National Republican., 1883-07-14
THE MARKETS.
Surprise Of the Street Over the Transactions in
Lackawanna.
Conflicting Reports From the Western
Flelds-The Price Lists,
GOSSIP OF THE STREET.
Special DisDdich.

broker gatherings last night, and il was gem
orally believed that tho leading bull III N.
Smith) had run mainly because nobody else
had so much to sell. This was the average
theory, but some thought Gould sold, while
others declared he bought stock. Friends of
Lackawanna say the raid came entirely from
few room traders, who made the raid under
the generalship of SlaybacS. Ono prominent
room trader who sold stock said the weakness
came from the knowledge Of the manapement's
intention to settle the Rochester and Pitts
burg road upon this company, and thus alb
sorb the 100000 surplus, and the bears also
had story that the twenty days time given
Sam Sloan by Fink TO decide upon coming
into the pool having expired, war would be
declared, &C. Both these stories were denied
this morning. Tho most conservative trader,
say that inasmuch as the general market was
not unfavorably disturbed by LaclSawannas
and stood up we'll, the market looks
strongly like soon improving. The strength
of st. Paul in particular was noticed. Like
wise New York Central. The frmness in tho
grangers was said to have been assisted by
official advices from managers in Dakota and
along the Red and Jim river valleys, stating
that the damage TO wheat had been very
much overestimated.
The best class of room traders went home
long of stocks yesterday and expected higher
prices to-day, but they did not want any
New York Central. Gould's intimate friends
believe that he will inaugurate big bull
market before starting for Europe in Au-
gust or early in September.
Another general trunk line conference is
called here next week to fix up demoralized
freight questions. The Eric and Grand
Trunk are accused of cutting.
Charles Blake of the Tribune. prints fig
ures showing that the New York Central
earnings, for the last eight months, show
deficit of nearly 100000 from the amount
required to pay dividends at the rate of 8
per cent, and partly estimates the June bus
iness showing nine months deficit of nearly
q million dollars.
In New York the weather is clear and hot
There was heavy rain between midnight
and sunrise.
The sellers of New" York Central at the
opening were Enos Willard, aud Kirkner,
The buyers were Savins and Cummings.
Mccormick bought most of the Lackawanna
and later Johnes was u buyer. Mr.. Smiths
friends deny that he sold any of his Delaware
and Lackawanna yesterday. Kretchmar
bought st. Paul, and CHARLES Johnes bought
Union Pacific.
There are rumors of q sharp advance in
Union Pacific, and a new pool is buying the
stock.
Van Emburgh has been bidding up and
buying North Pacific. COnnor and ]. f.
Mead 4 Co. have been large sellers of West
ern Union. jameson, Smith & Cotting bought
some Western Union this morning. Railway
bonds dull.
Lindblom & Co., of Chicago, wire this
morning that the reports from the northwest
are very conflicting, going to show that the
crop is spotted.
The Chicago Times this morning has adyi-
ces from California that the surplus will be
about twenty million bushels of wheat eLi
Government bonds strong. Cotton fell ten
points here this morning. The market is
manipulated.
The Chicago Tribune this morning says:
There is a general improvement of corn in
Illinois and the entire northwestern fields,
The rainfall has been sufficient for all kinds
OF small grain, and a full average crop is
expected. 7
The brokers report that the selling of New
York Central has been mainly on the un-
favorable Tribune statement that o. Wheeler
sold 1000 shares Of New York Central, and
the other sellers were Slayback, Willard,
Enos, and Van Emburgh, but the latter after
ward bought. Savin and foreign houses led
by Warmser, Sternberger, and Fuld, bought.
Ono thousand shares were sold by Herrick at
1159, seller go. Wheeler and Johnes sold
Lake Shore. The buyers were G.. A. Bennett
q Co. and Wetmore, aud r. Briggs and Ott-
man Heatch bought Lackawanna very heav-
lily. Morgan and Smiths people say they are
not trading, but holding on to the stock
Brokers in the loan crowd report this market
shows to-day that bulk of stock sold yester-
day was for short account and the bears have
been hammering the market. Two-thirds of
the stocks sold were by the bears.
A dispatch from Kansas says the attorney
general has just brought the long threatened
suit in quo warranto against the Union Pa
citic ana Kansas Pacific railways to forfeit the
franchise of the Kansas Pacific because of its
consolidation with the Union Pacific.
REVIEW.
The market opened active at 1 to ! advance
on Union Pacific Northwestern, Western
Tnion, and Missouri Pacific. The shorts
seemed frightened, and were covering under
reports that Gould was buying. New York
Central was attacked by the bears, who washed
1t down on the bad reports of earnings, and
for while it weakened badly. Van En-
burg bid up North Pacific early on
sustaining order, but it slumped
and there was some inside selling reported on
the letter of Secretary Teller that the land
grants were in danger, and several millions
acres ware in danger of being recalled also
that the Northern Pacific company had been
given three months to locate their land grants
or restore them to the public domain
J The brokers reported that the borrowing
demand to-day showed that yesterdays raid
was for short account and that of the sales
were put out by the bears.
Stocks lent at 2, excepting Jersey and New
York Central, which were fiat. Money at 2
TO p sterling exchange was weak and un-
changed; government bonds strong.
On the second call the market was dull,
and prices showed more resistance. The bulls
insisted that the attack on Central to-day was
for the purpose of rdiding the rest of tho
market. The Central Pacific to-day declined
Its 3 per cent, semi-annual dividend payable
Aug. l.
At 2:3O the market was dull and steady.
New York Central was per cent. below the
opening and Lackawanna \. Union Pacific
and Lake Shore and st. Paul were fraction
higher. From 2:45 TO the close stocks were a
little more active and closed steady. The
room traders however, were doing the bulk of
the trading.
LONDON, 12;30.---United States bonds un-
changed, and American railways generally
higher; Erie, l higher New York Central,
higher; Illinois Central, higher Reading,
lower; Ontario and Western, lower
Special Dispatch.
CHICAGO, July l3.-Wheat was less active.
The feeling was feverish. Reported rains in
the northwest and statements that winter
wheat in Illinois is threshing out better than
expected caused a weak feeling at the OPEN
ing aud prices declined 10. Later buying by
the shorts sent prices back. closing / to Gee.