National Republican., 1883-05-18
THE MARKETS.
Prices Continue to Go Down Toward Bottom
and Below.
The Rock Island Draws Out OF the Oniaha
PooI-tould Said 10 10 u Big Bear.
GOSSIP OF THE DAY.
,ypsciaf Dfspdfch.

NEW YORK, May Il.-lne extraordinary
operations in the wabashes and other Gould
stocks yesterday was the main subject dis
cussed last evening. The large open selling
by Gould's brokers puzzled the traders, and
it was believed by some that the operation
was for the purpose of buying other stocks,
and that Mr.. Gould was trying to break up
all old factions first, shake out his following,
and thus get the market down previous to
n big advance to come later on. There was
one story current that WoorishoefIer, George
Gould, and Connor had formed combina-
tion on the bear side and agreed to sell 100000
shares Of various stocks and Connor and Woer-
ishoeffer were doing the selling. This story
was not generally believed. George Gould
Is not bear on Wabash, and he sold a put
on 1000 shares of the common yesterday at
sixty days at 25l for per cent, and bought
1000 shares of the same stock at "a.
The bear movement began with the Wa.
bash, mostly on preferred tho brokers said,
and James Wilson sold 5000 shares. The
other prominent sellers were Leo and Young.
Watts bought 5000 shares at 40. The street
is now very bearish, and that somebody very
powerful is sitting upon the market is uni
versally admitted.
Woerishoefier is said to be short about 300,
900 shares of different kinds, including those
in which he is director This has made a
bitter feeling against him from the Mills-Vil-
lard people, who propose TO expel him from
their board MIR. Connor is said to have been
selling Union Pacific short very largely
recently.
Blake Brothers are allowing bankers I per
cent. commission on sales of the Union Pacific
collateral trust bonds. The associated press
Chicago dispatches confirm tho report that
the Rock Island has withdrawn from the
Iowa passenger pool and the st. Paul Is ac-
cused of cutting, &c. The st. Paul people in
Now York deny this report and claim that
Cable, of the Rock Island is trying to quarrel
The Chicago and Northwestern people say
tho Rock Island is evidently seeking battle,
but its withdrawal from the pool does not
necessarily precipitate war, as it has with
drawn before from this association.
w. l.. Scott says that while the wheat crop
will be 100,0O0,000 bushels short, corn is
likely to be the biggest crop ever known.
Fanshawe bought New York Central ON the
opening, and Van Hoffman sold Wabash COM
mon. Heath was the principal seller of Wa
bash preferred, and the other sellers were
room traders. Eames & Morse bought Wa
bash preferred, and Watts took 1900 shares.
In Union Pacific Talcott bought and Dunan
bid for the stock. The selling was scattering.
In Jersey Central Whitmore & Rathbone
and James Wilson bought; Coombs sold 500
shares.
The receiver of the Jersey Central says at
the present rate of earnings this road will be
able to pay per cent. upon the incomes this
year.
Sterling is quiet; government bonds strong
and active.
1t is reported that 257 was bid yesterday for
5000 shares of Rochester and Pittsburg out
side of the board by parties seeking control
of the road.
An Albany special Says The governor has
vetoed the savings bank bill, and approved
the senate measure permitting savings banks
to lend funds on diyidend stocks on 20 per
cent. margin, and the latter bill Is now o law.
1t is announced that the Reading directors
have approved the Jersey Central lease, and
the Jerseys directors take similar action to-
day.
Chicago dispatch says the east bound ton
mage this week is unusually light, and the
loaded cars dispatched show considerable
falling oil.
The largest sellers of Now York Central to-
day were Knapp and Peabody, and the buy
ing was generally to cover. WOerishoffer's
brokers and Herrick bought most New York
Central Davis sold the most Northwestern,
and there was no prominent buying. William
Heath sold the most st. Paul up to noon. The
principal business in Jersey Central has been
between traders. Wabash preferred and Jer-
sep Central are lending fiat. Kidder, Pea
body & Co. are offering large amounts of
money at
The Chicago and Northwestern earnings
this week perhaps show slight decrease from
last year, but the Omaha will show consid-
cradle increase.
REVIEW.
In the first half hours business In the
board this morning there was an irregular
advance of to per cent, excepting in Cen
tral Pacific, which fell and Denver went to
As. For tho moment tho pressure seemed to
be lifted from the Gould stocks and put on
Denver and the trunk lines were frmer, but
by noon the whole list became heavy and the
lowest prices for the season were made for a
number of stocks. The Wabash stocks de-
clined to the lowest figures since the Gould
people took hold of the property. Van HoH-
man sold Wabash common extensively for
foreign account, and Heath was the principal
seller of Wabash preferred. The room traders
sold the Wabash stocks all day.
The announced veto of tho savings bank
bill caused weaker market for stocks. Woer-
ishoefier's brokers sold Union Pacific and Ore
gon transcontinental largely. Money was
easy, with large amounts offering at 3; stocks
loaned at 3 New Jersey Central and Wabash
preferred lent fiat, both stocks being appar-
emily oversold Sterling was quiet govern
ment bonds strong and active on the failure
of the savings bank bill.
On the second call there was a slight rally,
but it didn't hold, and prices soon relapsed to
about the lowest prices Of the day, Denver
and Missouri Pacific being the weakest. The
denial of the report that the governor had
vetoed the savings bank bill did not tend to
improve the markets tone, and the market
closed with q downward tendency.
The market closed weak, with heavy pres
sure to sell. The market seems to be very
freely supplied with long stocks, and tho
long-looked for rally seems 10 be well in the
future. There has been an entire absence Of
rumors to-day,
A good many commission houses have been
loaded uR with stocks, and they have been
free sellers at the bottom to-day. No failures
have been heard of yet.
The heavy hand of Gould is recognized in
the market and IL will be well for the shorts
TO look out when that hand turns for higher
prices. IL is no time to sell the market but
good holders should buy on a scale
FOREIGN.
LONDON, May 17-l2;3O.-United States
as, higher; Erie, lower New York; /;
Ontario and Western, \ Lake shore, IL /;
D, q. q Reading, \ ; Wabash preferred, 2s
Erie seconds, lower ST. Paul, unchanged.
wAsHINaTOS STOCK EXCHANGE
District or COlnnbid.
Permanent Improvement 6s. 1891, coln,.. ..,,- III
Permanent improvement Is, 1891. curry I2O -,,...
Market stock 7s 1877, currency-......",. 10
Water stock 70, 1901, currency,...,. lsl l3J
Water stock %, 1905 currency ..,,,.'.".. w s.y,
fihy-year funded 3.lA lg2l currency.-.. l09A llOh
Iweny-year funded O3 1872. cOln, ,.,.- li7
Thrtyyear funded 8s 1907 coin -......,. ..... iei
=. fJre Innifdnee and Gds.Lt0t CompdnlsG
washington CITY Gas-light. ..... par 20.. S6A 81
National Union Insurance ,...,,...,.50.. .,.-- 2Os
Columbia ,..,. %
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