National Republican. (Washington City (D.C.)) 1872-1888, 1884-05-24
THE MARKETS.
a Hammering Of the Coal Shares Dopressta
the General Market
Though There Was Rally, the Closing
Was Weak.

NEW YoRK, May 23.--Tho transfer OF
Union Pacific stock TO investors names to-
day amounted TO SLY shares, of which 1892 |
were for New England, 1850 for European,
and 1856 shares for New York account. Tho
share market was heavy and depressed TO-
day. Tho coal stocks wero tho features dur
ing tho early trading aud recorded the lowest
prices for years Jersey Central
broke z per cent. TO 52; Delaware aud
Hudson, G to OIL; Lackawanna, 81 to lOlti
and Reading, II to PAY. Various untavornblo
reports were circulated. IL was said that tho
Thomas Iron company had Withdrawn its
business from the Laokawanna; that b. q:
Clarke, q director Of the Lackawanna, had
resigned; that meeting of tho Lacllawanna
directors had been called to discuss the ques-
ton of the dividend, and that the Reading
employees would strike. subsequently
Clarke denied tho report that no would
resign, and the rumor of u Lackawanna d.
rectors' meeting proved untrue. Northwest
was also weak and dropped from 1905 to 96s
on u rumor of trouble IN tho Northwestern
pool Tho general market was lower, IN
sympathy with the sharp changes in tho
shares mentioned. This was succeeded by
rally of to 9 per cent, tho coal shares show
ing the greatest improvement Before mid
day the coal shares were again hammered
down, Lackawanna breaking to 09h Jersey
Central to 5l5, and Delaware and Hudson to
SSl. The whole list sympathi2ed, and lower
figures were recorded all around. Tho sales
of long stock wcro noticeably large, and it
was said stocks held on account oil loans
were being sold out.
There were frequent rallies after noon, but
each rally brought out fresh offerings. Near
tho close Northern Pacific was singled out by
the bears and broke, common from POI to 1Os,
and preferred from AGA to d31. Lackawanna
and Northwestern also received some alton
frnp hn fba lrnOninp tn
97s, and the latter to 06s. Chicago, Burling-
ton and Quincy touched Ill during tho
morning. Some shares were comparatively
firm at the close, but the market as a rulo was
weak.
A feature of the trading to-day was the
number Of sellers, options put out.
The governing committee of the stock ex-
change at n special meeting this afternoon
decided to postpone the election for president
until June 2, and referred the resolutions
passed by the board making the Office u
salaried ono to tho committee on the revision
of the constitution.
1t Is reported that the employees of tho
Reading and Jersey Central have arranged
for strike "iu the event of their being
forced to accept scrip" for their wages.
Chicago advices report that representatives
of the Chicago and Alton, Illinois Central
and Wabash roads, forming the Chicago aud
St. Louis pool, met yesterday for the purpose
of rearranging percentages, Being unable to
agree, tho matter was referred to arbitrators.
Boston houses were large sellers Of Union
Pacific yesterday, mainly for tho long
account. The earnings of the Union Pacific
system are relatively showing some improve
ment. The Omaha estimate was photographed
east last week, showing an estimated decrease
in gross earnings for April of only 1000;
the estimated decrease for the first week OF
May is S65000, and for the second week
$4,000.
1t is stated that arrangements have been
made for taking UP the remaining loans on gov.
eminent bonds made by Fish & Hatch, which
have not yet been liquidated. Part of these
loans, secured by the firm, have been settled
by the sale of government bonds held rs
collateral. The remainder have been pur'
chased by /. and s. Wormser in connection
with other capitalists. They say these bonds
will not be thrown ON the market but held
for investment. Some pass into control o.
the trust companies and other financial
institutions. 1t is understood that Fish s
Hatch will probably resume soon.
A resolution was read in the stock ex
change that the governing committee shall
80 alter the constitution as to provide thai
tho president of tho exchange shall be paid Q
salary and serve for q number of years
Members have signified their approval, and II
goes to the governing committee for fna
action. The governing committee will dc
eide salary and term of Office.
Lackawanna was sold by tho Dickinson
following. The cause for the decline Is sale
to be tho calling in Of large loan and ex
pected suspension in mining operations
The S. V. White following have beon offer
ing stocks with tho view of getting bacl
their shorts. There were some buying order
in Western Union, Union Pacific, and Della
ware and LRckawanna. J. S. James sole
$l5OOOO of Erie seconds aud G. A. Johns ha
been seller on options. Brokers in the loal
crowd report rates easier, with every proba
bility of their going lower.
A Richmond dispatch says: "H G. Blan
rhard. q large coffee house here, failed thi
morning
The decline in Northwestern and the mar
ket generally is said to DO owing to the alb
sence of investment demand, inside support
and want of orders.
Tho cotton market opened two point
dearer for the near months and unchanget
for the late months in consequence of tn
advance in Liverpool.
Counselman's Chicago special says: lou
whole grain market Is ready TO advance wer
it not Tor the Wall street trouble. Corr
receipts are SO light as to make it seem as
there was but little to come forward"
Treasury balences-Coin, Sl27, o29, O04; cur
rency, $l0,0j9349.
Sales of stocks to-day aggregated 431, G5
shares, including Central Pacific, 5,420; Del
aware, Lackawanna aud Western, 10Y, l45
Delaware and Hudson, 1000; Denver AM
Rio Grande, 1000; Erie, 1900; Lake Shore
l7,1s5; Louisville and Nashville, $3.50; Mis-
souri, Pacific, 2450O; Northwestern, 2l,iiG
Now Jersey Central, 5000; New York Cen
trail, $50; Pacific Mail, 4,230; Reading
1s,20O st. Paul 5000; Union Pacific, 46iC
Western Union, 46,S73; Chicago, Burlington
and Quincy, 1888; Northern Pacific pre-
ferred, 20O92.
sTocKa fil
Following are opening, highest, lowest an,
closing prices of prluopal stocks US corrected by
special wire reports received BY Blteman & o.
bankers, No. llil + street northwest