National Republican. (Washington City (D.C.)) 1872-1888, 1884-06-04
THE MARKETS.
A Weak Opening Was Accelerated by Unia-
vOrable Reports Of Passed Dividends,
A Good Rally Sue cceded, hut the Market
Left on Weak.

New YORK, June 3.--The share market
opened weak and lower this morning, and
prices declined to IL per cent. Central
Pacific fell of II to 422; New York Central,
Ia to 1861; Union Pacific, IL to 45; Missouri
Pacific 1 to s3I; Northern Pacific, to ASA
Louisville and Nashville, ? to 80; Delaware
and Lackawanua, to 1O2R; Lake Shore, ! to
s6l, and Western Union, to Git. Reading,
however. opened per cent. higher, at "a; fell
off to 23l, and rose to %. Tho early decline
was accelerated by stories that the Michigan
Central and Canada Southern dividends would
be passed and the Lake Shore dividend reduced
TO II per cent quarterly. The reports
subsequently, received official denial from tho
representatives of the Vanderbilt interest,
and prices rose to 81 per cent, the latter in
Michigan Central, which sold up to 734.
Near midday prices ran of fractionally, but
soon recovered subsequently weaker feel
ing prevailed, and n general decline took
place. This was succeeded by good buying
and buoyant tone, some shares advancing
TO tho best figures of the day. In the after
noon there were general realizations, and the
bears made an attack on the market, result
ing in decline Of to 2t per cent
At the close there was rally of to 4 per
cent. in some shares, but tho market left oil
weak.
In consequence Of suits by the income bond
belders tho Mercantile Trust company to-day
was buying and keeping alive the coupons OF
tho Texas Pacific, eastern division, bonds.
This course was adopted to prevent further
legal complications.
Railway bonds were strong and higher in
the early dealing. but closed weak There is
considerable short interest in Missouri Pa
cifc and Vanderbilts, and coal properties
The bears argue that Readings default must
have bad effect abroad. Tho bulls say the
receivership will be beneficial to the coal
trade, as the receivers arc friends of the coal
combinations In their hands. Reading will
be subservient to the requirements Of the
united interest of all the others.
The London market for American securi-
ties opened very strong, with fow exceptions
Reading broke 2 per cent on the appoint
ment Of receivers, and Pennsylvania de-
clined !. The rest of the list shows ad.
vances of to 81. New York Central adj
Canada Pacific, 4; Central Pacific, \; Lake
Shore, IL.
The payment of the dividend on Jersey
Central was suspended this morning pending
instructions from the receiver.
The National Savings bank required thirty
days notice from depositors this morning
and the crowd dispersed.
S. V. Hill says the stock market is some,
what heavier than during the earlier trading
and that 1t is probable 1t will sell off, as q
reaction is but natural. 1t would be detri
mental to the bulls to jump prices too sud
denly. There is no fear of a serious decline
as many properties are cheap, notwithstand
ing that the short interest is largely covered
There were no special features in cotton
trading to-day. Members paid more attention
to the result of the exchange Offices election
than to anything else. The cotton situation
is practically unchanged since Mondays clos
ing.
Sales of stocks to-day aggregated 465,39;
shares, including the following: Delaware
Lackawanna and Western, AZ, 2l0; Denver snt
Rio Grande, 5,401; Erie. $500 Kansas and
Texas, $500; Lake Shore 14,300 Louisvill,
and Nashville, 1920 Missouri Pacific, so,
800 Northwestern, 1896; New Jersey Cen
trail 1850; New York Central, 13,474 (; Read
, 3s,7s0 st. Paul, 84,755; Texas Pacific
17,45O Union Pacific, 6s,oso; Western Union
$4,000 Northern Pacific preferred, 1900
Oregon Transcontinental, $4,000.
STOCKS.
Following are opening, highest lowest, ant
closing prices of principal stocks corrected by
special wire reports received by Bateman & Co.,
bankers. No. llal street northwest: