National Republican., 1884-06-16
THE MARKETS.
The Tendency Of Prices is Still Downward in
Stocks and Bonds
Gould Making Heroic Struggle to Main
tain His Pet specialttss.

NEW YORK, June 14.-The share market
was active and buoyant again to-day on the
settlement of the trunk limo troubles, ad-
yances In grain rates, the favorable bank
tatement, and on the semi-oflioial announce
ment that the Lake Shore company will de-
clare its usual quarterly dividend of per
cent. this month. All tho leading shares
were in brisk demand from the opening until
1p. M, and an advance of ! to "a per cent.
was recorded. After time the market became
dull but at delivery hour tho room traders
broke Northern Pacific preferred from AL
to 45. Union Pacific fell off Ia to 30s on q
report that the May earnings would show a
net decrease of $4,000. The other active
shares declined to IL per cent. At the
close there was recovery Of to por cent,
and the market closed stoady. New York
Central and Missouri Pacific sold ex-dividend
this afternoon. Stocks were In better do
mand for borrowing purposes to-day
than for some time past. The sales
of stocks for the week were 1,v69,-
800 shares, n decrease OF 38d,4 shares as
compared with those of the previous week.
Railway mortgages we're unsettled. Sales of
stocks to-day aggregate 321,2 ,2i6 shares in
cluding tho following: Delaware, Lacka-
wanna and Western, 71,200; Erie, 1000;
Lake Shore, 1S, 100; Louisville and Nashville,
1880; Missouri Pacific, 1890; Northwestern,
5000; New York Central, 13000 Reading,
6,400; st. Paul, $4,000; Union Pacific, 61S,00O;
Western Union, $4,000; Northern Pacific
preferred, 12i 400.
Treasury balances-Cojn, $12o 1S6,049; cur
rency $9,700,575.
THE WEEK.
Commercial and monetary affairs are rap
idly assuming q midsummeG quietness. a
fair distribution of goods seems to be going
on, and an average demand is anticipated
during coming weeks, and the western crop
condition is very promising.
The effect of the panic Is still very widely
felt, some of its more visible effects being
seen in the embarrassments, embezzements,
and evidences of unfaithfulness which are
daily disclosed and altogether, therefore,
while there appears no sufficient ground for
the prevailing dependency, there can be
found very little encouragement for specula-
tive confidence.
As regards the banks the progress toward
recovery has continued uninterrupted and
rapid.
Money Is getting castor here, and Is likely
to continue to make progress in that direction,
so that foreign capital will hardly find profit
able investment in our loan market much
longer.
The stock market was depressed during
the early part of tho week, prices showing
decline each day from Monday until Wodnes-
day evening.
The only special feature was the appoint
mont of receivers for the West Shore road,
but outside of this was the general influence
of various defaults on interest, and tho de-
crease in net earnings by many roads, which
affected the stock market in tho same way
MS these facts affected the prices of spocula-
tive bonds. Gould, however has sustained
his particular specalties, Missouri Pacific
and Western Union, and in the last two days
the prices of these have been marked up in
order to make the shorts cover.
Union Pacific has been one of the weakest
stocks on the list on report of an unfavorabe
statement from Washington.
The grangers have also been quite heavy.
The business in railroad bonds during the
last week has been very irregular. The gen
eral tendency of prices has been toward lower
figures, and tho decline in some cases are
very large.
Government bonds havo been weak and
lower. Large lots are being pressed upon the
market, and the demand is limited az the
moment.
Speculation in cotton for future delivery
has been only moderately active at some
decline in prices. Cotton in the southeast
has had bad month, though it is in very
good condition in the Atlantic states.
SATURDAYS REVIEW.
There ere number of short contracts in
Missouri Pacific which were covered yester-
day on the exhaustion of margins and it is
believed by the bulls that Gould's promise
that Missouri Pacific will cross New York
Central will be verified next week. Tho
favorable statement of Fast Tennessee d.
rectors was issued too late to effect the price,
but the impression prevailed last night that
the new management will make big success.
The action of Commissioner Fink in advanc-
ing east.bound freights is regarded as bonef-
cial to the stock market should the pennsyl-
vaniE road consent but IL Is believed that
the West Shore will inaugurate q cutting of
rates.
meeting of prominent operators, includ-
ingS. V. White was held yesterday afternoon
and 1t was decided to submit plan of opera
tions to Mr.. Vanderbilt. Should he accent
ia N hnn mn ipnfn 1iafA ra1I. s..,
would ollow. Vanderbilt brokers claim
that .ney have not been supporting their
specialties, and the recent advances were
natural.
The objections made by tho national banks
to the proposed congressional investigation
continue to be discussed. In some quarters
IT is stated that no sound institution should
seek to prevent thorough and impartial in
vestigation of Its affairs, and that tho effort
to bury the resolution in the committee will
do more to aid bears than general movement
on the part of tho banks to court the fullest
investigation.
To-day the Vanderbilts Lackawanna, and
Union Pacific were the chief features, and tho
buying mainly by the shorts Trading was
limited to few specialties, DeAIott and Du-
}, rant, and l.. " Bell Offering Delaware, Lack
[ awanna, and Western any part Of 5000
shares at $l.O2l, and they were tho heaviest
sellers at tho opening Wormser & Co., Kirk
ner, aud Oliphant bought st. Paul, and j. v.
Bouvier sold.
Bond market stroug, and East Tennessees
leading 18th advance Of per cent.
VheJ irket opened with general advance
exten9 gto Union Pacific, ls Lackawanna,
IL Jersey Central, u Central Pacific, n,
aud other active stocks averaging rise from
FridRy'sClosing
The Improvement continued till o'clock,
when the usual Saturdays dullness dimin-
ished trading, and prices slowly gave way
illl 22O o'clock, when tho bears hammered
tho general list, Northern Pacific preferred
IunernE about per cent below best prices,
the othors Z to & After this nurry very little
was dono, and tho market closed dull, bur
fairly steady. 40 tho decline.
Bonds strong on limited transactions.
Sterling exchange duh aud unchanged.
Cotton futures opened active at TO 4
points decline, in response to weak Liverpool
advcos.
The bank reserve is s6,05G,5OO In excess of
the legal requirement.