National Republican., 1883-08-07
THE MARKETS.
The Threatened Strike Of the Railway Operators
Has a Depressing Effect
Grade Practically at n standstiIl-A Slight
DeclIrse In Could stocks,
GOSSIP.
Special Dispatch.


NEW YORK, Aug. g. Average opinions
on the market were expressed by majority
of the operators at Long Branch yesterday
that there would be no established improve
ment for the next fortnight. Regarding tele-
graph matters, both sides seem to be equally
confident and determined. The limited trade
is in the hands of the room traders who
"scalp" for and t. Brokers say the buying
of Union Pacific is exceptionally good, and
all this stock sold by the bears on Saturday
was absorbed by good parties. WoerishoefFer
and Frank & Co. sold most Union Pacific Sat-
urday, and when they attempted to cover the
market showed unexpected frmness. There
were sustaining orders in the market from
Smith, Gould, Morgan, and the Vanderbilts.
The trunk line east bound freight tonnage
last week was 27,700 tons, an increase of 1879
tons. President Rutter, of the New York
Central, was at the West End hotel, Long
Branch, yesterday. Hespoke of the increased
business of the New York Central and Lake
Shore roads, and declared there was no foun-
dation for the rumors of decreased earnings
of these roads. This is q Bank of England
holiday, consequently there are no prices
cabled.
New York Central, Jersey Central and
Northern Pacific were lending fiat, Lacka-
wanna and st. Paul at l Others 1 to 9; money
at 2. New York Central was bought on the
opening by Heath and Owens; Hunting
bought LOO; in Lake Shore Marvin was the
principal buyer. Burnham was the largest
buyer of Western Union. In Union Pacific
the stock was sold on Boston orders; Elliott
was the largest buyer.
Government bonds are steady and dull,
sterling quiet, cotton one point down.
Philadelphia dispatch says the Reading
company is arranged for the manufacture of
60-foot rails, or double the present size. The
new rails will be seventy pounds to the yard,
and save the wear and tear of rolling stock.
A Galveston, Texas dispatch says advices
on the cotton crop estimate 25 per cent. be-
low former estimate owing to the drowth.
The Boston correspondent of the First Ma
tional bank of st. Albans says he has heard
nothing Of any suspension of this bank, and
he knows nothing of any extraordinary
pressure upon it for funds.
1t is the Vermont National bank, of st. AL
bans, which is in trouble, and not the FIRST
National bank.
The Lackawanna telegraph had not struck
up to l o'clock to-day Chairman Mitchell
says the Lackawanna will strike Mt once and
the operators on Gould's lines and on the
Chicago and Alton will go out some time to-
day. bill of grievances was presented to
the Baltimore and Ohio this morning with
twenty-four hours notice for definite re-
ply.
President Dickson, of the Delaware and
Hudson Canal company, says he resigned
from the Postal Telegraph company because
he was opposed to establishing rates until
they knew they could be sustained. He had
no interest in Western Union and wished the
postal company success.
REVIEW.
The opening was to easier, and stocks
were weak on the report of tho New England
bank failure "a small concern in st. Albans).
The Gould shares were particularly depressed,
and fell to in the first quarter hour. Wa
bash common was nOtceably weak. New
York Central was sold by William Heath and
Owens. Hunting bought LOO shares Mar
vim was the principal seller of Lake Shore.
The largest seller of Western Union were
Denote and Durant, and Hotchsiss and
Burnham the principal buyers. Johnes
forced telegraph down to 20.
Boston parties sold Union Pacific. Wabash
was sold mainly by the order brokers and
Nat Hunting. George Dickinson sold l,50O
New York Central. Stocks loaned from to
2. New York Central, Kansas and Texas,
and Northern Pacific preferred lent fat.
Lackawanna and Missouri Pacific lent at
money at 2; governments, dull and steady
sterling exchange, quiet. The chief cause of
the weakness IN to-day's market was the tele-
graph strike, which now threatens to extend
to the railways, which could not but have a
bad effect on all roads. The Lackawanna
operators, whose demands President Sam
Sloan to-day refused, will, SO the chairman
(Mitchell) of tho brotherhood says, strike at
once, and the operators on Gould's lines and
the Alton road will do likewise.
Northern Pacific earnings for the fourth
week in July increased S60,707. On the
second call the market was unsettled and l
per cent. lower for the Gould stocks, except
Western Union than at the opening. The
best supported stocks were Union Pacific,
Northern Pacific, the Vanderbilts, St. Paul
common, and Western Union.
At 2 o'clock stocks had recovered o fraction
of the Decline and at 2:30 the only especial
feature was the weakness in Wabash pre-
ferred. Stocks at the close were weak at the
lowest prices of the day.
STOCKS.
The following are the opening, highest,
lowest, and closing prices of the principal
stocks for the day, as corrected by special wire
reports received by Bateman & Co.. bankers,
No. 14l1 Il street northwest