, 1881-06-05
BUSINESS.
Stocks Depressed by RuHors OF
Cutting Of Rates.
A Bad Bank Statement-Settle'
nent of the Coal Compact.
The Produce Markets Irregular-Lard Act
i've and Stronger Hog
Products Tame.
Wheat Very Heavy, with Holders Selling Free
ty-Corn in Good Demand, but Easier
in Sympathy.
FINANCIAL.

Transactions In stocks we're larger, but the
movement OF prices was downward Inc pr'n-
cipal Causes for this were heavy rent'zanons'
the depressing influence OF bad bank state-
meut, and the industrious circulation OF reports
as to serious trouble about cutting OF rates.
These latter werc supported By defnit state
mcuts backed by what WIS claimed to be " the
best authority" It WIS said that the cutting OF
rates by the Eric Roau had proceeded SO far that
Mr. Vanderbilt had notified 1t that hereafter nc
should not consider himself bound ny
any freight compacts, and had directed the otii~
cia,s Of the Lake Shore and New York Central
to take freight ut what they could get, beginning
Tomorrow Rates have been cut by the Erie
Road, but the measure Of retaliation sa!u to
have been adopted by Vanderbilt is not the
remedy provided by tho pool system which
Vanderbilt and his associates IN 1t have ouslt up
with so much trouble. Commissioner Fink has
beer, given nuthority to reduce rates for nll to
the lowest cut made by any road belonging TO
the pool 1t is not likely that Vanderbilt
who has such immense property interests TO
protect, would invite tho honors OF gen
etal railroad war,-fur that is what 1t would
come to before ninety days.-without first cx-
hausting all the disciplinary powers OF the pool.
But it is certain that no runlor bus been for
some time past set anout in the stock market
with better backing than this, about Il threat
cncd railroad wAr.
The principal effect OF the rumors was felt on
tho Vanderbilt stocks, putting Canada Southern
from Tx To IS, with heavy transactions between
- and 7B; New York Central from $50 TO HTS; +;
Michigan central from lib to Ill: Lake Shore
from l33 to 1917; and Northwestern from 1904
to ls>l4. ..
Outside of these stocks aud Rock Island and
Illinois Central, there was little weakness.
Pools were reported to be realizing IN the gen.
erai list Another reason given for the decline
of the VanderbiIrs was decreased earnings. The
Union Pacific pool helped to sustain general
values and give out that their stock would soon
cross New York Central. Some one ''close to
Vanderbilt" allowed it to be known rs his
opinion that there was no danger in holding
Union Pacific and Lake Shore. Cammach, On
the other hand. declares that the stories about
tho export of Lake Shore stock to Europe arc
lies Michigan Central was attacked nl-
most as savagely as the other Wander
bilts. 1t is said it will be hard
work!for it to earn its next dividend. Its earu-
1nys are not going to show as well in the next
six months as in the last six months, while its
expenses will be much heavier.
TIE interview between Jay Gould and re-
porter of THE TRIBUNE. published in this paper
several days ugo. was telegraphed back to this
city yesterday as Stock Exchange news
Veteran observers put themselves on record
on Saturday as thinking the downward reaction
would so further, rs the short interest has been
largely covered, but the ciques can advance the
market at any time. The operators talking the
market down are mostly sold-out bulls, who
want to get their stocks back. A great many
so-called investors have unloaded.
Coal, according to the latest agreement of the
coal companies, is to be mined half time next
week and full time the week after.