National Republican., 1884-05-14
THE MARKETS.
Another Great Day for the Bears in Wall
Street
Prices Knocked Down from Two 60 Six
Points All Along the Line.

cpeneu weak ana depresBcu' PRICES uroppeu
! to 2 per cent. Central Pacific, Chicago,
Burlington and Quincy, Union Pnciiic, st.
Paul, Oregon Trsnscontinontal, and New
York Central were the weakest shares. Con-
trail Pacific broke 2 per cent. to 40, tho lowest
price ever made for the stock. About IL n.
m. there was sharp demand to cover short
contracts, brought about by the scarcity OF
the leading shares, both for cash and lending
purposes Holders generally notified their
brokers not to lend their shares hereafter. All
the active stocks commanded premium and
many cases as high as $50 day was paid for
the use Of 100 shares Thore was marked
difference between cash and regular, amount
ing at times to per cent Tho Vanderbilt
brokers called in their Northwest stock. All
this exerted q favorable effect on values and
prices rose TO "a per cent.
Northwest rose % to 1854 regular and 1901
cash; Central Pacific, to Ali; Quincy, II to
119; st. Paul, 9 to n; Lackawanna, IL to ia
regular and 11db cash; Lake Shore, IL to 93.!;
Missouri Pacific 9 to S09; New York Central,
II to 1llf; Northern Pacific preferred, 1t TO
52i; Oregon Transcontinontal, IL TO 16s;
Reading, Ia to 36h; Union Pacific, to 90;
Western Union, I to 60.
This was succeeded by slightly weaker
feeling. In the afternoon rumors were cir
culated of n defalcation in tho Second National
bhnh, huu buhb tnO LTlb COIuphhg nhh iooV
81 5000 by the recent failures. Officials OF
tho bank cmphatically denied the reported
defalcation. Reports wero put into circula-
tion also that number Of leading institu-
tions and firms were in trouble, and at the
same time vigorous attacks were made on
Canadian Pacific, Western Union. Louisville
and Nashville, and Union Pacific. Cana
dian Pacific broke 9 per cent. to 40; Western
Union, 6 to 81; Louisville and Nashville,
AZ to 40; Union Pacific, Al to 45s
The other active shares fell off to "a per
cent. In sympathy. Canada Southern do
clined 1t to 399; Quincy, to 116; North
western, q to 107; Lackawanna, IL to 1871
Lake Shore, IA to 92l; Missouri Pacific, 2 tc
7S; Kansas and Texas, Ii to 123; New York
Central, to ITO; Northern Pacific preferred
2f to 80; Oregon Transcontnontal IL TO 10
Reading, 2f to 81; Omaha, IL to 49, Omaha
preferred, 1t to 90i; Texas Pacific % to 10
Near the close Canadian Pacific rallied to 40
Western Union to So, and the other active
shares to ! per cent There was good buy
ing of st. Paul in tho late dealings. ThI
market closed weak and unsettled.
Compared with last nights closing price,
ore AZ per cent. lower for Western Union; 81
for Louisville and Nashville 81 for Unior
Pacific; for Canadian Pacific and st. Paul
2t for Central Pacific and Kansas and Texas
g for Quincy; II for New York Central
Northern Pacific, and Missouri Pacific; 1,
4oE loAdS IhClHCi IL lor NOTtneTn IuCln
preferred l for Oregon Transcontinental anC
Pacific Mail, and to for the other list, OK
cept for Northwest and Delaware and Hud
son, which are to Ii per cent. higher.
Among the inactive shares Chicago ant
Alton declined 81 per cent. to 1925 American
cable, to 54l; c. G. Q. and l, to 40; Chicago
St. Louis, and Pittsburg, / to 8; DUBUQUE ant
Sioux city, to 6s, and Illinois Central, t.
1913.
The Gould people continue to talk bulllsl
and say the market is much oversold.
Thequestion of Wabash going into re
ceivers hands was the subject of talk ut tn
hotels last night and this Is believed to be tn
shortest cut out of the company's troubles.
Conservative brokers advise customers t.
be very cautious at present and await devel
opments before taking risks.
1t is reported that tho selling Of granger
was mainly for short account, although lon
stock was forced out ut the decline.
Vanderbilt brokers were reported to hav
been buyers of Northwestern.
Officials of the Western Union Telegram
company say that the report that tho telC
graph operators are preparing for anothe
national strike next June Is without foundG
tion. The experience of tho last strike is 70
fresh in their minds and the relations Of tn
company to its employees are moro sat
factory than ever before. As matter
fact. 1t should be stated in connection wit
tnib uhtter tuuO bHO lelegTdplOr5 6trlKo
last year is probably fully rs fresh in th
minds of those constituting the Wester
Union Telegraph company as it is on th
part of the operators.
P. II. Williams, jr., says: ~ believe cotto
is o good purchase at this moment. Angus
11i96 bid"
The advance in the stock market was partl
due to the covering of shorts, caused by I'll
heavy premiums for loaned stock demande
by the bulls
story in tho room Is that Northwest wi
not issue tho 100000 of stock reoentl
authorized. Cross, Henry Bros, and Rom
mage are buying Northwest with scatterin
selling.
The Standard Oil people are buying s
Paul. Wing, Kirkner, Johnes, and Marti
q Runyon are buying St. Paul and Nortl
west
The decline in high priced securities
partly due to the withdrawal of supportin
orders and to the lowering of loaning rate
There was considerable covering of shorts t,
day, and now that stocks arc made compare
lively easy for renewals there is q dispositio
to put out further lines.
Cheney u Sprague's lumber yards Mt Spt
kane Falls have been attached The compan
was organized last year with capital stoc
of $3,000000.
President Emo authorizes tho statomen
that the report Of o defalcation at the Secon
National bank ls absolutely false.
Sales of stocks aggregate 5O4, ,12S share
including tho following; Central Pacifl
6,l50; Delaware, LackRwana and Westcr
3L722; Erie, II, 100; Kansas and Texas $50
Lake Shore, 14,432; Louisville and Nashvll
$4,000; Missouri Pacific, 17,5OO NortI
western, 3S,S50; New York Central l15s
Reading, l4,750; st. Paul, 64,985; Unic
Pacific 53,GOO Western Union, s777; Chicag
Burlington and Quincy, 1885, Northei
Pacific preferred, 5000; Oregon Transcol
tinental, 12,780; Canadian Pacific, 400.
The Commercials financial article says III
last hour witnessed great weakness in II
stock market, tho exchange presenting
scene of tho widest Excitement. Reports
trouble in various institutions were clrc
lated, and, although there was no confirm
ton for them, in fact, they were denied
far rs they were located, yot they aGcor
plished their desired purpose and as one aft
another stock was taken in hand prices fC
of Gs rapidly almost in integers as tn,
usually do in fractions until still low
range OF prices was established than h
boen recorded since tho depression set In
pretty nearly all tho list, dividend pave
aud the purely speculative alike suiFerii
until the whole market was domoralzod.