National Republican., 1883-08-28
THE MARKETS.
A Day Of Uncertainty Among the Men Of Wall
Street.
Stocks Have not Yet Rccovcred-Mr'
Could and FITS Intentions.
GOSSIP OF THE STREET.
gDcciat DfsDnfcn,

NEW YORK, Aug. 27.-The brokers who
are probably in the best situation to know
the facts say that the whole stock mar
ket is immensely oversold and under ordi-
nary circumstances it should have traffic
rally, but as the conditions are at present
little reaction may come Immediately. The
street is still very bearish everybody is sell
ing short and it Is estimated that $4,000 shares
were put out Saturday alone, and certain
brokers are known to have sold stocks for
traders on margins of only one-half of one
per cent. 1t was stated that most Of the
wild selling of the afternoon was upon tho
sensational land later denied) associated press
Chicago dispatches declaring that freight
war had broken out between the trunk lines,
and that the Lack awanna was cutting rates;
that rebates had been allowed upon grain,
provisions &C., and finally that certain large
holders of Reading stock in Philadelphia
wero in great financial straits, and would be
obliged to liquidato for cash in this market
very shortly. Mr.. Newell, the president of
the Lake Shore road, who was here Friday
last, stated to his friends very emphatically
that the trunk line pool was never stronger,
and as the business is good there were no in
centives to cut rates. The east bound traffic
by the trunk roads aggregated last week 3d.
d65 tons, increase of $3.50 tons over the pre-
vious week, the gain being mainly in grain.
huosell DhRb bHlu budb Dull plOhu
formed him that there was not particle of
truth in the western telegram that the Lack
awanna had established rates below the trunk
line tariffs, and the books of the freight de-
partment were open to Finks inspection, If he
desired. The big room traders in stocks were
little fudded about the market after the close
on Saturday. Slayback believed that prices
would presently go up as fast as they had de-
clined, and one or two others thought that
Gould could and would turn the current up
ward when it suited his purpose. MIR. Gould is
believed to be heavily short on Louisville, and
William Heath is said to be borrowing the
stock, but the former is thought to be buying
Denver, and good many bears on the gen.
eral market are likewise buying this stock on
point. Mr.. Gould. it is said, once stated
that when accused of bulling this stock at par
that tho story was untrue, and if he ever did
take a notion to buy Denver it would be at
$25 per share. Woerishoefler says the whole
market looks bad and he especially recon-
mends sales of Reading. Philadelphia houses
bought Reading here largely Saturday, but
sold Jersey Central. There is a bearish feel
ing here on Central Pacific.
The board opened with very full attend
ance. Reading was sold in small lots by
scattering parties and bought by Post and
Wales. Lake Shore was sold by M. G. Bou-
vier, Thcrne, Clews, and Campbell, and
bought by Henriques and Enos,. Lacka,
wanna was sold by Zerega, Dominick, and
Dickinson, and bought by Willard and Meade.
In st. Paul, Enos and Osborn & Co. sold.
The largest sellers of telegraph was Alley and
Dowd. In Erie, the order broken reported
nothing doing. The most Union Pacific sold
was by Hunting and Decker, and Howell.
The general market was hammered vigor-
ously by the bears. Sterling is quiet, but
weak. Money, g; New York Central and
Jersey Central lending fiat to 1-64, and Lake
Shore fat.
A Chicago special reports the local market
h thor no1A aYn1
unsettled and raining in the extreme north
west. Elsewhere, fair to clear with moder-
ate temperature. Lake rates for grain are
weak on expectation of improved shipping
demand
Government bonds are firm and held above
stock market figures. Sterling soft. The
stock brokers say that there are strong sus.
tanning orders in New York Central.
Money 3. A Philadelphia dispatch quotes
money at sharp.
Gowen declares the July earnings of Read
ing will be little below last year owing to
the stoppage in coal mining. but the August
earnings will greatly exceed those of last
year.
The story current in the board is that the
10000 shares of Lake Shore sold this morning
by Thorne and Rutter & Gross was II. N.
Smiths stock
A Detroit despatch says the Wabash and
the Michigan Central are now at war on
Chicago passenger rates, and each road has
reduced round trip tickets 81. st. Louis re-
ports fresh cuts on Kansas City business
to-day. A Galveston (Tex.) dispatch says the
Ne,Cs estimates the cotton crop will not exceed
one million bales, decrease of half a million
from 1882. Stocks opened weak, active,
feverish, excited, and indefnable, and IL
lower for Northern Pacific preferred, Oregon
Transcontinental, 0kntral Pacific, and Michi-
gan Central, for Chattanooga, and for st.
Paul preferred. Others were to I under
Saturdays closing except New York Central,
which was below at 115s, above the peg
price it had been sustained at. Vanderbilts,
il was stated, had orders In board to take all
offered at 1l6. Great weakness was developed
in Lake Shore Immediately on opening, and
it once became the absorbing feature. Thorne
and Rutter and Gross sold about 10 900 shares
between them. NJ. Q. Bouvier and Clews salso
sold
Henriques & Enos were buying. Price de-
Clined "a to IL, which was current price at
noon. Rest of the list sympathizing to per
cent. for Lackawanna, Central Pacific, North
ern Pacific preferred, Reading and Jersey,
which were all weak. 1t was currently re-
ported and believed that the Lake Shore sold
was mainly HI. N. Smiths There was no
feature to the Gould stocks. Erie was stag
nant. Denver was the solitary strong on the
list The rumor that q stock firm, which
was carrying a large amount of Willard
stocks, would be unable to tide ovor
the day, not being verified, tho mar
ket, though dull had a somewhat better
tone on the second call, and showed gain OF
to l, the latter on Reading Oregon Trans
continental, and Northern Pacific preferred.
This improvement was transient, however,
and the market weakened on Northern Pa
cifc preferred to 20, Lake Shore to 1907
Northwestern to 100, and New York Central
to 1144 at about 2:15 p. m. Delaware and
Hudson sold per cent. below Saturdays
closing. Money % to 3 per cent; sterling
unchanged. Governments strong. just be-
fore the close there was a fractional recovery
all along the line, and the close was irmer
with much better feeling on the market
LONDON, 1:30.--United States 4ls lower
Erie 4 lower; New York Central lower
Illinois Central IL lower; Pennsylvania Cen,
trail lower Reading Il lower; Ontario and
Western lower, and st, Paul lower
GOVERNMENT BoSDs.
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