National Republican., 1884-06-21
THE MARKETS.
Jocks Moving Up and Down Under Pres
sure.
Commodore Garrison Makes an Assign
ment and Hetircs.

NBw YORK, June 20.-The share specula-
tion to-day has been heavy and lower, with
breaks in the Vandorbilts, Northwest, Lacka-
wanna, and Rock Island. Unfavorablo
rumors were widely circulated. 1t was re-
ported that dividends on Lake Shore, New
p York Central, and Lackawanna wero TO be
reduced; that the Lake shore had a floating
debt of s5,O0OOOO, and that tho Vandorbilts
were free sellers of Lake Shore and Rock
Island. The report concerning the Lacka-
wanna dividend was subsequently denied by
President Sloan. These rumors and tho
assignment of Commodore Garrison were
made the basis for general raid on the mar
ket, and in the absence of bull support prices
yielded readily, Commodore Garrison has no
speculative interest in the street and his as
signment Is not regarded as having any roa-
tiou to the stock market.
Speculation was weak throughout and somo
shares sold at the lowest figures in years.
Prices broke 1 to per cent At the close
there was rally of to per cent. in some
shares, but the market closed weak. Western
Union sold at 56Y GD55l "a 558 ex-dividend this
afternoon. Railway bonds were generally
heavy.
There has been q heavy drop in pipo line
certificates to-day on reports that Andrews
Bros, of the Standard Oil company, are AZ
fected by the failure of Q. X. Garrison.
Pipe line certificates closed last night at 66S
and tonight at 5SR. The oil market was
active and excited all day.
Mr.. Rockafellor, of tho Standard Oil COM
pany, says: 1T is undoubtedly true that
Messrs. Andrews arc involved in Mr.. Garri-
sons trouble, but no matter what happens to
them it can have no effect on this company.
They are simply stockholders, and can easily
dispose of their holdings If they think it
necessary. Any reports that the officers Of
this company are in trouble arc unqualifedly
false. The drop in oil is simply and solely
liquidation"
Sales of stocks to-day aggregate 4S2, 1853
shares, including the following Delaware,
Lackawanna and Western, 130,130 Lake
Shore, Al, ,535; Louisville and Nashville, $500;
Missouri Pacific, 10100; Northwest, 1920;
New York Central 90, $50; Reading, 5,90G st.
Union, $4,000; Chicago, Burlington and
Quincy. 300; Northern Pacific preferred,
1850; Rock Island, 9,600 Western Union,
ex-dividend, 625O.
Treasury balances $123, ,o50, 110; cur
rency, S9,467,015.
1t is believed that William K Vanderbilt
has marketed a large portion of his holdings
in Lake Shore. The probable reduction of
the dividend was discussed, but nothing
official will be done before next week. The
forced liquidation of hypothecated securities
continues, and coming on an overstocked
muThob odCu Sdlo ~ lOWbT Luun LuO previous
one Morgan's brokers were prominent
sellers of Lake Shore yesterday. There were
some arbitrary purchases to cover London
sales.
Gould sustained his specialties yesterday,
and his friends predict higher prices for
Missouri Pacific and Western Union.
The Pennsylvania railroad Is not likely to
show more than 100000 gain for May, though
1t is remembered that May Of last year showed
heavy gains over the previous month 1t is
stated that tho Lehigh Navigation has not
only earned its dividend clear during the
first six months OF the year, but $4,000 more
than tho first four months of 1888, with
$4,000 less fixed charges. Investors are
alarmed at the bower of receivers to issue
certificates taking precedence of mortgage
securities. This is ono of the causes for de-
clines in bonds.
Oil opened at'664.
Kiernan says: eve are advised that owing
to the physical condition of Commodore Gar
risoD, his friends have advised him to make
an assignment, SO as to protect all his inter-
ests. He has liabilities of about $4,000, ,0OO
and assets $15,000000. He has no interest in
Wall street. His liabilities will be liqui-
dated, and he will then retire from active
business"
After the first few transactions this morn
ing tho market steadied somewhat.
London brokers sold New York Central
and Erie seconds. II. J. Nicholas & Co. sold
Lake Shore, as did Ellis & Server, Ed Haight
and Powers. Buyers scattering.
Buyers of st. Paul we're Donnell Gordon
q Co., and Il. A. Drake; sellers, Garquilo
Wing & Kirkner.
President Sloan, of tho Delaware, Lackn-
wanna and Western says that notwithstand.
ing rumors that dividend will be reduced the
usual 2 per cent. will be declared, and that
reports current that John /. Blair and other
directors favor reduction are without
foundation.
The Chicago Rock Island declared the usua
quarterly dividend of II per cent.
Elijah Smith has been reelected president
of the Oregon Transcontinental.
j. K. keene is now giving out his notes In
accordance with settlement terms. Partie,
holding claims can receive these notes imme
dately ut Keene's Office.
Chicago dispatch says the market il
steady with better outside trading w,
would rather buy than sell wheat, although
it may go lower.
The, market opened to-day weak and
irregular. selling movement set in in
Lake Shore, st. Paul, Rock Island, and al
the active stocks, losing to 2 in first hours
dealings. By noon the loss averaged II, st
Paul being especially weak on rumors O
embarrassments among some of the STANDARD
Oil pool people. When the failure of Mr.
Andrews, of tho Standard Oil pool, wa,
reported the market broke, and the bearl
seized the opportunity to raid tho entir,
list. The market yielded slowly, but ther,
was free selling of tho Vanderbilts, ant
stories were circulated that amounts of lonl
stock were coming out also, that LAKE
Shore would be likely to reduce its divi
dend.
The market near closing stiffened on sus
tanning orders, but it is likely will go mucl
lower Tomorrow owing 10 pressure tD sell OF
exhausted margins by brokers.
Bonds are rather more active, but practi-
sally unchanged.
The cotton market steadily declined from
the opening. Further failures in New Or
leans, favorable crop weather, inactive Liver
pool, and brokers selling out customers OF
exhausted margins were the prominen
causes for the decline.
Near the close parties identified with tn
big Liverpool operators bought freely, an,
this checked the decline, but the feeling wa
still very bearish, and tho opinion prevaile,
that further liquidation would continue to
morrow
GOVERNMENT bonds.