National Republican., 1884-06-02
THE MARKETS.
Unfoundcd RumorS Cause Temporary De-
cline, but the Closing Was Strong.
Review OF che Past Week, Showing a
Further Improved Condition.

NEW YoRK, May 31.-Business was not TO.
sumed at the stock exchange this morning
until IL o. M, an hour later than usual Tho
market was firm, especially for Missouri
Pacific and Pacific Mail, which advanced TO
III and 422 respectively. Soon aftorward the
Vanderbilt shares were attacked with great
severity, and 1t was reported that the West
Shore aud New York Central roads were cut
ting rates. Tho decline was only temporary,
however, for when tho bank statement was
issued the market became very active and
strong. The weekly exhibit Of the associated
banks was unexpectedly favorable. The stock
to turn tho market was Missouri Pacific
which was bought heavily for inside
account. Large numbers of Seller CO.,
options are falling due, aud thero is o
good demand from this quarter. Tho
sellers options in this stock alone are
estimated at $4,000 shares. Western Union
was also strong. The buying for London and
the continent was larger to-day than for q
week past This buying was not confined to
any special stock. There were reactions at
intervals but each decline brought in fresh
orders to-day. In tho advances, which ranged
from to bl per cent. Missouri Pacific, North
western, st. Paul, Lackawanns, Louisville
aud Nashville, Union Pacific, and Western
Union were most prominent. Near the close
Now Jersey Central was weak, aud dropped
TO 56, q decline Of 23 per cent. for the day
The general list reacted slightly, but left OF
strong.
The sales of stocks for the past five bust
ness days were 9, ,126,275 shares, q decrease of
32S, ,433, as com pared with those of the previ-
Gus week. The exports Of specie for the
week were S15g,655, makinga total since Jan.
i of $43, 1886, ,407. against $6,275,510 for the
same time in 1888.
Railway bonds were firm and higher.
SATURDAYS REVIEW.
The bears say the reduction of New York
Central dividend has been decided upon, but
the conservative brokers do not believe any
action will be taken in the matter until Van
derbilt returns about the 10th OF June. The
short interest In the coalers, notably, Lacka-
wanna, is reported to be large.
Pacific mail bid was up by George Dickin-
son g. Sternburger. g. n. Davis and Motley
were the largest sellers, Knowlton bought
1000 Western Union at 5si, and Boyd bought.
The selling was by Mccormack, Drape, and
Bruins.
Work, Strong s. Co.. Nelson, and II. White
we're buying Union Pacific. The selling was
scattering. s. A. White was the heaviest
seller of Missouri Pacific. Kemyss and Bah
cock, Coombs and Reed bought New York
Central. Pomers and s. Henderson and
Minton sold. Philadelphia is buying Read
ing and Jersey Central.
Sales of stocks to-day aggregated 391,390
shares including sthe following: Delaware
Lackawanna and Western, 90, 765; Erie, AGO;
Lake Shore, ID, 1875; Louisville and Nashville,
10,620; Missouri Pacific, 5000; Northwestern,
1870; New Jersey Central $500; New York
Central, 1850; Pacific Mail, 10,390; Reading,
29,4oO; st. Paul, 5e,325; Texas Pacific, 4,oO0
Union Pacific, 54,740; Western Union, 26, 1s0;
Northern Pacific, 7,l90.
Treasury balances: Coin, $127, 1862, ,oo3; cur
rency, $l0,239644.
THE WEEK.
Further improvement in the condition of
affairs is to be noted during the past week.
There has been very decided flow Of foreign
capital this way, which has had q reassuring
influence, and has helped TO steady values at
our stock exchange.
A certain class of operators have been
busy endeavoripg to keep up the general
nervousness, and have undoubtedly had
some influence. One day IL was stated that
money was loaning fiat, the object being to
convey the idea that the holders Of the
money had no confidence in the
banks and considered it safer to
let out on good security without
interest than to put the money into any Of
them. The improvement last week was pretty
fairly reflected in the recovery in tho values
of stocks, and a better feeling in the market.
There has been good buying more than the
mere covering of shorts. Strong combina-
tions have been formed, backed by large
amounts of capital which has been borrowed
on long time, tho intention apparently being
to support properties of established value,
and thus help to restore confidence. Of
course it cannot be expected that there will
be any continuous rapid rise; it would not bo
supported even If II were possible to effect it,
There is too much distrust still, too many
clements of uncertainty remaining for such
market. But earnings continue fairly salts
factory, and though 1t is to be expected that
during the summer, traffic on the trunk lines
will be light Lackawanna and Reading will,
for the present, suffer more or less from the
partial suspension Of mining which has been
agreed upon by the coal combination. Yet
on the whole it is believed that prices will
continue to improve slowly.
The market for railroad bonds has been
very much unsettled, and prices have taken
wider range Of fluctuations than usual, be-
ing generally somewhat higher than a week
ago but the net charges are small compared
to tho extreme declines at various times in
the week, thus indicating a recovery of con-
tidence TO some extent from the periods of
especial depression.
Government bonds have been less irregular
in price.
The market for sterling, while not largely
affected by the regular movements of trade,
has been unsettled by the movements of
bankers bills and security bills in connection
with the purchase and sale Of railroad stocks
on European account.
The cotton market has been much quieter
during the past week, and fluctuations in
prices much less important. The floods in
the southwest, the rapid reductions of stocks,
and comparatively favorable foreign advices
were elements of strength early in the week,
but OH Wednesday notices of delivery on
June contracts came out quito freely, and
being thrown upon the market in the process
of liquidation which the banks seem to be
urging upon their customers, this crop de-
clned few points while the next crop also
favored buyers, though to a smaller extent
only. There has been slight increase in
the movement Of cotton, due probably to the
financial pressure.
STOCKS.
Following are opening, highest, lowest, and
closing prices of principal stocks. corrected by
special wire reports received by Bateman & o.,
bankars No ll4I Il street northIyeaL,