National Republican., 1883-10-03
THE MARKETS.
A Boom for Western Union Stock Following
the Decision at Albany.
The Big Room Traders BulIish Because
the Whole Market Is OversoId.
GOSSIP.
Special Dispatch.

Special Dispatch.
NEW YORK, Oct. 2-Telegraph was s02 bid
after closing upon inside buying, based upon
report of favorable court decision this morn
ing. Brokers report largo short interest in
general market, especially Northern Pacific
preferred, and the most of Wizards sold yes
terday were for short account. The largest
room traders are bullish, they say because the
whole market is oversold, and if the Northern
Pacific stocks were Off the list there would bo
a big jump all around. Tho largest sellers Of
Northern Pacific yesterday were Brandon and
Slayback, also one or two commission brokers.
The largest houses say the general market
has no special outlook at present, but indi-
Gates bull market soon. The leading
Windsor hotel bears think there will be q
great railway war in tho southwest between
the Gould lines and the Texas and st. Louis
Narrow Guage road. Vice President Hop
Tins says the main cause for reduction to 3
cents per mile by tho Iron Mountain road
yesterday was to satisfy people of Missouri
and Arkansas, who claim they were entitled
to as low rates as the Texans, and this policy
was therefore decided upon to avert hostile
legislation.
1t is reported that Ballou & Co. will prob
ably resume this weok.
WALL STREET.
Tho market opened dull but firmer, lend
ing rates for stocks unchanged. Money harder
at bid. Bird bought Northern Pacific pre-
ferred and Fanshawe sold. S. V. White
bought Lake Shore. Large orders for West
ern Union are in tho room. Tho Boston
Transcript says Oregon short line of Union
Pacific will be finished for $4,000 n mile,
saving $1,000 per mile on the estimate and
mortgage rate.
Mr. Gould says the decision of the court of
appeals was unanimous, except by two of tho
judges, who were disqualified This decision
definitely establishes the validity of $15, ,0O0,-
900 worth of stock, and removes all injunc-
tions against the stock and the dividends.
The largest buyers of Western Union this
morning were II. !. Nicholas, Hitchkiss &
Burnham, Newcombs, Hollister, Content,
Sheldon, and Dunan. The sellers were Bis
sell, Boyd, Brandon, and Motley. Govern
ment bonds-lower numbers of 3s-are scarce
and in improved demand.
A Philadelphia telegram says Readings and
Jersey Central's September earnings are
nearly as large as in August, and the proper
tion of profits to Reading stockholders will be
equal to II per cent.
The Philadelphia market to-day is firmer,
with good buying of Pacifcs and Reading 1t
IS reported that one Philadelphia firm is loan
ing 15,O00shares of Reading fiat in New York.
Brokers say business is very light, not even
a brokers' market. The Western Union de-
cision fell fat, partly because generally an
ticipated and known in advance.
Considerable interest centers in New York
Central, and the feeling on it rather bearish
ON expectation of open warfare soon with the
West Shore road
The selling of New York Central h.s been
rather better than the buying.
REVIEW.
The only feature in the morning was tele-
graph, which rose IL to SIG ON decision in the
Hatch-Williams suit. So far as this was ex-
pected to impart q buoyant feeling to tho
general list the announcement may bo said to
have fallen fiat, as stocks we've very dull
during the morning hours and only steady.
1t is believed that the Gould people were
sellers of telegraph at the top figures. Money
on call was harder and 3 bid. ,.....I ..., =
Lending rates from stocks unchanged.
. Sterling unchanged. Governments firm, low
numbered 3s being scarce and in better de-
mand. The Reading Coal and Iron company
advanced prices 10 cents per ton on all put
pea. The Western demand is greater than it
can meet, and the company refuses orders.
Earnings of Reading and Jersey for Sep
tember will bo as large as August and Read
ing stockholders proportion equal IL per cent.
The fluctuations during the forenoon were
inside Of per cent. aside from Western
Union, and at 12 o'clock values were firm and
fractionally higher than the opening. Con-
siderable bearish feeling against New York
Central on belief that war will soon burst out
between it and the West Shore. Alton and
Terre Haute dropped Al points to-day on
sales by Van Emburgh. The market was
rather more active early in the last hour aud
Il 70 lower for Western Union. The Vii
lards and the Vanderbilts at close of the mar
ket were tritle more active, but the under
tone was inclined TO weakness.
Closing prices of the most active stocks, as
compared with yesterday, show the following
changes: Advanced-Western Union, t;
Wabash common, / Canada Pacific, 4. De.
clined-Chicago, Burlington and Quincy.
Central Pacific, 4 New York Central, &
Erie, I; Michigan Central, !; Lake Shore, I
Louisville and Nashville d Northwestern
}; Union Pacific, 4; Jersey Central, Il st
Paul, l; Wabash preferred, 4; Missouri Pa
cific, /; Denver, q; Delaware. Lackawanna
/; Oregon Transcontinontal, II Northern
Pacific, / !; Northern Pacific preferred, IL
Canada Southern, 1t; Kansas and Texas,
Reading, I Pacific Mail I! Rochester and
Pittsburg, I; Ohio Central, II!
LONDON, 12:30-United States As / lower
Erie, higher; New York Central, 1 lower
Illinois Central, lower; Pennsylvania Con
trial. higher; Reading unchanged; Ontario
and Western, higher; ST. Paul, higher
STOCKS.
The following are the opening, highest
lowest, and closing prices of the principa
stocks for the day as corrected by special wire
reports received by Bateman & Co., bankers
No. 1411 # street northwest:
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