National Republican., 1883-04-20
THE MARKETS.
ia uenOral Decline all Along the Line in Wall
Street Yesterday.
Uhe Damage 10 Winter wheSt--Tho visibls
sppply-East Bound Grain Rates.
GOSSIP,
Special DiDdich.


o'clock was not very we'll understood even by
the old operators in tho board, but the slump
was in part attributed to the weakness in
Northwestern, owing to the somewhat disap-
pointing bond issued instead of the expected
stock dividend, and, in part, to rumors Of
rate cutting on the Pacific roads (the latter
story lacks confrmatiou).
There was an immense professional man.
ipulation and washing of stocks yester-
day. The brokers agree that this was
very mystifying and difficult TO trace,
but it was known that the professional bulls
had helped the decline in the afternoon. The
announced proposed grain rate reductions by
the trunk lines was really bull argument,
and prices were to have boen put down 10 per
cent. on the first of April, as this was needed
to have made the grain move. $40
Cammack, Osborn, and Woerishoner con-
tinuo to be bearish, and the room traders sold
stocks steadily yesterday.
Room traders claim that the insiders opened
the bag good deal yesterday and sprinkled
out st. Paul. Union Pacific, and Central Pa
cihc.
The short interest steadily increases. Keene
was talking bearish last night, but it was be-
lieved that he had covered up before the de-
cline came. Friends of st. Paul say that
they don't fear a Decline now that the
earnings are increasing SO heavily. The pas
6enger travel has increased westward and
trai ms are split into sections & ten cars each.
Friends of the Jersey Central are confident
that stock will be sustained, and they
claim that IL closed stiff, with indications of
higher prices. Bulls generally believed last
night that the market would do to buy again
this morning II it opened down. a,.4.
Gould said last evening that he considered
the sale Of tho Hannibal to the Chicago, Bur-
lington and Quincy road as effected. He
didn't see how it could be avoided, as it was
greatly to the advantage of both. Tho
Chicago, Burlington and Quincy will pay for
this property by issuing nine millions of
bonds.
Gould said that he was going west next
week and declared himself q bull on all good
dividend paying stocks, and was especially
bullish on Missouri Pacific. Mr.. D. o. Mills
is also very bullish on the general market,
and more especially on Oregon Transconti-
mental. He had thoroughly examined this
property, and advised his friends to purchase
IL.
Cammack says he was not doing much be-
yond getting ready to sail for Europe in May.
Gowen, Of the Reading, Is coming over to-
day to arrange for the removal of the Jersey
Central receivership. On the tenth of May
the Jersey Central road will become the ter
minus of the Reading, and the consolidation
will form an independent through trunk
line.
The Baltimore and Ohio will also come into
the deal, and will use the Jersey Central
track for an eastern outlet. ,,fy.3 .aaslys
Stocks are lending ut 4to 3. Money is
offered at 6. New York Central was sold by
the Woerishoffer and Cammack party, and
bought by Vanderbilt and Smiths people.
Buyers of New York Central also were Van
Schaick, Rogers, and Grace. Sellers were
Wilson and Whittemore, Probst and Herrick
offered stock at 126, silver go. Stockwell
bought Chicago, Burglington and Quincy.
In Lake Shore the room traders, led by
Drummond, Kirkner, and Walsh, were free
sellers. Niles and Haight also sold. The
buyers were H. /. Nicholas, Hollins, Knicker-
booker, Lingley, and johnson.
Northwestern was sold mainly by Horton,
Bissell, Bouvier, and II: Miller.
1t Is stated on very fair authority this
morning that the Memphis and Chattanooga
railway will be taken into the Gould-scney
system.
Washington specials say that only $4,000,
900 of the last call of $15,000,000 were pre-
sented up to this morning. The interest
ceases May 1.
No proceedings against tho Union Pacific
will be begun at this term of the supreme
court.
Foreign bankers report money very plenti.
full in London, and the general rate on the
continent is 2 per cent.
Chicago grain prices are generally frac.
tionally higher.
Bruce g. Co. report wheat very strong. The
visible supply has decreased 100000 bushels
and receipts are very light They say pur'
chasing for July is safe. The market now i:
1924. Sterling is steady on light transactions
Mccormick, Adams & Co., a leading Chicago
grain house, telegraphs this morning that the
damage to winter wheat is estimated at 20 tc
% per cent, as compared with last year.
A Boston dispatch says that the Quincy
people there state that negotiations for the
purchase Of tho Hannibal and st. 10 will be
concluded by Perkins and Gould to-day. The
loom traders are circulating reports that tn,
Louisville and Nashville railway is to issue
more new stock. Railway people here de-
nounce this report as utterly unfounded.
REVIEW
The market opened easier on portion o.
the list, Northwest heing especially hammered
by the leading bears and room traders. The
decline in Northwest during the raid was II
Lackawanna l, Louisville and Nashville II
and other stocks were fractionally lower
The decline in New York Central in London
to-day reacted upon this market. In Lake
Shore Miles & Haight were sellers, with scat
tering buyers. At noon the market was dull
and generally lower. Michigan declined
to 94.
In the loan department rates were to {
on the average. Jersey Central was excep.
tionally scarce and in demand at 1-16 for the
use, New York Central lent at 9, Michigan
Central 4, and Northern Pacific 3 to 4, money
5to6
On the second call the general trading wa:
very light and Louisville and Nashville wa:
very weak weak, with sales down to 54b
Union Pacific was the best sustained stock.
New York Central. ruled about i point
lower and Lackawana to down.
At 2:30 p. m. stockSwere raided severely by
the bears, and the active list including st
Panl, Northwesters, Lackawana, New Jersey
Central, Union Pacific, and Louisville and
Nashville were down to l and 2 from the
mornings figures.
The Wabash stocks, Missouri Pacific, and
Texas stocks were also to lower
At 2:30 there was a rally of to per cent
In Lackawanna and Union Racific, but the
general market closed feverish and irregular,
Money closed at St. The market gave evi
dences to-day of the probability of well or
ganized bear campaign for lower prices
Should the short interest be very much in
creased within the next few days, however
an upward turn of from 2 to per cent may
be looked for.
LONDON, 12:30-United States bonds steady
and nunhaOUad, Erie TIA lovvar. viva