National Republican., 1883-07-20
THE MARKETS.
The Strike Has No Porcophblo Effect in Wall
Street
Many Operators Think Bottom Prices
Have Been Rcached-The Quotations.
GOSSIP OF THE STREET.
lSilSriug Djen0fcb

Special DisDdich.
NEW YORK, July 10-The rather weak
and indifferent closing Of the market yester-
day was regarded as an indication of dull
market to-day, and tho result of the tele-
graph decision and of the trunk line confer
ence is awaited with anxiety. The Wander
bilt following say there is no need Of worry
concerning trunk lines. Tho street" isn't
so sanguine and reports of cut rates are bo-
lieved to be well founded. 1t is said that
Vanderbilt brokers are large borrowers of
money, and this leads many to believe in
strong and well sustained market little
later in the month, after tho safety
of crops is assured. Mr.. Connor
looks for higher prices this week, but the
Gould brokers are divided up in views. Some
say the market will be sale on every rally
during July, and there is only demand for
shorts covering. Woershoetler is doing little
and has stopped attacking the market. There
is great deal of manipulation in Western
Union, but the buying below so has been
better than selling The room bears threaten
raid against Willard stocks, and claim that
inside selling has been going on. A promi-
nent member of the Western Union Telegraph
company said last evening that it would be
impossible to accede to all the operators de-
mands. The operators are not satisfied with
the action of the company, in not recognizing
their committee, and strike to-day was early
In the morning regarded quite certain.
In Lake Shores the bears, led by Bell Il
Kirkner, were free offers of the stock In
Western Union there was more of desire to
sell by commission houses, but the stock is all
taken, The large sellers of LaGkawanna
were Fearing, Van Emburgh & Shelton. This
stock is lending at L; New York Central and
Jersey fiat; the others at q money at 81.
The Chicago Tribune says serious trouble is
anticipated in the grand trunk line confer
ence at New York on Aug "a, and it will be
principally on commissions. difIerential fares
and Irregularities.
The market has been largely sold by traders
this morning Bell, Walsh Il Kirkner sold tho
general market, including Oregon Trans
continental and Canada Pacific. Cross bought
Canada Pacific.
:. Some leading traders say stocks are on the
bottom and the present is the turning point,
but the best houses in the street are perplexed
over affairs Some assert that the short in
terest liquidates daily at the closing, while
others say it continues heavy. The bears
have story that the Vanderbilt lines are to
withdraw from their western connections but
it is untrue. The Canada Pacific syndicate
has been buying back the stock sold at higher
prices and the dividend will surely be paid.
1t is announced that Cammack viii return
here in about week.
At meeting of the Richmond and Dam
vile directors yesterday it was resolved TO
to pay off the floating debt
The Western Union committee appointed
to examine into the grievances of operators
summoned before them the heads of the
various departments this morning, and began
the investigation. No results will not be
given out to-day. The stock exchange, West
ern Union office. is entirely without oper-
ators.
At 1915 Washington time, a man stood up
in the middle of the Western Union main
office and blew shrill whistle, upon which
the men formed in the aisles and marched out
of the room. In Philadelphia, out of 125
operators III left their keys 1t is announced
that the operators of the bankers and mer-
chants, Baltimore and Ohio, and American
Rapid have decided to go out twith tho West
ern Union men to-day. - - ~ "sN
REVIEW. -.NnuJ
The market opened under severe fire
from the bears and a general raid from the
room traders. There appeared to be gen.
eral disposition to discount the very worst in
telegraph and railroad matters. Telegraph
fell TO III on report from Washington that
orders had been issued for a strike at noon
Canadian Pacific was sold ON a story that the
last dividend declared had been rescinded
In New York Central there was decline of
II during the forenoon. The sellers were
Work & Strong, Osborn & Co., Prince &
Whitley, and Enos. Bell g. Van Emburgh
and George Green bought New York Central.
Lake Shore was raided by the bears, led by
Kirkner and Bell. There was more of a dis
position to sell telegraph. Money lent at a.
The general loaning rate for stocks was q
Lackawanna lent at l New York Central
and Jersey fiat. After the announcement at
noon that the operators had struck the sell
ing of stocks ceased, and a rally of I to l in
some stocks followed on shorts covering 1t
was then reported that the operators of other
lines had also struck.
Stocks were little sitter at 2p. m. on
shorts covering. 1t was reported that Clews
& Co. bought in $4,000 shares of various
shorts Some leading operators thought
stocks were on the bottom and to-day was the
turning point. About 2;30 the improvement
was lost and the market became dull The
only stocks remaining above the opening Vas
Manitoba, which rose to 10S New York
Central was weak and sold at 1132 Not
withstanding that stocks were fairly firm at
the close, it was on very limited trading
There is q very unsettled feeling all around
and tho undertone is anything but strong
AS soon as the public, as well as the operators
in stocks, fully understand the magnitude of
the strike of the telegraphers inaugurated
to-day there must be u decline in values, the
extent of which can only be determined by
the length of the strike
LONDON, 12:30.-Erie, lower: New York
Central, lower; Reading lower rest un-
changed.
STOCKS.
The following are the opening, highest,
lowest, and closing prices Of the principal
stocks for the day, rs corrected by special wire
reports received by Bateman & Co., bankers
No l4ll u street northwest,