National Republican. (Washington City (D.C.)) 1872-1888, 1884-03-14
THE MARKETS.
A BulliSh Feeling Making Itself Felt in Stocks
and Grain,
Enormous Decrease in Western Union
Telegraph Earnings.


NEW YORK, March 13.--The market opened |
strong to-day and sold off after the first half
hour. The squeeze in New York Central |
apparently ended during first quarter of an |
hours trading. Tho bank of England re-
duced rate weakened sterling exchange and |
helped the bull feeling in stocks.
Although business was more active than
yesterday it was still dull. Most active stocks /
were Union Pacific, Central Pacific, New York |
Central, Lackawanna, and Lake Shore.
Traders seemed disposed to await result of
the trunk line meeting here to-day. In the |
afternoon the market was quiet and steady
and closed with fractional loss from opening |
figures. Bonds strong, West Shores especially
so.
The largo bears say they are waiting to
Louisville and Nashville would not be adj
vanced much, because tho three cliques in
this stock distrust each other
Tho bank of England reduced its rate TO 3
por cent. to-day, and this will be followed by
reduced rates here for exchange and gold
shipments will DO curtaled thereby. 1t is
rumorcd that Mills is at tho head of syndi-
cato which is buying West Shores ID. ..
Mills said; 81 am not buying West Shore
bonds and doing nothing in the market"
Vanderbilt said yesterday that New York
Centrars floating debt has novor been SO
small.
1t is reported that sustaining orders have
been given in Central Pacific.
Councilman's Chicago letter says: Bears
are said to have covered wheat to-day be-
cause they thought big bulls were likely to
force it up. If the bulge is sharp 1t will
probably be a sale for reactions. Corn is adj
vancing in both outside and local buying,
with heavy short covering. Provisions fol-
low corn closely"
Vice President Spencer of tho Baltimore
and Ohio railroad, has assured the transpor-
tation committee of the Baltimore -four and
corn exchange that Baltimore grain interests
will be protected in any contingency, and the
company would maintain its difierential rates
below any price fixed to New York or Phila-
delphia by other roads from the west.
The Boston Transcript says that Elijah
Smith, of Boston, has been offered the pres-
dency of Oregon Transcontinental and Oregon
Improvement. He has accepted the treasurer
ship Of Oregon Southern Improvement COM
pany.
The treasurer of the New York and New
England company has offered to pay coupons
protested Jan. l, but protesting parties de-
cline payment until the court authorizes 1t.
Bankers say reduction of Bank Of England
rates will cause reduction in sight exchange,
but thus far it is unchanged.
Receiver Green, of the North River Con-
struction company, advertises this morning
that creditors of tho company must present
and prove claims within four months or be
debarred from dividends.
The exact figures of visible supply of grain
in the United States and Canada are Wheat,
30,5i9,Ss3; corn, 16,247,095; oats, 5,l1O,390
The above shows decrease in wheat of
524 OH bushels; increase in corn, 49,, 594; de-
crease in oats, 366,99i.
The total stock of wheat in sight, including
visible supply and amounts on passage, COM
pared with last week, shows Wheat, decrease,
Si,Ol7; corn, increase, 1,lT2,59i.
Kiernan's Galveston Texas special says
Vice President Huntington and Crocker,
with Supt. III lmore, of Central Pacific rail-
road, arrived here. they say the crop and
bus ness outlook in California is better than
for many years; abundant rains throughout
the state and full crops will prevail this year.
A lengthy legal opinion on tho condition
Of the Oregon Unconstitutional company and
its relations with creditors gives this, divided
into eight classes:
l. The holders of collateral trust bonds.
9. Syndicate creditors who have advanced
S0,200000 on collateral.
3. Claims of stock and bondholders of Ore
gon and California on account of lease.
4. Claims of same parties, damages for non
completion of road according to contract
5. Claims of contractors.
8. Holders of branch bonds not hypothe-
Gated, $500 Oregon Transcontinental liable
for two years interest.
Z. Bonus of 100000 due tho $s,OO0,OOO
syndicate.
s. Floating debt. The claims of the syndi-
ca to are preferred, as they have collateral.
The opinion claims that creditors should
demand that tho los per cent never paid in
by stockholders should be forced to be paid.
1t is further alleged in the opinion that the
Oregon Transcontinental Office was removed
to Boston to prevent suits by various cred
ltors.
The Western Union company yesterday
declared u II per cent dividend. This Quar-
ter ends with the current month. AS com
pared with previous years, the earnings CON
tinue to show an enormous decrease The
report states that the net revenues for the
a1 at nra OF 40
43l.22. Reference to the statement of o yeai
ago shows that these figures indicate u de-
crease of 81, 1897 ia as compared with those o.
the corresponding quarter Of the preceding
year.
The corrected figures for the last quarter
are $0l, $50 less than the estimate on which
the last dividend was based, and that amount
must be added to the 1908 205, by which it il
figured the actual earnings of that quarter
fell short Of the amount of the dividend
The Herald says that like all preceding
reports of this company since Gould has had
control of 1t this one makes no allowance fol
cost of maintaining lines, &C. All cxpendi
lures for these purposes are supposed to be
charged in CONSTRUCTION account" the so
crets OF which have never been revealed
Sales OF stocks to-day aggregated 1914, IA
shares, including tho following: Central Pa
chc, $780, Delaware, Lackawanna and Wast
ern, 2l,9lO; Erie $4,000; Lake Shore, 12 $50
Missouri Pacific, $500; Northwestern, 6,A0O
new 10TH AenLThl lO,ouUi IuOlllc Mail, D,UOU
Reading, 300; st. Paul, 2O920; Union Pa
ciflc, 1890; Western Union, $780, Oregon
Transcontinenta 1850; Northern Pacif,
preferred, 300; Lake Shore, seller 20, $780,
STOCKS.
Following are opening and closing prices o
principal stocks, rs corrected by special wire
reports received by Blteman IL Co., bankers
No 14ll + street northwest
op'nmg Closing
Delaware and Hudson,"',''',''''o'''"''', 100 los
Western IJl 7It
Central Pacific DIN
New York l2g 1lB
Misaisan Central 5iS 81
Lake 1885 1922
Louisville aud NnshVille,,,,,,.,,.,,...,,, 10 49,
CHICAGO and NOrthWc ,,,.,,,,,,,,, llSls 1lTl
Union PaC IS4 ~
Chicago, Milwaukee and 81 PAul,.,,,,, DIG u1
Wabash ST. Louis and paClilC.,.,,,,.r.. lbiI III
Wabash 81, Louis and Pacific pref. .6lI III
Missouri .,,.,,,.,",., Qua 81
Denver and Rio (Tuuup ivy Ia