National Republican., 1884-05-06
THE MARKETS.
A Slight Gain in Prices in the Stock Exchange
Yesterday,
The Gossip OF the Street.-The Grain and
Provision Trade.
SDecfdl DisDdicH.

NEW YORK, May 5.-Stocks opened weak
and lower In tho first fifteen minutes Of
business there was decline of ! TO IL per
cent. in prices. Central Pacific led tho
downward movement with sales as low as
i7b. This was succeeded by rally of to
per cent, but subsequently Central Pacific
dropped to 46t, and the whole market was
lower in sympathy. After midday specula-
tion was quiet but firm, and there wero indi-
cations of good buying. In tho afternoon
the orders to purchase increased, and tho
market became almost buoyaut. There was
a sharp demand for Missouri Pacific, Western
Union, Union Pacific, and the Northern
Pacifics for both the long and short accounts.
The outstanding short interest Is very large,
and the leading shares command u premium
for use. Some Western Union and Union
Pacific were bought in late in the day for non
delivery.
The market closed strong at the best figures
of the day. As compared with Saturdays
closing prices are to 4 per cent. higher, ex-
cept for Central Paciic which was lower;
Reading, |, and Michigan Central, q. Among
the inactive shares American Cable rose to
5S Evansville and Terre Haute, to 40; Min
neapolis and st. Louis preferred, to 81;
Oregon Improvement, II to 22l, and Pullman
Palace, 1 to ITO. Railway mortgages were
strong.
The feature of the bond market, however,
was the West Shore IS. The bonds opened
at 539, rose to 81. receded to 533, and sold up
TO 50b@55a, S1,076,00O changing hands.
Numerous theories were given for tho adj.
vance. 1t was reported that enough of the
present directors Of the West Shore road
would resign and make way for tho
Osborne interest; that coupons on the
first mortgage bonds would be funded
for three years; that the company will issue
$4,000, 900 second mortgage bonds. $lO,0O0,0O0
to be interest bearing and Sl5,OOO'OOO in
comes; that the terminal loan will bo OK
tended for from three to five years, and that
the construction company will agree to sell
stock and incomes enough to yield S3,O00,000,
and $2,0000 900 will be borrowed upon the S10,-
100000 bonds.
The sales of stocks aggregated 413607
shares, including the following: Central
Pacific, $3.50; Delaware, Lackawanna and
Western, 268OO; Erie, $500; Kansas and
Texas, 1900; Lake Shore, 1880; Louisville
and Nashville 3 400; Missouri Pacific, Il 600;
Northwest, 10,S0O; New York Central, $500;
Northern Pacific 1890; Reading, 35,sO0;
st. Paul, 23,53o; Union Pacific, $4,000;
Western Union, $500; Northern Pacific,
4l,500 Oregon Transcontnental, 20,400.
Conservative brokers say they see no
change in situation, but that the money mar
ket is beginning to show hardening, and u
further reduction on foreign exchange rates
is looked for.
In view of the supcrabundance of money
fi,000,000 better off than this time last year,
the drift of money should be to New York.
1t Is reported that tho weakness in the Van
derbilt stocks Saturday was caused by Van
derblt and his sons selling, and further
liquidation is looked for before Vanderbilt
sails for England ON the 10th instant.
Friends deny these reports however.
Negotiations for the cancellation of tho
lease of the Oregon and California railroad
company to the Oregon Transcontinental,
have been abandoned for tho present. Tho
officers of the Oregon Transcontinental de-
cline to name the offer as to what they would
pay to be released. 1t is understood that IL
the new West Shore bond scheme is success
ful. some of the leading bondholders will
advance $2,000,000 to meet the pressing
requirements of the company. 1t was
reported at the Windsor hotel last evening
that Travers had covered his shorts in Union
Pacific, being satisfied with his profits
Others of the Twenty-third street party
continued very bearish on this property, and
predict lower figures with occasional rallies.
Bear points are current on Northwestern
Common and Canada Southern.
1t is stated that recent holders of Union
Pacific in Boston have been buyers of North
ern Pacific stocks. Commission brokers re.
port only o small demand for stocks from in.
vestors.
Commissioner Fink has given notice of O
reduction of 10 per cent. per 100 lbs. ON cat.
tie from Chicago TO New YORK TO take et1ecl
tomorrow.
The Gould party were buying stocks after
noon and this caused the shorts to cover
Boston special says: when General
Manager Clarke, of the Union Pacific, re-
turned to Omaha he had positive instructions
to reduce the employees earninss from 10 uc
10 per cent. Failing in this direction, an.
other plan was considered to make all the
necessary reductions in the working eX
penses. Union Pacific earnings still show
large decrease over 1883 Thus far this year
tho net earnings show decrease of nearly
$2,000,000. Boston parties are still hoavy
sellers of long stock, as shown by the trans
fer books Saturday.
There is no foundation for the reports that
Missouri Pacific will be saddled with the
obligations of any other road. All stories
about Western Union stopping dividends are
without foundation.
The earnings of the Richmond and Dan
vile for the month of April show $40 SO(
increase.
STOCKS.
Following are opening highest, lowest, ant
closing prices of principal stocks corrected b,
special wire reports received by Bateman x Co
bankers, No. llil + street northwest: