National Republican., 1883-05-02
THE MARKETS.
A Slight Advance in Stocks at the Opening
Los. Before the Close
Fsir Trading with = General Downward
Tsndrnsy-Ths Crop Reports.
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NEW YonS. May The feeling on stocks
continued buliish ~ the clubs and hotels last
evening. and " was she confident prediction
Of the bulls that there would be consider.
able advance established In the market be-
foro Friday, and this week would he bull
week throughout Tho bankers argued that
the advance In money yesterday b 10 per
cent had no further significance than that
the city government called In funds 10 pay its
May interest.
The brokers sAy che ahoSt interest continues
fehrfully large and Il Increasing. The bulls
argue from this fact and che limited trading,
tho market has become 30 narrow that n the
big shorts should become frightened and try
20 cover there would be great trouble In tho
bear ranks Tho stocks which have shown
the most rise have been those In which there
wns tho largest short interest.
The Osborne people are credited with put
ting mp Denver yesterday. Cammaok said
last evening that no had 5000 shares Of Den
yer, and declared II was worth moro now than
when Il sold above par.
President Dillon, Of the Union Pacific, says
that there Is not likely 20 be any conflict be
tween his company and tho Denver and
when the Denver gets 20 Ogden the traffic
will be arranged on the basis of percentages.
new aud important deal In the south
western stocks Is proposed, and reorganiza-
tion Of the East Tennessee, Norfolk aud
Western, and Memphis and Charleston. is
probable, with tho issue Of new stock
to represent them all.
Mr. Cyrus W. Fields expert, who has ro-
Gently boon examining tho postal telegraph
system, has made n very hattering report,
and says the invention Is one Of the greatest
In telegraphy. Two hundred words per
second arc transmitted easily TO and from
Chicago.
Sterling is unchanged. Socks are generally
lending at per cent; New York Central az
at por cont. Lake Shore at 10 per cent,
Money Is at 10 q, aud Is expected "a bo easier
to-day, as $s,000,000 Of interest money will
be issued next month, 100000 in 1857, and
$5,500,000 in 1891.
The holders Of 81, 300 shares common aud
10000 Of Hannibal preferred have signed In
favor of the sale 70 tho Chicago, Burlington
and Quincy.
Stocks are steady 10 firm. II. Kennedy a
Co. bought Lake Shore. Tho sellers were
scattering. Spencer & Trask sold Lackn-
wanna on the opening, and Kirkner IL offer
ing and bidding Railroad bonds are active
and West Shore bonds arc being very much
manipulated.
The present weakness in the stock market
iscaused by the room traders raid, led by Kirk
ner on New York Central.
A Chicago dispatch says: Tho secretary Of
the Ohio state board of agriculture states that
his May report will only show about IS per
cent. of last years winter wheat crop. There
Is a prospect that all the grain In Chicago will
be used to-day to fill contracts for May de-
livery. Wheat is up about and corn Of a
cent this morning.
Government AS are in demand, and consid-
cradle May old bonds are going into 3's. Ster-
ling Is dull. The advance is chiefly due to
scarcity.
The new Delaware and Hudson stock, IL
issued as proposed, will be given 10 the stock
holders pro rata at par $3,50O,000.
Philadelphia dispatch says the Pennsyl-
vania Railway company declared to-day n
dividend of per cent. In cash and per cent.
in scrip, and the stockholders have the right
to take the scrip at par. ss ,,a..4
Jesup and Patton have sold 81 ,250J000 of
city of Winnepeg skies in London at 9ei. A
good demand exists in London for all Ameri-
lean bonds.
The bears made an attack on New York
Central this p. m. on rumors about cutting
rates. De Cardova broke tho stock, aud the
other sellers were Bruins, Coombs, Kirkner,
and Herrick. Fahnestoek and Davis and
Tileston. were the largest buyers.
Mccormick, Adams & Co., of Chicago, says:
All who have any reliable information ad-
NIT that wheat is badly damaged and will be
largely short, and we think tho advance In
wheat to-day wholly legitimate, and the re-
suit Of reasonable speculation based on the
bad outlook. The shorts are frightened"
REVIEW.
The market opened irregular but generally
to better for Oregon Transcontinental, Jer-
sey Central, Kansas and Texas, Rock Island,
Lackawanna and Denver, but about IL o'clock
the room bears, led by Kirkner, raided tho
Vanderbilt stocks, which declined to !, and
by noon the general list became dull, and tho
gain of the morning was lost. Oregon Trans
continental continued firm, but the Northern
Pacific stock reacted fraction.
1t was reported that the Northern Pacific
road would require about ten millions more
for full equipment and needed improvements.
Stocks loaned at to 5, and money at to @.
Sterling was dull and the advance was chiefly
due to scarcity Of bills
Davis & Tileston bought 1000 shares of
New Yolk Central this morning, when it was
raided by Oracle & Westervelt, Kirkner &
Walsh. On the second call there was another
sharp bear raid on New York Central, which
carried the stock down to "a and the other
Vanderbilt stocks p" INT. below the open
ing prices on rumors of cutting rates. The
New York Central was broken by De Cardova
and the other prominent room traders.
The whole market was weak and feverish
on this call, and prices were down to the bot
tom figures Of the day. Hannibal preferred
was exceptionally strong, and rose 2 points on
favorable reports Of the transfer of the road
to the Quincy company.
At 2:30 the trading continued fair, but with
continued downward tendency. Lake Shore
and Michigan were the weakest. Money ad-
yanced to s per cent. latein the day, but later
loaned at @.
LONDON, May There is no stock market
to-day (bank holiday.
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: