National Republican. (Washington City (D.C.)) 1872-1888, 1884-05-23
THE MARKETS.
Gloomy Rumors Give the Bears the Profits Of
Another Days Trading.


NEW YORK, May 22.--Tho share spocula-
ton was foverish and depressed to-day. The
weak spots Of tho market were the coalers,
Union and Central Pacific. The coal shares
wero affected by reports that the employees OF
tho Reading had refused to accept scrip for
wages and would strike ftho company insist.
ed on forcing It on them. The report that min
ing would DO stopped for two weeks in June
wss also used against these shares. Jersey
Contral broke from GO to So, Reading from
2Os TO 25l Lackauwanna from 1OB o lO3s'
and Delaware and Hudson from 1901 to 07'
U nion Pacific dropped from l0l, ut the close
yesterday, to 35l on report that Charles
Francis Adams, in an interview in Chicago,
had stated that tho company had not earned
its dividend for tho current quarter and that
none would be paid.
The bears sold the stock heavily on these
reports, and late in the day tho following
was received at tho Union Pacific Office in
this city:
The reports arc out OF whole cloth, aud entirely
without foundation You can safely make such
denial you deem expedient OF everything
alleged TO emanate from US. II. ). AMEs'
Central Pacific dropped from 422 to 393 in
sympathy. Pacific Mail was another weak
spot, and after an early advance to 80, sold to
80. Tho stock broke on o rumor that the
Frye shipping bill had been tabled. The fact
of the matter Is, tho bill is now in the hands
of conference committee, and no such action
as reported could have taken place. Ofhcials
state that there is nothing in the condition of
tho company to warrant to-day's decline the
business being larger than for years past.
The general list was we'll supported during
the first hour of business, and n few shares
showed an advance of to per cent, but tho
subsequent attacks on the coalers and Pacific
L. nd tho Nyhnla marEot
In the last fifteen minutes of business n
moderate buying movement set in, and prices
rallied to II per cent, Western Union, Cen
trail Pacific, Northwest Reading, and Jersey
Central being tho most prominent. Louisville
and Nashville was strong throughout tho
day, and rose Ii per cent. to 3lb. Tho mar
ket left off quiet and firm, Notwithstanding
tho announcement of the failure of +. II.
Shaw.
Numerous rumors were circulated in regard
to Union Pacific.
II ia reported that Gould has made ample
money arrangements through foreign bankers
to guarantee himself against any possible
stringency in the money market for the next
four months.
II is believed that tho short interest was
argely increased yesterday.
1t is reported that some buying orders
we're received yesterday from William III
Vanderbilt for Now York Central and North
vest.
The bears say there are still largo amounts
of stocks in loans which will have to bC
liquidated before prices reach bottom.
The London market for American securi
ties advanced to 1t; st. Paul declined B.
Trading has been very active and an easie
feeling prevails. A Boston special says
Chicago, Burlington aud Quincy declared ,
dividend of 81 per share, payable June 16.
The transfer books close May "a and re
open June2.
Mr.. Gould said: ~ have absolute proc
that outside investors have boon heavy buy
the past two weeks the stool
has been taken from the street ant
transferred. Concerning the market, hav
very little to say. / believe that parties will
capital are anxious to get securities ut thes
figures and there is every reason TO suppos
that we have passed through our troubles.
was talking with prominent bank Office
this morning. and he declares that we hav
nothing to fear from our associated banks
aud that each day bringsa brighter outlook.
Counsolman's special says: Wheat is quie
and trading only local. The only buyer 0
consequence is Field, Lindley " Co. Pro
visions are being worked, The big struggl
Is to squeeze Nat. Jones and the c. p. and
company who are supposed together to b
short 10000 to $4,000 barrels. Corn is onl
bought on scalping deals"
Tho cotton market on the whole has bee
fairly strong but very dull.
The earnings of the Lake Erie and West
ern railroad for tho first week in May dc
creased $722i,47
Treasury balances: Coin, $121S23, 200
currency, $685. Asa.
Tho sales of stocks to-day aggregate
4l1,5l9 shares, including tho following
Central Pacific 500; Delaware, Laclrawann
and Western, 56,600 Denver and Rio Grandt
$3.50; Erie, 5000; Lake Shore 1890; Louis
Vile and Nashville. 1876; Missouri Pacific
1880; Northwest, 10S40; New Jersey Ger
trail, $3.50; Now York Central, 1000; Pacif
Mail, 14,iO0; Reading, 1855; st. Paul, 90
800; Union Pacific, 69300; Western UnioI
34s5O; Northern Pacific preferred, 1926;
Oregon Transcontinental, $3.50; Wabas
Pacific preferred, 500.
STOCKS.
Following arc opening, highest, lowest. an
closing prices of PRINCIPAL stocks, Us corrected b.
special wire reports received by Batemau & Co.
BANKERS, No. llil street northwest