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SPECULATIVE. Wanamaker's Postal Telegraph Scheme Continues to Bear Western Union. How a Bank was Dangerously Near the Closing-Up Point-The Market stagnant Treasury Fond Paying. Special to the Gazette. NEW YORK, March 5.-There was some disappointment reflected in this morning's market over the lack of the confirmation of yesterday's report that the treasury would resume free bond purchases. Added to this was the growing expectation of another bad bank statement for Saturday. No aggressive support was developed by yesterday's rallies: accordingly the bears began to put out short stock again. The movement of the forenoon was irregular. Louisville and Nashville declined ½, New England 3/4. New Jersey Central 3/4. Northern Facific preferred ½, Reading ⁷/₈ Tennessee coal 1½, Western Union 5/a. On the other hand grangers were firm as a rule. Lackawanna was well held and Union Pacific gained 3/8, while Manbattan opened two points higher, and sugar trusts gained 1½. Outside of Reading, New Jersey Central and Louisville and Nashville, the weak stocks rallied materially before noon, Tennessee coal gaining a point and New England 5/8 over the lowest figures of the forenoon. The early afternoon market developed little change from noon prices and speculation continued dull. Reading continued to supply demoralization in the later afternoon market and declined further on exceptionally heavy selling. Sugar was bid up again to a high figure. Generally the market was dull and a trifle lower. Tennessee coal was sent down again on stop orders. Dispatches of the afternoon indicated with a reasonable approach to certainty that treasury bond buying would be resumed, and hence the feeling was better. The fall in Reading was attributed to liquidation by some of the large Philadelphia holders, and was accelerated by sales for the short account. Large blocks of stock were sold by individual brokers, and the only noteworthy sensation in to-day's work outside of Manhattan was supplied by the movements in this stock. Investors have been dumbfounded at seeing Western Union going down on Wanamaker's postal telegraph scheme, which they do not think amounts to a row of pins. In face of the earnings at the rate of per cent. of increase, and a belief that it is Jay Gould's pet investment for his surplus, the bears have knocked it off 5 points since the last dividend, which, with the extra 3/4 made 2 per cent. C. P. Huntington was asked this morning about the contracts reported to have just been made in San Francisco between the Union Pacific and the Japan people for a line of steamers between Portland and Asiatic ports. He stated that he did 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 at San Francisco, and such contracts would have to be made in Boston and 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: ''I am a director of the Pacific Mail and want to do what is best for the interests of the Pacific Mail. I have also large 8 railroad interests. The Northern Pacific people claim that it will make a difference of $30,000 a 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 payt ments, which amount to $75,000 a r month, and I don't see where the money will come in to the Pacific Mail to make up for these payments if they are stopped. 1 The Homestead bank, at Fifty-Third street and Tenth avenue, came very near closing up to-day. When it was organized, two years ago, certain of the r notes it had taken from the Ninth Avenue bank, whose successor it was, were considered by the bauk examiners to have impaired its capital stock to the extent of $15,561.40. Last October Dept uty Superintendent Charles B. Hall, of 14 the stare banking department, reported I to the department that the impairment had existed some time, and recommend-
