National Republican., 1883-05-07
THE MARKETS.
The Eject Of the Change Of Management on
the Vanderbilt Stocks
Review OF the Past weck-The Genera
Outlook Rather Encouraging.
STREET GOSSIP.
SDeciul Dispdfch.

New York Central Lake Shore, and Missouri
Central railways created great sensation
among the operators up town last evening.
Mr.. Vanderbilt said to q friend, 1t was re-
ported, that he had $4,000 shares of New
York Central stock left, which was in one
certificate, and IL he was TO have his way in
the future running of the property he would
see that the West Shore did not earn the in
terest on its bonds. He had long intended
retiring, however, from the management, but
he never intimated the fact to even his own
sons until week ago and he did not tell his
wife until 2 p. IN. yesterday. With refer
ence to the effect upon these stocks he did
not think they would be depressed, but
George J. Dickinson told. him he would
sell him 1000 New York Central at
1924, and he could pay for them on his re-
turn from Europe. The bears were in high
glee over the situation, and were looking for
lower prices all around during the morning.
Cammack said New York Central would sell at
100 before night. The Mills party also belived
that the Vanderbilts would go lower. There
was some talk last evening about the singu-
lar manipulation Of New York Central stock
late in the day yesterday in tho board.
Quigley bargained for 5000 shares at 123i,
which was sold by Phil Minis; but Quigley
claimed that'he added to his bid the proposi-
tion TO take 5000 shares more to-day at the
the stock, and Minis continued to sell stock
down to 1891.
1t was reprted that the American Express
company had been selling treasury stock, and
the stock now in circulation was about fifteen
millions. The authorized capital of tho COM
pany is about eighteen millions. The only
actual transaction madein.stoclcs last evening
was 1000 shares of Lake Shore by Hughes to
Hollins at ITO. Conservative operators be-
lieve the old Vanderbilt stock would be sus-
tanned against attacks this morning, and the
fact that the younger Vanderbilts will still
control the roads, being chairmen of the ad-
visory committees, gave very general satis-
faction. 1t is reported On good Authority
that d. o. Mills is a very large owner of
West Shore bonds.
New York Central opened excited, and
prices varied on either side of the crowd on
the opening. 1t was said there were support
ing orders in the market from the Wander
bilt party. The largest buyers of New York
Central were Coombs, who bought 5000, COW
ering shorts, and Herrick, Chapman, and
Kirkner, who were both buyers and sellers.
Tho other sellers were Scranton, Willard,
Enos, Godet Co., and Savin. Coombs
offered to bet $500 that the New York Cen
tral would not reduce dividends this year.
London closing cables reported that Ameri-
can railways were very irregular at the end
New York Central advanced /, but the Ameri-
can quotations had not yet been received.
Government bonds were weaker this morning
on account of the passage of the savings bank
bill. Four's declined to- 119s. New York
Central stocks lends fat to 1-64, the general
lending rate Is 3. Enos & Co. sold about
5000 shares of New York Central this morn
ing. Post & Wales and Davis & MEMS bought
largely.
A Philadelphia telegram says: London has
bought about 5000 shares of Pennsylvania
Central stock in that market since Wednes-
1awV IA.I - II-l e.
three millions more funds from subscribers to
the deferred bonds or the amount already
paid will be forfeited.
The market opened very feverish and ex-
cited for the Vanderbilt stocks, but the re-
inainder of the list was not much affected
thereby. New York Central opened IL lower
and Lake Shore down, but there were large
sustaining orders in these stocks,s and each of
them rallied to per cent soon after.
Stocks loaned at 3 to 4 and money on call at
81. Government bonds were weak on account
of the new law which permits savings banks
TO buy any good railway stock for in vestment.
Sterling is unchanged and dull. On the
second call the market was dull and q shade
frmer, especially for the Yanderbilts. New
York Central was active up to 1929, offered
at 1915, seller 60, and sold at this price. The
regular price was 22s to Z. Lake Shore was
heavy and declined to 110i, and Canada Pa
cifc reacted to 81 at 230. The market is
selling off to ! all around. The market
closed weak and dull, without any special
feature.
THE WEEK.
Wall street has been very dull during the
last week, and there is but little Legitimate
speculation.
The outside buyers know that so much de-
pends on this years crop that 1t would be
dangerous either to buy or sell stocks pend
ing the ascertainment of positive information.
The confidence in good crops and continued
prosperity from the whole country is very
strong. Each day now brings forth good
crop reports, which assures heavy tonnage for
all railways and general prosperity. The
backward spring has had q depressing nfu-
ence on the retail dry goods business, and it
Is feared that many large houses will be COM
PEELED to carry their stock over another year.
One strong point in finances is that all the
new railway loans now offered are being
readily taken up by the public investors.
The heavy advance last week in West Shore
bonds was very strong feature in the mar
ket, and it looks as though the public were
beginning to see that this road would be a
strong competitor to the New York Central,
which road for years has occupied an exclu-
sive position on the Hudson by reason of the
very large capital required to build q compet-
ing line. The West Shore road now seems to
have all the capital required, and although
the road is bonded Tor over one hundred thou
sand dollars per mile, the bonds bearing only
five per cent interest, have advanced from 75
to 50 within very short time. This road
will parallel the New York Central from New
York TO Buffalo. The decline in New York
Central has been one of tho features of the
stock exchange. The rumors were very
thick during the week about reduc-
tion of dividend, the ill health of
Mr.. Vanderbilt &c., but conservative room
traders think the decline was due to the
favorable position OF tho West Shore road.
New Jersey Central has been we'll sustained
by reason of the application of the receiver
to return the road to the stockholders.
Money on call is about per cent. The
foreign tradecontinuess very favorable to us,
and when compared with last year shows a
continued improvement. The balance OF
trade in our favor for the first quarter of 1888
is $51, 100000, against deficit last year OF
$245,000 The exports of grain and cotton
continues very large.
The ease in money, the position of foreign
trade, tho heavy railroad earnings, and the
healthful condition of our bond market arc
all causes for congratulation.
LONDON, 1890 p. m, Saturday United
States bonds unchanged. New York Central
"a lower; Illinois lower; Pennsylvania l.
Reading 1, Ontario and Western 4, Erie 4, all
lower; st. Paul higher; Lake Shore
lower Market for Americans irregular and
fluctuating wildly.
GOVERNMENT BONDS.
Bid asked
United States rs, 1881 lO3 ....
United states ass, 1891 registered ,,.. ii2 ii2l.
Nned N States , tss; ods ds', COUPON i,S,s iiS.