Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-03-06
SPECULATIVE.
Postal Telegraph Scheme
Continues to Bear Western Union.
How 4 Bank was Dangerously Near the CIoI-
ing-Up Pcint-The Market stagnant'
Treasury FOND Paying.
Special to the Gazette.

I Special to the Gazette.
NEW YORK, March 8 There was some
disappointment reflected in this morn
ing's market over the lack OF the confir-
nation of yesterday report that the
| treasury would resume free bond pur-
| cbases. Added 10 this was the growing
expectation of another bad bank state
/ ment for Saturday No aggressive sup
! port was developed by yesterday 3 rail-
! lies; accordingly the bears began to put
| out short stock again.
The movement of the forenoon was ir-
regular. Louisville and Nashville de-
clined "a, New England q. New Jersey
| Central 81, Northern Pacific preferred
| y, Reading y Tennessee coal =, West
ern Union 81. On the other hand grang-
era were firm as q rule. Lackavauna
was we'll held and Union Pacific gained
! 81 while Manhattan opened two points
| higher, and sugar trusts gained rs.
Outside of Reading, New Jersey Central
and Louisville and Nashville, the weak
stocks rallied materially before noon,
Tennessee coal gaining n point and New
England 81 oyer the lowest figures OF the
| forenoon.
The early afternoon marget developed
little change from noon prices and spec
| ulation continued dull. Reading con-
tiuued to supply decentralization in the
later afternoon market and declined
further on exceptionally heavy selling.
Sugar was bid up again to high figure.
Generally the market was dull ana
tritls lower. Tennessee coal was sent
down again on stop orders.
Dispatches of the afternoon in
dictated with g reasonable approach
to certainty that treasury bond buying
would he resumed, and hence the feeling
was better.
The fall IN Reading was attributed TO
liquidation by some Of the large Phila-
delphla holders, and was accelerated BIZ
sales for the short account. Large
blocks of stock were sold by individual
brokers, and the only noteworthy sensa-
ton in to-day's work outside OF Manhat-
tan was supplied by the movements IN
this stock.
Investors have been dumbfounde1 at
seeing Western Union going down on
Wanamaker's postal telegraph scheme,
| which they do not think amounts TO
row of pins. In face of the earnings at
the rate of per cent. of increase, and
belief that it is Jay Gould ) pet invest
ment for his surplus, the bears have
knocked ii off 5 points since the last
dividend, which, with the extra a made
2 per cent.
| &. P Huntington was asked this morn
ing about the contracts reported to have
inst been made in San Francisco between
the Union Pacific and the Japan people
for q line of steamers between Portland
| afo bin ri a
not believe the report was true, although
he knew nothing about It. He based his
belief upon the fact that there are not
extra steamers for use ct San Fran
cisco, and such contracts would
have to be made in Boston ana
not in San Francisco. Referring to
the proposed use OF the Pacific Mail
steamers between Tacoma and Asiatic
ports by the Northern Pacific, he said:
81 am a director Of the Pacific Mail and
want to do what is best for the interests
OF the Pacific Mail. l have also large
railroad interests. The Northern Pacific
people claim that 1t will make
difference of $50 900 year in
favor of the Pacific Mail company
If the present payment by the railroads
is also kept up. But the establishment
of the line may endanger railroad pay
ments, which amount to S75, 600
month and l don t see where the money
will come in to the Pacific Mail to make
up for these payments If they are
stopped.
The Homestead bank, at Fifty-Thlrd
street and Tenth avenue, came very
near closing up to-day. When 1t was Or
ganzed, two years ago, certain or the
notes il had taken from the Ninth Ave-
nue. bank whose successor il was, were
A. 1frt0r tn
have impaired It's capital stock to the
extent of SIS. 56l. 40. Last October Dep
uty Superintendent Charles B. Hall, of
the stare banking department, reported
to the department that the impairment
had existed some time, and recommend
ed that the bank authorities be notified
to make good the deficiency within ninety
days as required by law. The ninety
DAYS expired on February 5, and the
bank had made no effort to make good
the deficiency. On Monday Deputy At
, torney-General William J. Gardner
made application in the supreme
court, general term, for an order
, directing the bank to show cause
, why receiver should NOT oe
appointed An injunction to restrain
) the officers of the bank from doing BUSH
ness according to its charter was also
= granted with the order.
The arguments on the order were as
signed for Friday. The order and in
junction were served on Cashier
1 Snow on Monday afternoon. Presi-
s dent J. Wesley Smith was greatly sur
) prised at the action. He had always
supposed the notes in question were good
Yesterday Mr.. Smith deposited Sl4 ,OOC
, with the Western national bank, which
! amount more than covers the deficiency
. President Smith said this morning that
0 he had instructed his counsel TO go tc
q Albany to-day to make satisfactory ar
j raugemeut wsth the state bank depart
O v,oas All li.igoYion u1Il tharafora ceaa0