National Republican., 1883-06-02
THE MARKETS.
A Stronger Feeling With Good Buying and an
Upward Turn in Prices.
A Big Boom In On-Favornble Reports
From the west--GeneraI Notes.
GENERAL GOSSIP.
lSnccinL Dispninh.


Special Dispatch.
NEW YORK, June 1.--Brokers say that the
general short interest is again very large,
and but few long stocks are in the market
pressing for sale Mr.. Morgan's brokers
bought st. Paul yesterday, and the buying Of
the Wabashes was of decidedly better
character than the operations OF the scalpers.
The dividend on Union Pacific started the
rise, the brokers said in the afternoon, and
tho breakdown in grain in Chicago and the
favorable prospects for the settlement of the
railway troubles west, induced the room
traders, led by Johnnes, Kirkner, and Bell,
to push up prices. At the uptown resorts last
evening the sentiment continued in favor Of
higher prices, but it was thought that the
movement would be gradual with the
customary reactions. There is strong feel
ing in Union Pacific, and u director who is
also prominent operator in northwest, pro-
posed yesterday to join another large trader
in the purchase of $4,000 shares for joint ac-
count to hold for per cent. advance.
The Treasury department official figures
show that the subsidized lines Of Union and
Central Pacific amount to only 100 miles,
while the branch lines unsubsidized, amount
to 1904 miles.
There was further spurt in oil last even-
ing, with sales up to LIZA bid at $50 p. m. 1t
is said Keene heads pool controlling 5,OOO,-
600 barrels. Failures on the short side are
predicted in Pittsburg to-day.
There was a panic in the general stock
market yesterday, owing to break Of 10 per
cent. in city railway stocks, and some dealers
lost heavily.
The Lackawanna yesterday made another
He
secured all the passengers who arrived by the
Hamburg steamer.
William Young & Co., of Chicago, report
that wheat looks lower to-day on heavy
traders letting the market alone. They ex-
pect the country will sell it down. The
weather clear and very pleasant.
Tho buyers of Lackawanna were Prince,
Whitley Il Brayton, and Ives The sellers
were Goicouria and Godet & Co. Savin was
the principal buyer of Lake Shore; Davis Il
Tileston bought st. Paul Raymond, New
comb & Kirkner bought Union Pacific; Da-
ter & Simpson bought Wabash preferred, and
Masten also bought the same.
In Chicago the weather is clear and cool.
Schepp sold about 5000 shares of Union Pa
cifc this morning. Groovenstein & Pell and
Hillyer were also large sellers of the same
stock
Flower bought 1000 shares of Union Pa
cific.
Dunan sold the most Western Union and
Foster bought 400 shares.
Knickerbocker bought Lackawanna and
McGinnis brothers bought Jersey Central.
Keenes brokers are selling oil this morning
Oil City prices are cent above the New York
market.
Chicago reports wheat cent lower and
corn steady. Weather fine. Sterling is slack
and prime offered direct 485A "a 4S9 less 1-16
Yesterdays advance was in part the result of
purchases by a German stock bear house to
influence the market. But so far as stocks
are concerned the purchase of sterling was
u blunder, as stocks are all higher to-day.
1t is announced that the trunk lines have
appointed a committee to confer with the Pa
cifc roads regarding percentages on California
business going from the trunk lines.
A Cincinnati telegram says the iron strike
is ended and work will be Immediately re-
sumed.
1t is announced that the telegraph rates be-
tween st. Louis and Chicago have been re-
duced to-day by the Western Union and the
opposition lines from 25 cents to 10 cents for
10 words. 1t is believed the business will
increase more than enough to make up for
the reduction.
The Reading railroad and New York Cen
tral connections will be in running order by
Monday next.
A telegram from the president of one of the
granger roads just received from Chicago says
"The troubles in the Iowa pools all settled,
and there is no prospect of any further rate
cutting any where west northwest, or south
west"
REVIEW OF THE TRADING,
Stocks opened decidedly stronger with good
buying all around the room. The settlement
of the iron strike and the weakness in wheat
upon fine crop weather induced good buying.
In the early trading Chicago, Burlington and
Quincy, Rock Island, Lake Shore, and Omaha
common advanced / per cent. before IL
o'clock. The advices from railway mon in
the west of the settlement Of pool difficulties
strengthened the stock market, and the ad-
vance held until toward noon, when there
was slight reaction, and it was rumored that
Gould had been selling. Money was easy at
3, and stocks rather more plentiful to loan at
2to3.
Sterling was firm and unchanged at 1890.
The general list further advanced to I, and
at times the dealings were light and opera
tions spasmodic, but the current favored the
advance.
Money loaned down to 81, and on the sec
ond call the market continued strong just
after o'clock trading slackened up, but later
strong bull market followed, and the prices
at close were the best of the day. The aver
age advanced established ranging from to
esints
market closed very firm with strong
buying all along the line.
LONDON, l230-Very little is doing in
American stocks. Erie is 4 higher; New
York Central, unchanged Wabash preferred
I higher; Reading, lower; Lake Shore, 4
higher; st. Paul, lower; Louisville and
Nashville, lowers Ontario, lower and
Illinois Central, unchanged.
STOCKS.
The following are the opening, highest,
lowest, and closing prices Of the principal
stocks for the day, as corrected by special wire
reports received by Bateman & Co., bankers,
No. 1411 + street northwest:
Z i 4 z