chicago, May '16-The markets opened
steady to-day and showed some strength
early, but the midday adviccs from New York
caused depression, and values fell oil rapidly,
improving however later in the day. On the
afternoon board another sharp advance oc-
Cured, and prices closed considerably higher
than yesterday. Wheat was unsettled and
nervous, with rapid and severe fluctuations.
The market opened strong, advanced Z to
per cent, chen quickly declined "a to Z. ad-
vauced IL, huctuated and closed 7 to l
under yesterday. May, sis to s7i; closing,
SO. juno, SO to ss3; closing, s7s, July, 30
to 90s; closing s0s. Corn active, but lower,
with wider fluctuations than yesterday.
Market opened higher aud declined 10 to
II, rallied !, and closed \ to under yester-
Gay; cash, 81 to 5li; closing sat to 544. May,
b3s to 55I; closing 54s. June. 56B to 4; closing,
50A. Oats, lower; cash, 80; May, 32 to 32s;
closing 30 to 32s, June, 32l to 80; clos
ing, 32s. Pork quiet, active demand, but
unsettled market; opened steady, soon re-
ceded 80 to 55, rallied 35 to 45 and ruled
steady; cash, 1870 to l775; June, 1856 to l735,
closing 17221 to 1925. Lard unsettled and
irregular; market opened steady declined
30 to go rallied Is to III, closed steady: cash.