National Republican., 1883-08-21
THE MARKETS.
Denver Leads Downward Movement All
Along the Line,
The Rumors Used by the Bears to Force
n DecIIne-A Reaction Looked For.
Special Dispatch.

New YORK, Aug 20-It was pretty gem
orally admitted at Long Branch yesterday
that tho closing Saturday was much more
satisfactory and encouraging than earlier
events foreshadowcd. About the only really
puzzling feature was tho singular weakness
in Denver, which couldn't be explained by
anybody. WoerishoefIer said that there was
no foundation for the street report of movo-
mont for n receiver for the property, for
there had been no default of interest and
none was due until next January. He was
not bMlish on tho general market,
but thought the Northern Pacific
stocks were not dear, and he
believed that the directors next month would
declare dividend on the preferred stock.
Woerishoeffer thinks stock speculation is
drifting into stagnation, and he believes that
the borrowing capacity of Wall street for
new enterprises of all sorts is exhausted.
The Gould following are strongly intimat-
ing that there will be a sharp further rise in
the Wabashes this week mainly in the com
mon, and strong predictions are made of 10
TO 10 per cent advance in both sorts inside
fortnight if the corn crop escapes the frost
But there is nothing in the Chicago 1rbunG's
report that Vanderbilt wants the Wabash for
southwestern connection aud as this road is
leased to the Iron Mountain company it is
out of the question.
Russell Sage is very happy over the gain in
prices last week, and says he never faltered
IN the belief that the market touched bottom
last Tuesday. He believes that by the end of
the harvest stocks will be Is to 90 per cent
higher. Large time loans were recently made
to big operators, which show that leading
spectators have been buying considerably for
"a bull campaign soon. The news from Sara
toga is rather moro bullish, and Senator
OBrien, just back, reports decidedly better
feeling. The Vanderbilt following are conf
dent Of higher prices for New York Central,
Lake Shore, and Michigan Central, and say
that produce is now moving freely to the
seaboard. The east bound tonnage of the
trunk lines last week showed gain of 2,266
tons over the previous week.
The greatest gain was in grain which shows
2Sl6 increase. The Lake Erie road carried
the largest portion as ZIG per cent? of tho
traffic Money loaned as low as 1 per cent
Saturday but the bankers don't expect to see
it as low as this again this year Money
dealers calculate that after the first call of
$5,0000OO bonds next Wednesday they will
come in slowly and there will be but littlo
practical relief from the proposed treasury re-
demption of $30,000000 this fall. The bulls
on telegraph have q story that tho S15, 900, 900
illegal stock is to be Cancelled. Tho shorts
will thus be twisted. This lacks con nfirma-
tion.
Dr. Norvin Green, president oft the Western
Union Telegraph company, arrived on the
steamer Alaska yesterday.
The board of equalization has increased the
accessible value of the railway property in
California for tho present year $S,500,000.
Mackey, tho president of the Postal tele-
graph, tells his friends that no application to
list the stock has been made and will not be
made, nor will anybody be advised TO invest
In these securities by him until the fact is
well proven that success is assured. He has
great faith in the enterprise. In Chicago on
Saturday the stock was 81 to 8 bid.
Stocks opened singulary weak and under
sharp pressure to sell. 1t was reported that
the Gould brokers were sellers of the whole
market, and there was good selling in every
crowd. 1t is claimed the room traders have
largely covered shorts. Woerishoeffer and
Osborne Il Co. are selling Denves Drum
mond is the principal seller of Western Union.
Geo +. Dickirnon sold Union Pacific. The
German bankers and Hollster sold Erie
Hollister sold 5000 shares and Youngs & True
most Of 1t. New York Central Hat. Jersey
fiat and others lend at to 2 money at 2 to
3. Sterling unchanged.
Sterling easier at 4s2@l4s Governments
are steady on light orders and no pressure to
sell. The Vanderbilt brokers say there is no
reason for selling the general market be-
cause of the weakness in Denver, and they
believe the market Is purchase. r. w.
Setback and Henriques have been the largest
sellers Of Denver, and it is reported that
Cammack's following have liquidated.
Sternberger & Fuld have been buyers of Den
yer, but the stock has apparently no bottom.
Tho order brokers in st. Paul and New York
Central say there is no feature except de-
sire to sell.
Denver was selected by the usual manipu-
lators of this stock to break the rest of tho
market for shaking out stocks generally
The price broke per cent. Ito 244l, and most
of the list sympathized to the extent of to
from the opening, Jersey Central yielding
most. The fall at London also had its effect
but the undertonc remained bullish. Michi-
gan Central, the WabasheS, Missouri Pacific
Reading, and Denver opened / to 1t below
Saturdays closing. On the opening there
was good selling in every crowd on the floor,
and Goulds brokers were free sellers of the
whole market. Denver was sold by Woeris-
hoefler and the room traders.
One of the reports concerning Denver was
that no one could be found to take the presi-
dency of the company. The directors de-
clare that several eligible parties are in view
and the statement will soon be issued showing
favorable figures The Vanderbilt brokers
say there is no reason for selling the general
market because Denver is so weak. Hen
riques sold Denver, and it is believed that the
friends of Cammack have liquidated. On the
second call stocks were l to Q below the
opening. ST. Paul, Missouri Pacific and
Reading were fairly sustained At 2p. III.
stocks were dull but fractonally higher,
with very little disposition to buy. just be-
fore closing, prices on active trading ad-
vanced fractionally. Stocks at the close were
weak on big raids by the room traders
LONDON, 1:30.-U. s. bonds unchanged;
Erie ZIG lower, New York Central 0-l6
lower, Illinois Central ! lower, Reading 0
lower, and Ontario and Western I lower.
sTOCRg
The following are tho opening, highest,
lowest, and closing prices of the principal
stocks for the day, as corrected by special wire
reports received by Bateman q Co., bankers,
No. 14l1 street northwest: