National Republican., 1884-05-12
THE MARKETS.
The Bears Make Grand and Generally Profit
able Raid,
Though Some OF Them Got PInched In
Jersey CentrAl-Gossip OF the Street.
Spscfn Dfspd,cn.


stock exchange for tho greater part Of the
day was weak and depressed. The un-
founded reports circulated late yesterday
afternoon for speculative effect tended to
unsettle affairs, and Influenced weak holders
TO sell In the morning. To-day those tactics
were renewed, but the bears changed their
field of operations to Chicago and other
leading cities. Bankers and operators were
tho recipients of dispatches before tho
opening of business Of the most
alarming fand sensational charac-
ter. At this center firms and institu-
tions were freely mentioned as being in q bad
way, and there were reports Of impending
failures, &C., but tho days events proved
these to have been untrue as reports circu-
lated yesterday afternoon to the effect that
the directors Of the Union Pacific and Erie
companies had met for the purpose of passing
dividends on the Union Pacific stock aud in
terest on the second consul mortgage bonds OF
breaking Union Pacific from 55t to 500,
Central Pacific from act to 43l,
st. Paul from S1s to 75l, Northwest from 100i
to 1072, Lackawanna from 114f to 111l, Lake
Shore from 0ls to 93s, New Jersey Central
from 75l to 732, and Erie from 10 to 1884,
The bears made but little impression on
Missouri Pacific and Western Union, not
withstanding their announcement before the
opening of business that these shares would
be attacked to-day.
In the afternoon Freeman & Co. gavo notice
to parties holding Jersey Central as collateral
for the Reading company that they would
take up the loans on Monday. This was
considered by the street as meaning that Mr..
Vanderbilt had determined to protect Jersey
Central and Reading properties from further
bear attacks, and caused q sharp rally of to
per cent. in prices, the latter in Jersey
Central, which rose to 192.
The improvement was not fully maintained
at the close. The market is heavily oversold
and stocks are very scarce for delivery. De-
1inquents this afternoon were bought in at 0
Difference of to per cent. Tho borrowing
demand was active. Jersey Central lent al
!, Missouri Pacific at 1-16, and other shares
at Lei The sales of stocks for the week
were 8, ,117,365 shares, an increase of 11054S
shares.
The exports of specie for the week were
$257,2l2, making q total Of Sal, ,447,512 since
Jan. 1, against 5,74S,S12 for the same time
last year.
Railroad bonds were lower in the early
trading, but closed firm in sympathy with
the rally in the stock market.
Sales of stocks to-day aggregated 644, ,991
shares, including the following: Central
Pacific, 5000; Delaware, Lackawanna and
Western, 117,900; Erie, l6,200; Lake Shore
10000; Missouri Pacific, 25,3OO; Louisville
and Nashville, 1000; Northwest, "A 400; New
Jersey Central, 11,300; New York Central
5000; Pacific Mail 400; Reading so, 100; St
Paul, 1890; Union Pacific, 1913. 100; Western
Union, 37,100; Northern Pacific preferred
1l,600, and Oregon and Transcontinental
6,100.
The Reading company cleared more than
600 net last year from June to Nov
80, although there were suspensions of mining
in June and July.
Notice has been given to parties holding
Jersey Central stock as collateral for Reading
railroad that +. p. Freeman s. Co. will TAXI
up these loans on Monday,
tSeeman says it is true that they will tax,
up tSs Readings loans of Jersey Central.
Among the largest buyers OF Union Pacif
are =. Y. White q Co., Marx, J. Ii. Davis, ant
Baldwin, with scattering sellers. The Bostol
to Sbu, Atg is in small lots Charles A. Johne
6pb Jtt 100000 Erie seconds, and the Ger
Ina sold. Burras sold 5000 of Lacka
wal ojas. Denslow, E. and H., bought Read
mGjtnd Brown sold. Gwynne & Day AM
Draper sold st. Paul.
st. Paul sold down on decreased earnings
THE WEEK.
There has been no great change in the sit
uation during the past week, but importan
events have transpired. There is, however
no cause for alarm. Tho failures in New Yorl
have naturally disturbed confidence for tn
time being, but that is merely temporar.
Influence. The more permanent conditions
so far as there is any alteration, are certainl
moro favorable.
Exchange has fallen off, which has stopped
for the present, at least, the export of gold
and railroad earnings are very satisfactory.
The sensation ofthe week in fnqncial circle
of course was the failure of the Marin
bank. The methods that led t
this failure, it is believed, ar
not at all common to other banking institu
tions, but the failure has dealt severe shocl
to public confidence. which is shown by tn
decline in the stock market The markc
Las also been depressed by other unfavorabl,
daynlODmanta IN pf xvl, ,inl
was the failure of Grant 81 Ward.
Subsequently the report came that, owin
to continued pickering of the trunk lin
railroads, Commissioner Fink had resigned
which foreboded q disruption of the trunl
line pool.
The rumor that the Wabash was about t
past into the hands of receiver was ais
revived, and that the Union Pacific woul,
pass its next dividend. The latter rumo
turhed out to be untrue. Central Pacific wa
knocked down on the report that it woult
reduce its dividends.
These reports and rumors have been exag
gorated by tho bears for the purpose o
depressing the prices of stocks. Reading ha
been very weak, and the other coal shares hav
been more or less depressed. Erie has ais
tended downward.
The Vanderbilt specalties and the highe
priced Gould properties have been tolerabl,
well sustained. Erie seconds have fallen OF
considerably by reason of the fact that tn
company had pledged a large amount of Chi
cago aud Atlantic second mortgage bond
with tho failed firm of Grant & Ward, causip.
report to DO circulated that this Woult
cause default in the payment of the jun
interest on tho bonds.
The railroad bond business fell off a littl
last week, and prices have declined nor
than in any previous week this year. Publ
confidence seems to have been somewhat nm
settled by the increased troubles arising ou
of the competition, and the consoquen
reduction of rates of freight on the railroads
Aside from this there have been some speoia
causes for declines West Shores were un
usually active, but were pretty firm through
out the week.
Unusual influences have entered into tn
speculation III cotton for future delivery
during the past week, causing some shar
fluctuations in prices.
The failure ofthe Marine bank caused shar
pressure to sell. A large number of brok or
had accounts with the bank and in whio
considerable sums held as margins ON cor
tracts were supposed to be deposited.