National Republican., 1883-08-10
THE MARKETS.
The Resignation Of President Palmer and
Other Matters Which Affected Prices
An Advance Looked for Early Next Week
Erect of the Failures and the Strike,
Special Dispatch.


NEW YORK, Aug. 9.-Almost everybody
but shrewd brokers, who generally read signs
closely say there was very ragged closing
yesterday and not brilliant outlook for to-
day. Tho close people said it was simply
Gould market and he bought moro than he
sold. There were several theories current
regarding the break down in the Willard
stocks, but it was believed the smash of
Oregon Transcontinental was mainly the re-
suit of combined attack by the room
traders to catch large stop orders. The other
story was that the Willard people themselves
were large sellers, and that block ofnew Ore
gon Transcontinental would shortly be issued.
1t was also claimed that q good deal of Oregon
Transcontinental and Northern Pacific stocks
had been sold in liquidation for New England
people, who were embarrassed by the recent
leather trade troubles in Boston. One New
York and Boston firm reported that thoy sold
one lot of 1000 of Oregon Transcontinental at
the market which cost ninety. Notwith-
standing all this bear gossip 1t Is still given
out that a strong combination of New York
and Boston people, with the aid of Vanderbilt
and Gould and the Smith, Sage and Morgan
people are liable to advance the market the
last of the present week or first of next, and
the shorts are in great danger of severe twist.
The firmness of Western Union and the
Vanderbilt stocks shows that something of
this character is intended as soon as the tele-
graph muddle is ended and the commercial
atmosphere in New England clears up again.
Woerishoeffer firmly believes that further
bull liquidation is inevitable, and the move
ment to twist the shorts has failed because of
the constant outpour of New York Central
from insiders.
Wash Seigman says he has sold his Erie
and other stocks, and goes to Europe soon.
,Ian. 81. Il
York Central on the opening. In Lake Shore,
Van Hoffman sold. Tho buyers were Fam
shave and Campbell. Henriques bid up
Denver per cent. on the report that Palmer
will resign and the road pass under the Penn
sylvania railway management. George S.
Scott and o. j. Dyke sold st. Paul. Van
Emburgh, Randall, and Wiernum, also
Decker & Howell were large buyers of North
ern Pacific. Boocock bought Oregon Trans
continental, and Field & James were also big
buyers, supposed for Drexal, Morgan & Co.
The selling was scattering. Stocks lent at
the same rates as on yesterday, and money is
at 2 to %; sterling is unchanged.
The latest crop report received at Chicago
report a favorable outlook from the great corn
belt. Wheat is especially good in Iowa, Illi-
nos, and Missouri. The hard wheat in Wis
consn is about the average OF former years.
st. Paul dispatch says the st. Paul rail-
way people estimate that this years earnings
will show $4, 100000 increase.
The Chicago Tribune says the war between
the Union Pacific and Denver and Rio Grande
is becoming more serious daily An open war
is expected soon. The Union Pacific is retail
ating for especial passenger privileges, via
Denver, on the California travel the right of
free excursion to Denver and Leadville
being held out as an inducement. This gives
the Union Pacific an advantage, and the only
way the Denver can get even is by cutting
rates.
The withdrawal of the Chicago and Alton
from the ST. Louis freight pool is in retalia-
tion for the Illinois Central's action on pas
senger rates between Chicago and St. Louis
The Alton people say the Illinois Central
people tried to bulldoze them into a losing
agreement, and they will no longer give up
their legitimate traffic simply for the sake of
peace at any price.
Union Pacific was sold down by ]. f. Mead
& Co. and Ellison. Vanderhoff bought 1900
shares down to OH. Johnes sold New York
Central and Lake Shore. III. t. Chapman
and Kirkner offered down and sold Northern
Pacific common. Asiel & Co. sold Lacka-
wanna, and the market is being hammered to
some extent. Government bonds are steady,
but quiet. Cotton is slightly higher. Phila-
delphia dispatches say the attack ON the Viii
lards comes from bears who are shorts at
much higher prices.
REVIEW.
Stocks were stronger in the first hour, and
there was a slight rally, led by Denver, which
rose per CenI OH 1euTluueb DluulnS ana q
report that Cassatt, of the Pennsylvania road,
would succeed Palmer. New York Central
was sold down on room traders points. There
were large buying orders at the opening in
Oregon Transcontinental; also, the Northern
Pacific. At IL o'clock the market weakened
fractionally, and Union Pacific was raided by
the room traders led by Mead & Co. and Eli
sou. The best sustained stocks were Missouri
Paciic, Louisville, and Lackawanna. There
was an exceptional advance in Canada South
ern of 1t per cent.
The crop advices to-day from western
points via Chicago were of q most encour-
aging nature. The reports of the railway
pools were that troubles between the Chicago
and Alton and Illinois Central were likely to
come to focus soon, and trouble of a serious
character between the Den yer road and Union
Pacific was imminent.
Texas advices regarding the cotton crop
were unfavorable; also Alabama, Georgia,
parts of South Carolina, and the Mississippi
uplands The estimate Of the new crops
points to 6,500,000 bales.
At noon the market was at about the open
ing figures, except in North Pacific stocks
which was to ! below. On the second call
Denver advanced one point on general ad-
vance of the active list, and the buying of
Denver was especially noticeable by the Os-
borne people on the resignation of Palmer,
alluded to above. At 2 o'clock the market
was to off from the best prices, and dull
on reports of Western roads, making sharp
cut in passenger rates The Wabash, Alton.
and the st. Paul roads are mentioned as cut
ters
~ - At 245 stocks were stronger and more ac-
EslN The market at the close was firm and
more active than it has been for some time.
LONDON, 12;30.-American bonds un-
changed; Erie ZIG lower; New York Cen
tral lower; Illinois lower Pennsylvania
Central lower; Reading lower Ontario
and Western Il lower; st, Paul lower
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. 14ll + street northwest: