National Republican. (Washington City (D.C.)) 1872-1888, 1884-05-21

Many unfavorablo reports were circulated
but upon investigation they proved to BIO
unfounded. The rumors regarding Russell
Sage and his privileges were used agcinst tho
market In tho afternoon. Prices opened to
II per cent lower, the latter in Louisville
and Nashville, which fell Off to 80; Central
Pacific to 43S; Pacific Mail, 2 to SO; Read
ing, 1 to 81; Union Pacific, TO 400, and
Western Union, 2 to SO. The break brought
in buyers for both accounts, and there was
rally of ] to 2 per cent
subsequently tho general list improved.
In the afternoon Wabash preferred was
offered down to 1 per cent, at timo to U,
aud prices declined rapidly.
Near tho close there was better feeling |
and rally of to 30 por cent. took place. but |
in final dealings o part of this improvement
was lost Tho market closed comparatively |
firm. Ten thousand shares of Western |
Union we're transferred to investors names
Railway bonds were weak and lower.
Sales of stocks to-day aggregated 394,dsO
shares, including the following: Delaware
Lackawanna and Western, UiloO; Erie
1880; Lake Shore, 1880; Louisville and
Nashville, $4,000; Missouri Pacific, 16l1l;
New York Central, 1853; Northwest, 10s00i
Pacific Mail. 1,d00; Reading, 10000; st. Paul,
81, 900; Texas Pacific, 1850; Union Pacific
$1,000; Western Union, $4,000; Oregon Trans
continental, 4,4UV, Northerh u0ihO Pi0i0ii'''
$500.
The principal talk last night at tho hotels
WAS tho resignation of Mr.. Baldwin, president
of Louisville and Nashville, and the rurnors
affecting the financial position of the COM
pany which havo been in circulation for
some days past Notwithstanding the guarded
statements of the company's officials about
the alleged misappropriation of tho company's
funds, ii is admitted that the greater part OF
the new $10,000,000 loan has not been mar
keted, and that there are upward OF 6,Ogo
shares of stock in the companys treasury. IL
is more than limited that the proceeds Of someof
the sales Of stocks and bonds have been used to
swell tho earnings. Mr.. Baldwin is believed
to hayo lost largely in the stock.
The failure of W. b. Scott & Co. is not re-
garded as of Importance. Their outstanding
obligations on the stock exchange arc re-
ported to be less than 100000. The suspen-
sion of tho small out of town banks reported
Yesterday, is regarded by the conservative
house as due 20 com licatlons growing out of
tho failure Of Now York firms last week, but
are not regarded as likely to be permanent In
their effect.
The Exchange place party arc reported to
have covered all their shorts, but tho
Woerishoefler brokers were large sellers of
Louisville and Nashville shortly before the
close.
Cammack is reported to have marketed
quantity of Union Pacific, Lackawanna and
Missouri Pacific.
Much anxiety is manifested as to what ac-
ton Vanderbilt will take regarding his proper
ties, and it is stated that he had not cabled
any orders to buy stocks, but 1t Is hoped he
will do so to-day.
The London market for American railroad
securities continues weak, with the excep-
ton of New York Central, which advanced
/. Erie seconds show the heaviest decline
on rumors affecting the payment OF interest.
Mr. Vanderbilt has arrived, but thus far has
said or done nothing to give any clew to his
intentions regarding tho market.
Reports of additional failures aud rumors of
defalcations have helped the general depres-
sion.
United Statos government bonds are in
great demand, the AS advancing per cent
and Al per cent
1t is q fact that n well-known bull house
has been sending orders in the exchange
through regular commission houses for odd
lots of stock to create the impression that the
public is buying largely for Investment.
There have been cases where these orders
have been refused.
OIL il scarce. It is said that littlo conf
6ence would boom tho market. No one is
disposed TO short IL.
Louisville and Nashville fluctuated between
81 and " with the traders principal dealers.
Pool stocks arc being sold. Lake Shore is
depressed. London Is selling, and Soutler &
Co. Is largest sellers Of this stock. William
Cross sold New York Central down to Ill.
Layenburrh and q. D. Morrison bought st.
Paul, WAdsworth aud NJ. Isaacs were the
settlers. Erie aud other iancios are dull.
Mr. Sloan says that Delaware, Lackawanna
and Western will pay its full per cent
quarterly, us usual, aud that the property
will earn the money.
Philadelphia telegram says the Reading
Railroad company has over $l,OO0,OOO to pay
June LIST, for interest, in addition to wnges
and supplies, but it is understood that the
company has received all needed assistance
from sources in that city.
Advces are very bGarish on long options in
wheat and corn, based on fine weather.
The markets are stronger on probable de-
crease In the visible supply, which is placed
at minimum on wheat. Stocks here de-
creased l, 100000 bushels of wheat Bliss has
lost considerable, and Ream Ia said to DO buy
ing through brokers'
Corn looks very tame. Tho crowd are
mostly sellers and won't buy, but oil are
waiting to sell on the bulge. The weather is
too fine.
A traffic agreement has been reached by
Union Pacific and Northern Pacific roads for
an interchange of freight and passenger bust
ness at non-competitive points, commencing
June l.
Reading will psy its June interest promptly
and in full.
The only obstacle to an agreement of the
various lines to a full restoration OF rates ID
said to be the refusal Of the indianapolis,
Bloomington and Western to come in.
Tho receipts OF the Western Union Tele-
graph company for the last week at the test
offices were $4,000 In excess over tho same
week last year, and the largest receipts ever
known at this season of tho year.
There is n large number OF brokers and
others outside of Sage's Offices 1t Is reported
no has declined to receive any stock on his
puts, or settle differences His desks cannot
be reached for denial or confirmation of
these reports
Tho Philadelphia aud Reading Railroad
company aud the Coal and Iron company
have decided TO pay their hands in scrip.
The scrip is virtually q promise to pay after
four months without interest This IL will
be seem will carry the companies over until
the fall trade opens, and interest payments
have been gotten Off their hands.
Woerish0eifer and Smith are reported to
hold Russell Sage's puts for $1,000 Of Lake
Shore at o. They wish TO deliver against
puts, but Sage has refused to BIO served with
notices thus far. Tho holders wish to close
out tho contracts with sage, and will then
take their chances on borrowing stock ON the
market
The report that Mr.. Sage has "laid down"
on his privilege is denied at his otlce.
Brokers are receiving their differences, but
the process of settlement is evidently made
as slow as possible.
The big operators are very bearish and
have been large sellers.
The Pail DfdN Gazette says: "The English
bought last week more American stocks than